SELLING A PROPERTY
Let us start with the good news that you only pay commission when we successfully sell your property and one of your professionals will always be there to assist you.
PREPARING YOUR PROPERTY FOR SALE
Before putting your property on the market, first have a look to see what decor, if any, and cleaning needs to be taken care of before selling. A well presented home ALWAYS works because as you know, there is nothing like a FIRST IMPRESSION.
SEASIDE REALTY THEN LISTS YOUR PROPERTY
Just make the phone call and we will be there equipped with a listing sheet and camera for photos. It is always advisable to have available for the agent any plot plans and floor plans that you might have, as this will have all the the layout and size details which any purchaser will need to know. From this meeting the following will be confirmed:
* Asking price (Our agents are happy to give their opinion on a fair asking price taking into consideration what the market is like at the time)
* Agreed commission rate
* Extent that we the agent can go with the advertizing (some of our clients prefer to be more discrete with their sale, and we are happy to comply with such a request)
* Exclusive or Non-Exclusive agreement signed
WHEN CONDUCTING A PROPERTY VIEWING
Depending on a purchaser's availability, viewings can be conducted during working hours 8am - 5pm Monday to Friday, as well as after hours and weekends. We will check that a time is suitable prior to confirming a time with a prospective purchaser.
Our agents are always present for the property viewings; you need not be present once we are holding a key. We have noticed however that having you the owner present during a viewing proves to be an advantage as you are able to share a more in depth knowledge and description of your home and purchasers tend to really appreciate that. At no time do we take a client to view your property without consent from you the owner.
TIME FRAME IN FINDING A SUITABLE BUYER
According to market demand, it can take anywhere between several days to a couple of months. At Seaside Realty we are able to maximize the exposure of your property via our various advertizing mediums as well as our client database, in an effort to obtain a quick sale.
SHOULD AN OFFER BE MADE
As soon as a prospective purchaser has made an offer, we will let you know, verbally and in writing. The offer will be subject to a contract being signed and there are no legal obligations on either side until this is done.
There may be a process of price negotiation and this can be difficult, but by working with Seaside Realty you'll benefit from our expertise in this area.
IF YOU ACCEPT THE OFFER
You will need to appoint an Attorney to prepare a Contract of Sale. This will then be sent to the purchaser's Attorney who will make the necessary enquiries, complete a satisfactory local search, etc. before proceeding to Exchange of Contracts.
THE EXCHANGE OF CONTRACTS
To prepare your Contract of Sale, your Attorney will need certain documents from you such as Title Documents, Proof of payment of your most recent land tax bill and utility bills, Planning and Building Regulations. Some cases require more documents.
These will then be sent to the purchaser's Attorney for their perusal. This checking process may involve many specific queries.
When the purchaser's Attorney has obtained a satisfactory local search and if applicable a copy of the purchaser's mortgage offer, the contract will be signed and a cheque for the deposit which is usually 10%, will be sent by the buyer to your Attorney. Exchange of contracts can then take place and the transaction becomes legally binding.
THE EXCHANGE OF CONTRACTS
The final stage of the sale can take almost 12 weeks following the Exchange. The purchaser's Attorney hands over the remainder of the purchase money to your Attorney. Legal fees and our real estate fees are also paid at this time.
COSTS INCURRED BY THE SELLER
Property Transfer Tax for land only - 2.5% of the Purchase Price.
Property Transfer Tax for house and land - first $150,000 exempt 2.5% on the excess.
Legal fees - Approx 1% to 2% of the Purchase Price (plus 17.5% VAT).
Stamp Duty - 1% of the Purchase Price
Land Surveyor's fee - Approx. BDS$1,500.00 (plus 17.5%VAT)
Early mortgage termination fee - There is often a fee when a mortgage is terminated before the agreed time period. (Rates vary dependent on financial institution.)
Standard real estate fee 4% to 5% plus 17.5% V.A.T.
1. Copies of the title deeds/certificate of title (ensure originals will be available for delivery at completion).
2. Copy of the lot plan of the property – this should not be more than 20 years old (ensure original will be available for delivery at completion).
3. Copy of the current land tax bill, receipt and certificate.
4. Copy of the current water bill and receipt, if applicable
5. Copy of the current electricity bill and receipt, if applicable
6. Copies of all Town Planning applications, permissions, approved plans and certificates of compliance relating to the property.
7. Copies of all leases of the property or any parts of it, if applicable.
8. If there is a building on the property, property insurance policy in respect of it.
9. Copy of NIS clearance certificate
10. Copy of BRA clearance certificate.
11. Input tax clearance certificate
12. If you own the property through a company certified copies of all of the corporate documents.
13. Consider obtaining a land surveyor’s boundary certificate.
14. Full inventory of furniture being sold with property (if applicable)
15. Keys to all doors and locks for the property. These are to be handed over once the sale has been completed