Your Mullings Allen sales associate will make the selling process hassle-free; they will assist with marketing and showing the property, negotiation and closing.
Once we inspect the property and obtain a signed Listing and necessary documentation, we will commence marketing the property. We will also advise on how to make the property more appealing to potential Buyers/Lessees.
THE REAL ESTATE TRANSACTION
- Once a buyer has been identified, an ‘Offer to Purchase’ is completed. This outlines the offer price, terms and financing needed to complete the purchase.
- The sales associate will then present the offer to the vendor, for consideration. Once negotiation is complete and the offer has been accepted by the vendor, a letter of instruction is forwarded to the vendor’s attorney to prepare the Agreement for Sale (sales contract).
- The contract is also reviewed by the purchaser’s attorney. The purchaser signs the Agreement for Sale and pays a minimum deposit of 10% of the purchase price.
- The vendor also signs the Agreement for Sale and the transaction commences.
- The Agreement for Sale is then sent to the Stamp Office for assessment. Should the Stamp Office decide to inspect and value the property this may cause a delay.
- Once the Agreement for Sale is stamped, a letter of undertaking/commitment is required for the outstanding balance.
- Both vendor and purchaser sign the Transfer of Title and processing continues as follows:
- If the balance is payable upon signing of a registerable transfer, then completion may be within 30 days.
- If the balance is payable upon transfer of title then the transfer signed by both the vendor and the purchaser is sent to the Stamp Office to be cross-stamped and then to the Titles Office to have the transfer recorded on the Certificate of Title. Allot another 30 days for completion of this process.
SALE CONDITIONAL UPON A MORTGAGE
- The time to complete this sale transaction is approximately 90-120 days from the date of signing the agreement. This type of transaction may involve up to four (4) attorneys viz:
- Vendor’s Attorney
- Purchaser’s Attorney
- Mortgage Company’s Attorney
- Seller’s Mortgage Company Attorney
If the vendor or the purchaser resides overseas, the requirement to send the documents overseas for signing will impact the time for completion.
- If the premises is tenanted and ‘vacant possession’ is required, the tenants will have to be given notice and vacate the premises before the transaction can be concluded.