Step five in selling your property. Exchange of contracts

January 11, 2017

The final steps of selling your home is exchanging contracts leading to completion, though it is possible to do these on the same day with a bit of planning. Usually, there are between 7 and 28 days between exchanging contracts and completion.

Before contracts can be exchanged, the buyer must have received their mortgage offer and the conveyancer must have received satisfactory responses to all their enquiries. A moving date will then be agreed that is convenient for all parties and arrangements will be made for both parties to sign the contracts. At this point, the buyer will usually pay a non-refundable deposit and once contracts are exchanged, the transaction is legally binding.

The last step in selling your home is completion, which is usually the ‘moving day’ and also the day that the transfer of funds will take place. Not only will this be a busy and exciting day for you with all the packing and organising, your conveyancer will also be taking care of a few final details to complete the sale. They will redeem your outstanding mortgage, if you have one, and after deducting their fee, will transfer the balance to you.

It may be a good idea to phone and speak to your solicitor or conveyancer on the morning of the day of completion, just to ensure everything is on track, as if funds are not transferred by 3pm, you will have to wait until the next working day. This scenario could also have implications if you have an onward chain that relies on the sale of your property.

Assuming that all goes well all that remains, is for you to move out and hand over the keys which can be done directly to the buyer or they can pick them up from your estate agent if more convenient. When you vacate the property, make sure everything is secure ready for the new occupier.

Congratulations! You have sold your property!

For more information, consult our ‘Guide to preparing your property for sale’ brochure

To get the full step by step details of how to sell your home click >>>here.

 

Find out more about how Northwood can help to sell your home click >>> here.

Northwood is a well established and nationally recognised estate agent and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.

Find us on Twitter @northwoodUK or visit our YouTube Channel.

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