The Different Steps in a Real Estate Sale

Real Estate Appraisal

The first crucial step in selling a property is determining its value. It is recommended that you consult a real estate appraiser or a real estate agency to obtain an accurate estimate of the selling price. This appraisal takes into account various factors, such as location, square footage, the property’s overall condition, amenities, and local market prices.

Listing the Property for Sale

Once the selling price has been set, it’s time to list the property. This can be done in several ways: through a real estate agency, via online classified ads, or through specialized platforms. It’s important to write a detailed and appealing listing, including high-quality photos and an accurate description of the property’s features. Keep in mind that real estate agencies and specialized platforms typically charge a percentage of your property’s selling price.

Site Visits and Negotiations

Once the property is listed for sale, showings can begin. Potential buyers come to view the property and ask questions. At this stage, it’s essential to present the property in its best light, ensuring that it’s clean and tidy. Negotiations may also begin, with potential buyers making offers—often below the asking price. The seller should be prepared to discuss the offer and find common ground.

Signing of the preliminary sales agreement

Once the seller and buyer reach an agreement, they sign a preliminary sales agreement or a promise to sell. This document is binding on both parties and details the terms of the sale: price, timelines, and any conditions precedent. Conditions precedent are requirements that, if not met, allow either party to withdraw from the sale without penalty—such as the buyer obtaining a mortgage.

Cooling-off period and administrative procedures

After the preliminary sales agreement is signed, there is a 10-day cooling-off period during which the buyer may withdraw from the transaction without providing a reason or incurring any penalties. At the same time, the administrative and legal procedures begin. For example, the buyer must secure a mortgage, while the notary prepares the necessary documents for the signing of the final deed of sale.

Signing of the sales contract

The final step is the signing of the deed of sale at the notary's office. This deed formalizes the sale and transfers ownership of the property to the buyer. The notary ensures that all conditions have been met and that the funds are available. At this time, the buyer pays the purchase price and the notary’s fees, while the seller hands over the keys and receives the proceeds of the sale, net of various expenses.

Key Handover and Check-out Procedures

After the sales contract is signed, the handover of the keys marks the final transfer of the property. The seller must ensure that all necessary procedures for moving out have been completed, such as canceling the water, gas, and electricity service contracts, as well as updating their contact information for property taxes.

Conclusion

Selling a property is a multi-step process that requires careful preparation and attention to detail. From appraising the property to signing the deed of sale, each phase is essential to ensuring a successful and secure transaction. Enlisting the help of professionals, such as real estate agents and notaries, can greatly simplify this process and provide the peace of mind needed for one of life’s most important transactions.

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