Selling a Property – What happens?
Listing a Property
Upon contacting us we will start by taking down your details and arranging a time convenient to visit the property you wish to sell. Before or after the visit we will require some or all of the following documentation before we are able to promote the property.
List of documents required;
It is quite often that clients selling a property (vendors) do not always have this information to hand – or if they do it is not up to date. Don’t worry – we can help you obtain this paperwork if necessary.
When we visit the property, we will complete a detailed analysis which will enable us to provide an accurate description of the property on our database. We will also undertake a photo session to best capture the property and we may also take video/drone footage.
You will meet a dedicated member of our staff – a property listing consultant – who will now be your contact point within the company. This member of staff will give advice to help sell your property, provide a realistic valuation, liaise with you for updates, help organise viewing times and complete the necessary paperwork.
Agreeing a Sale
It is the role of this company to find a client who wishes to purchase your property. If we are successful at this then we will contact you and discuss the price the client wishes to pay, the timelines expected, the source of the finance and any other conditions that may form part of the transaction. Following these discussions, we would hope all parties are willing to continue. If this is the case it is usual that the purchaser will instruct a solicitor/lawyer who will then liaise with the vendor or the vendor’s solicitor/lawyer to obtain more information and work towards the deadlines agreed.
In respect of the buying/selling process it is usually broken down into three separate transactions.
This is undertaken immediately upon agreeing terms to the sale. An amount is lodged by the purchaser into his/her/their lawyer’s account as a sign of commitment to proceed. This is usually done in Portugal at the lawyer’s premises. At the same time, we ask the vendor to agree to remove the property from the market as a gesture of goodwill. The reservation is not legally binding but it does give both parties some ‘piece of mind’ while they prepare for the Promissory Contract. The Purchaser’s lawyer is now able to conclude the necessary due diligence to ensure the clients can proceed and will request sufficient funds from the purchaser to complete the next step.
This is legally binding and will involve a considerable sum (maybe up to 30%) being passed to the vendors (via the lawyers). This document will specify the price agreed, the timescales and any other conditions. The Promissory Contract is an important step in the process as it allows both parties to plan ahead with confidence. The vendor may wish to now empty the property of personal belongings while the purchaser can commit to new furnishings, dates etc. It is not a 100% guarantee that everything will proceed but financial penalties will be suffered if either party is unable to do so for whatever reason. Usually a ‘power of attorney’ is given to the lawyers to complete this stage.
This is often a very formal meeting usually held at a Notary’s office. The Notary will overview all the paperwork to ensure everything is correct and the transaction can proceed. It is normal for all parties to be present but you can also nominate a representative with a power of attorney. The purchasers, the vendors, lawyers of both parties, bank officials (if a mortgage is being used) and even translators (for any clients who need it) will attend. It can seem bureaucratic but it’s a system that works. The purchasers will pay (again via the lawyer) the balance outstanding and be provided with the keys of the property. The Notary will then update Land Registry records to confirm the new owners of the property.
At each stage the company will keep you up to date with developments.