Appoint your solicitor in early course to review the title documents to your property and prepare contracts for sale. In many incidences your title deeds may be with a lending institution and forms have to be completed to allow release of the title to your solicitor.
If you are engaging an auctioneer to sell your property your solicitor will forward details of the property to your auctioneer to be included in the sale agreed letter to be issued to the purchaser and their solicitors. You should agree auctioneers professional fees and an advertising budget in advance. A booking deposit will usually be paid by the purchaser to the auctioneer out of which the auctioneer will deduct their professional fee after the sale has completed.
Your Solicitor will draft the Contracts for Sale of your property which he or she will then forward to the purchasers Solicitors with copies of the title documents to your property.
The purchasers Solicitor will typically raise pre-contract enquiries upon receipt of the Contract documentation which your Solicitor will address after consulting with you. Once pre-contact enquiries are replied to the purchasers Solicitor should return the Contract signed by the purchaser to your Solicitor with a cheque representing the balance of 10% of the purchase price (less any amount already paid to the Auctioneer) which your Solicitor will hold as stakeholder pending completion.
At this point your Solicitor will request you to attend their office to sign the Contracts which is when a binding Contract comes into existence.
Your Solicitor will discuss completion dates with you, the vacating of your property and any other matters that arise.
Any taxes that are due on the sale of your property will have to be paid to the relevant date on the completion of the sale.Your Solicitor will advise you what documentation has to be produced by you in that regard.
If your property is subject to a Mortgage your solicitor will request a redemption statement from your Bank simultaneous with the completion date. Your Solicitor will then deduct the sum due to your Bank from the sale proceeds and any outstanding professional fees and outlay and will in turn forward the balance of any purchase monies due to you.