The seller as well as the buyer will need an attorney to complete the sale transaction on your behalf. The real estate agent or the seller may not take funds from the purchaser to facilitate a purchase of the property, either one would be illegal. The attorney will search the register and establish the title to the property prior to the completion of sale and complete the documentation to finalise the transaction. The legal fees are legislated by government and range between 1% and 2.5% plus 17.5% VAT.
You can sell your property in its current state however making a good impression does count towards what the purchaser may offer. If you can have the grass cut, the house cleaned and small aesthetic things done, you should seek to do so in order to make it more marketable.
The typical fee is 5% plus VAT. It may vary slightly dependent on the property.
Consider your finances first. If you will need a mortgages, visit your financial institution and find out what you are eligible for. If you have other debt, it may be a good idea to speak to a financial advisor about this. Generally a financial institution will not give you a mortgage for which the repayment plus your other loans is over 40% of your available income. Therefore you should speak to someone who can help you put these matters in order.
- Another consideration is if you have no savings currently, you should get on a plan which would aid you in saving towards your down payment at least on a property.
No you do not. However, sometimes it may take a little while to get a buyer and fielding phone calls, negotiating times with vendors and finding the best places to advertise can become a challenge. The agent makes this process easier to manage.
The time between agreeing on a price with the vendor until you have the keys in your hand takes three to six months on average. However, this varies from property to property and the process may take longer.
The agreement is binding once the 10% deposit is made to the vendor’s attorney either by you or the financial institution. Prior to this you can opt to change your mind.
The agent is paid after the completion of the sale by your attorney and you receive the rest of the proceeds.