Selling
There are two general methods of selling a property in the UK. Whichever you choose our team are always on hand to help you de-mystify the processes involved and guide you through the 'seemingly' daunting tasks.
Private Treaty:
Public Auction:
OIEO:
There are two general methods of selling a property in the UK. Whichever you choose our team are always on hand to help you de-mystify the processes involved and guide you through the 'seemingly' daunting tasks.
Private Treaty:
- This is the most usual way of selling a property and will be what most of us have experienced in the past. It is where a contract is drawn up between a seller [the Vendor] and a buyer [the Purchaser]. It enables the lawyers of both parties to complete a set of checks [searches pre-contract] to ensure there are no risks involved in the purchase. When all the "paperwork" is done to the satisfaction of the lawyers and clients "Contracts are Exchanged". At this stage the deal is done and you will have a moving date to look forward to.
Public Auction:
- The property is put on the market with a date set for the sale to take place [The Auction Date]. Most auctioneers will allow between 6 and 12 weeks enabling prospective purchasers to carry out their own searches and assess the value of their bid [a guide price is all an Agent will offer]. At the sale the Auctioneer will introduce the vendor's solicitors and commence the sale by asking the foregathered audience to start the bidding. Each successive bid is noted by the Auctioneer until they have a final bid. If this is above the reserve price the "hammer" will fall and this becomes the point of contract. The purchaser will be asked to step forward and sign the contract of purchase which is usually accompanied by a deposit of 10% of the value. Contracts are now "exchanged". A completion date will be arranged at this time.
OIEO:
- Standing for "Offers in Excess Of" this method works as a "private auction". The property is marketed with a low set asking price above which offers are invited. When all interested parties have seen the property and assessed its suitability they write down their "best and final" offer and seal it in an envelope which they lodge with the agent. On a pre-determined date all envelopes are opened under the scrutiny of agent, vendor and vendor's solicitor and the best offer is chosen. Please note though that the best offer need not be the highest price but represent the best proceedable deal for the seller.
