Selling your home: The Legal Side
Checklist for sellers – Preparations
- Have you actioned the recommendations made by the land agent eg cupboards not too full?
- Is the home maintenance up to date?
- Are the chattels in working order eg the lights, the dishwasher and the garage door remote?
- Is the property presented in a neat and tidy condition?
- Are your price expectations realistic, for the current market?
- Do you know your bottom line?
Sources of Help – Early stages
The land agent can help you with deciding the current market value. A registered valuation can tell you whether expectations on price are realistic, and help your negotiations with buyers.
A builder’s report and a LIM for your property can be useful ways of speeding up your transaction if you have these available for prospective buyers.
Alert your agent to any known problems such as work done without a building consent. Get legal advice early on this. A lawyer can take steps to resolve this for you and avoiding the loss of a signed contract. Don’t let your lawyer find out about it from the buyer’s lawyer – that may be too late.
Checklist for sellers – Offers stage
- It is recommended you have your lawyer check any offers you receive before you sign them.
- Are you clear on your land agent’s charges and your lawyer’s charges?
- Do you understand properly how agreements subject to conditions can affect your transaction?
- Has any work been done to your property eg a deck, conservatory or extension which might not have the correct building permits? Advise your lawyer urgently.
- If your property has a cross lease title, have you done any work to it such as a deck, conservatory or extension which is not on the flats plan?
Note: This memo is not legal advice. It is designed to help you engage the correct people to make your sale transaction go smoothly. Involve your lawyer early to obtain the best results.
