The closing process - what happens after you accept an offer?
Nathan, Sales Director, walks us through the closing process after you've accepted an offer on your property.
Estimated reading time: 3 minutes
If you're in the process of selling your property in Cardiff, South Wales, you've likely already put in a lot of time and effort to get to this point. You've prepared your home for viewings, been through the process of having it advertised to potential buyers, experienced feedback from several viewings, and finally received an offer that meets your expectations.
But what happens next? The closing process can be complex and overwhelming, but it's an essential part of the sales process that ensures a successful and legally binding transaction.
In this article, we'll dive into the details of the closing process and what you can expect after accepting an offer. Whether you're a first-time seller or a seasoned pro, understanding the closing process can help you navigate the sale with confidence and peace of mind.
Understanding and accepting the offer
It's important to understand the offer you've received and be aware of the financial position of the buyers. You will typically be notified of offers by phone and/or in writing, giving you time to review the terms and conditions of the offer.
You’ll want to feel as though the buyers are in a suitable financial position to successfully complete the purchase and within a timeframe that is acceptable to you - do they have appropriate financing or a mortgage in principal in place? Would you have to wait for them to sell their own property before a sale could complete?
It's important to find a balance between achieving a good price for your property and ensuring a smooth and timely sale process.
Instructing a conveyancing solicitor
Once you've accepted an offer on your property, it's important to instruct a conveyancing solicitor as soon as possible to begin the legal process of transferring ownership. Your solicitor will handle tasks such as reviewing the sales agreement contract and communicating with the buyer's solicitor. They'll also ensure that all necessary paperwork is completed correctly and that any legal issues or points of disagreement that may crop up throughout the process are resolved before the completion date.
Read: Can you still make an offer if a house is already under offer?
Memorandum of sale, property survey, and valuation
Once the solicitors for both parties have given their confirmation, a Memorandum of Sale will be issued, indicating that the sale has been agreed - subject to contract. Keep in mind that either the buyer or the seller can still withdraw from the deal without facing any penalty at this stage.
A property survey will then be conducted, during which the buyer’s surveyor will be on the lookout for potential issues such as problems with utilities, dampness, cracks, roofing problems, and timber defects - anything that may indicate it’d be a risky purchase.
A property valuation will also be conducted so that the buyer’s lender can be satisfied that the property's value aligns with the loan amount.
Finalising the sales contract
As the seller, you will now need to provide your solicitor with the title deeds and a Property Information Form. With this information, your solicitor will prepare a draft sales contract that outlines the terms of the sale. Once complete, this contract will be sent to the buyer's solicitor for review. The buyer's solicitor will then contact your solicitor to clarify the details of the sale, including boundaries, disputes, and any alterations made to the property.
In addition, the buyer's solicitor will conduct searches of Land Registry and Local Authority records to check for planning history and potential developments that could affect the property, such as those related to roads, drainage, or mining.
Time to sign the contract
Once all parties involved with the sale are happy, it’ll finally be time to sign the contract.
Exchanging contracts and completing the sale
A completion day will be agreed (moving day) and this is the day that the official exchange of contracts will take place. The buyer's solicitor will transfer the funds to your solicitor along with the signed contract, and once these have been received the sale is legally binding. This means you'll need to vacate the property and hand over the keys to the buyer.
The sale is now complete!
Read: 5 things to remember when selling your home
If you're looking to sell your property in Cardiff, you need an estate agent with the expertise and local knowledge to help you achieve the best possible outcome. That's where CPS Homes can help. Our sales team has years of experience in the Cardiff property market and can guide you through every step of the sales process, from valuing your property (for free!) to completing the sale. To learn more about our services and how we can help you sell your property in Cardiff, give us a call on 02920 668585, send us an email at enquiries@cpshomes.co.uk or visit one of our three branches. We'd be happy to discuss your situation in more detail and help you get started on your selling journey.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
