Things to know before I sell

Before proceeding with the sale of your property, it is essential to ensure that you have the assistance of a trusted real estate agent. This professional will not only help you find potential buyers but also assist you during negotiations and guide you through the entire process of selling your home.

Once you have selected a suitable real estate agent, you will have taken a significant step towards the success of your sale. However, the formal sales process involves some key steps that must be followed meticulously.

Initially, when you receive an earnest money deposit from an interested buyer, you must provide them with a signed Purchase Option, and also mention the attorney who will be in contact with the buyer’s legal representative regarding the sale of the property.

This earnest money deposit, also known as a reservation deposit, typically amounts to one percent of the property’s purchase price.

Most real estate agencies use a standard form for the Purchase Option, which gives the potential buyer a 14-day period to consider the purchase of the property.

It is important to note that during this period, known as the option period, the property cannot be offered to other buyers.

If the buyer decides not to exercise their Purchase Option, or if the option period expires, you have the right to retain the reservation deposit and proceed to offer the property to other potential buyers.

On the other hand, if the buyer decides to exercise their Purchase Option, they must do so within the specified period. Additionally, the buyer must make an additional payment of four percent of the purchase price within two weeks after the execution of the Purchase Option, through their attorney.

This deposit will be held by your attorney as an escrow agent.

Once these steps are completed, it will be the responsibility of your attorney to contact the buyer’s legal representative to carry out the sale and purchase of your property.

This process may take an additional eight to 12 weeks, during which the buyer must complete the remaining payment for the property and conduct a final inspection. Finally, before the sale is considered complete, the buyer must hand over the keys along with the property deed.