WHAT TO DO ONCE YOU SELL YOUR HOUSE.
Preparing the legal documents and contracts.
Once the buyer and seller reach an agreement, it’s time to sign the contract of sale to close the deal, prepare the inventory and check that all the paperwork is in order. This process tends to last about one week.
Administration.
Preparing the paperwork that has to be signed at the notary’s office takes time, and your agent’s job is to make that process easier and minimise any inconvenience for you.
Liens
You’ll sell your property free of liens, and if you’ve got a mortgage you must contact your bank and find out how to pay it off and how much that will cost you. Ask for an up-to-date simple note from the land registry and make sure check that your house really is free of liens.
1MAST tip
If any old mortgage or outstanding installments have not been cancelled in the land registry yet, don’t leave this until the last minute. The law gives banks a long time to issue outstanding debt certificates and this can delay the signing of the sale.
Mortgage
Many housebuyers apply for a mortgage, and the contract can include a clause making it conditional upon the buyer getting a mortgage legally. This gives the buyer a margin of time to make sure they can buy your house, and these formalities normally take seven to ten days.
A 1MAST agent can perform a mortgage pre-approval study for their client to speed up this formality
Penalties in contracts.
Under most deposit agreements or contracts of sale, buyers must deposit 10% on account of the total price of the house, and will forfeit this amount if they breach the agreement, or will be entitled to receive twice the amount if it the seller breaches the agreement. Any amounts paid as a deposit will be discounted from the total sale price.
Valuation
Whenever anyone applies for a mortgage loan, the bank in question orders a property valuation, although the valuation per se is no guarantee that the bank will grant the mortgage. A bad bank valuation could prompt the buyer to back out or want to renegotiate the price. If the bank does not order a valuation, it could be that the buyer does not the financial standing to get the mortgage.
1MAST tip
Have all the paperwork ready for the surveyor: up-to-date simple note, Property Tax receipt, deed, first occupation licence and a drawing of the property if you have one. It’s also important to draw up a list with the most important improvements made to the house. If you’ve built any extension to your home but haven’t had it registered properly, the valuation could be much lower than the house selling price.
Signing at the notary’s office.
All of the seller’s documents, the buyer’s documents and the house’s paperwork has to be checked before signing, paying special attention if the parties involved are from another country. Don’t forget to check the account number, copy of transfers, certificates of origin of the money and make sure that the cheques are correct.
A 1MAST agent will be on hand at the notary’s office to handle any last-minute issue.
