|
Once buyers start viewing your property you are
well on the way to making a sale. The next steps are:
It is the role of
your Real Estate Agent to conduct all negotiations. Do not negotiate
directly with any prospective buyers - always redirect them to your
agent if they Contact Us you.
When an offer is
made, your Real Estate Agent will put the offer in writing, signed by
the buyer. The agent will then present this offer to you. If you are not
happy with the offer, you can make a "counter-offer" at a
price acceptable to you. Your Real Estate Agent will then take this
"counter-offer" to the buyer who will either withdraw their
offer or make an increased offer. This process could be repeated a
number of times before a price agreeable to both parties is reached.
| If
you do receive low offers, make sure you do not become
discouraged or distressed by this, or take it
personally. Often the buyer is simply trying their luck
at a low price. However, do try and find out
why the buyer is offering a low price. Perhaps he
believes he will have to make repairs at a significant
cost. Such information may help you to determine a
counter-offer. |
|
If you do want to
accept the offer, do so as soon as possible. At any time prior to your
acceptance, a buyer can withdraw their offer. Upon accepting an offer
you will be asked to sign an
Purchase
Agreement, and subsequently a
Contract of Sale.
When you sell
property, it is your responsibility to prepare all necessary contracts.
Real Estate Agents will have standard drafts of an
Purchase Agreement
which can be tailored for your particular needs.
Alternatively you can consult a Thai lawyer. Make sure you
tell them of any special conditions or limitations you want on the sale.
Examples of common conditions that can be incorporated into contracts
are:
- Identity:
A provision limiting the buyer's right to complain if there is a
mistake in the description of the property, other than one of a very
serious nature.
- Planning:
A condition stating that the property is sold subject to all
relevant planning regulations.
- Other:
This may well include a list of chattels that are included in the
sale, or conversely a list of chattels you wish to remove from the
property.
- Settlement:
A condition specifying a suitable settlement date.
The
Purchase Agreement
becomes legally binding once it is signed by both
parties, i.e. you and the buyer. A
holding deposit is usually paid upon
signing of the
Purchase Agreement. There is no legal requirement to pay
such a deposit, but it has become generally accepted as an act of good
faith on the part of the buyer. This deposit is normally paid to the
Real Estate Agent and held in trust until settlement.
The settlement date
is the day you hand over possession of the property. In legal terms,
settlement is the completion of the transaction. On settlement day the
balance of the purchase price plus the holding deposit, less Real Estate
Agents commission is paid to you, and the title deeds (legal documents
stating property ownership) and keys are handed over.
| Remember
that the buyer is entitled to vacant possession at the
time of settlement. They are also entitled to a last
inspection just prior to settlement. If the property is
not as they expect, i.e. the property has been
unfavourably altered in some way since you exchanged
contracts, they may choose to delay settlement until the
property is returned to the state it was in at the time
the offer was made. |
|
Before you know it,
it will be time to move, so don't wait until the last minute to get
organised.
Click here for handy tips
on moving.
|
|
