The 4 Stages of a Sale

Although selling a property is a complex process, we can divide it into four basic stages to help you understand it better. Stage 1 – List the Property When the owner decides to put his house on sale, he must consider having all the property documents in order, taxes and services up to date, establish the sale price, and adapt the property by making some repairs. Stage 2 – The Offer Once the buyer has decided to offer on your property, submit the formal offer. In this way, the buyer legally notifies the seller of his intention to purchase, the price and payment conditions, among other details. This offer must include other documents that support your request, these may be the mortgage credit approval letter in favor of the buyer if applicable; If the purchase will be made in cash, you must include a bank statement corresponding to the funds to be used by the buyer and/or any other document that your agent considers necessary to evaluate your offer. Stage 3 – Acceptance of the offer When you accept the offer, a Title House is used to create all the relevant documentation regarding the transfer of ownership. This is done by specialized lawyers. For this, the buyer must make a reservation for the property they wish to buy, paying a percentage of the amount, which generally ranges between 5% and 10% of the final amount of the offer. This money is placed in an escrow money deposit. If it were pre-construction, the procedure could vary. Stage 4 – Closing Once the title company that has been hired thoroughly investigates the title of the property and gives its approval, the day of signing the sales contract will be determined. At the time of signing, payment for the remaining amount of ownership of the property will be delivered and the title will be transferred to the new buyer. If you want more information on this topic, you can contact me for personalized advice.