Estate Agents:
When most people decide to sell their property, they choose the traditional route of using an Estate Agent. In most cases the seller is not aware that there is an alternative option on the market.
Cost:
When you choose to use an Estate Agent you will typically pay them around 2% + VAT of the value of your property in commission. Although this figure varies from one Estate Agent to another, the amount you will have to pay usually runs into thousands of pounds.
Sole Agency:
A Sole Agency agreement is a contract you may have agreed with the Estate Agent you choose to appoint. This means the Estate Agent is entitled to the commission fee agreed, if they introduce a buyer to your property. During the time period you agree (usually 12 weeks) no other Agent can sell your property. Please note: This does not restrict you selling your property privately so long as you introduce the buyer
Multiple Agencies:
A Multi-Agency agreement is when you decide to appoint more than one Estate Agent to sell your property. This usually means you will pay a higher rate of commission though.
Sole Selling rights:
Be careful if you are asked to sign an agreement that has the clause "sole selling rights" and not “sole agency rights”. Please note: This is a very restrictive clause which will not allow you to sell your property privately. If you notice this clause then it is your interest to ask for it to be removed.
Marketing and Advertising:
Estate Agents may use your local papers, local shop windows or property magazines to display your property details. They may also use a For Sale sign to attract local interest, or use their own or a property partners, Internet website.
The Legal process:
Conveyancing:
Many people still believe that an Estate Agent deals with the legal side of selling your home when in fact, this is not true. Estate Agents are not legal professionals so would usually recommend a conveyancer or solicitor they partner with.
Note: There is no legal requirement to stop you using or appointing your own solicitor or conveyancer yourself, even if you sell your house through an Estate Agent
House Valuations:
Estate Agents do not value your property either. What they provide is an estimation price. To get a true valuation you would need a professional surveyor
Home Information Packs
Even though you are selling privately you will still need a Home Information Pack from the 1st August 2007:
If you are marketing your property, even if it's just by putting a 'for sale' sign in the window, you need a Pack. Sales where no marketing takes place (e.g. to a member of the family) won't need a Pack.
However, if you marketed your house before the 1st August then you will not need a pack. For more detailed information on HIP visit www.homeinformationpacks.gov.uk
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