Your step-by-step guide to selling your property:
Selling your property can be relatively difficult especially if you are looking for another property to buy at the same time.
The decisions you make can save you - or cost you several thousand Egyptian pounds.
Here you will find everything you need to know about the property sale process:
Do you actually sell the property?
If you are thinking of selling your property because you need more space, it can be very useful to compare the cost of building an extension to the property.
The costs of selling your property can be so high (especially with tax fees) that expanding your existing property may cost the same as selling.
Perhaps you are thinking of reducing the area of the property? If so, you should look at the pros, cons, options, and what do you need to consider?
This depends on your circumstances, and it may be better for you to rent the property rather than sell it.
How to sell a property.
1. Evaluate the idea of selling the property:
Before you sell your home, you'll need to get a rough idea of its value and RE/MAX ALMOHAGER Brokers can help with that for free.
If you are planning to move to a more expensive property
The numbers will only be approximations - you don't know how much you will sell your property for to give you an idea of the costs involved when selling.
2. Decide if you should rent a property after the sale, rather than buy:
Renting a property for a period of time may increase your overall expense, but it will reduce the critical time stress of purchasing a new property.
You also won't have to compromise on the selling price, and you'll likely sell your home for a lower price, but you won't be under pressure to complete the purchase.
You will not rush to buy a new property just because you have found a buyer for your property.
If you have to buy and sell at the same time, consult RE/MAX ALMOHAGER Brokers on how to buy and sell at the same time.
3. Choose a real estate broker to sell your property:
You can sell your property yourself or use a real estate broker from RE/MAX ALMOHAGER Brokers.
If you are using a local real estate broker, you will need to do some research on which one to choose.
You can compare local real estate brokers based on how quickly they sell, how close they are to achieving the asking price and how successful they are.
You will need to agree a fee with the real estate broker and how much should you pay the real estate agent?
See real estate broker contracts.
4. Decide what the price of your property is:
One of the most difficult decisions when selling your property is deciding the price you want to sell for
Do your research and know the market in your area from the inside out.
Get a real estate broker to do the evaluations, but don't necessarily go for the higher price.
Remember that buyers will most likely try to negotiate the price, so add 5% to 10% to what you are willing to accept.
5. Preparing your property for sale:
If you "arrange" your property well, you will not only be more likely to sell your property faster, but you may also make it more valuable.
Tidy up and get rid of clutter
; For example, new paint in light colors
; Repairing damaged small things
; Maintaining the cleanliness of the property
Get rid of bad odors
Check out our guide on how to make your home more valuable and sell faster.
According to the annual RE/MAX ALMOHAGER Poll 2020, over 68% of property buyers say the lack of repairs was significant in their choice of property.
- Important factors are that the windows are in good condition, the roof is well maintained, the garden is well planted, and the walkways around the property are in good condition.
- We've worked with a consulting engineer to help you find local technicians and workers near you and get these repairs done quickly and at minimal cost.
6. Hiring a lawyer:
Choosing a real estate attorney to handle the legal work related to the sale of property.
Compare quotes to find the cheapest, closest and best attorney or hire a lawyer from our team to ensure the sale is progressing.
7. Answer all related inquiries:
You will have a variety of questions the buyer needs to answer, to give the buyer all the information about the property and about the sale.
8. Acceptance of the offer:
You've received an offer - hello! The real estate broker is legally obligated to pass all offers to you if you are not satisfied enough with the offer, you can either decline it completely, wait to see if a better offer comes with you or tell the real estate broker to try to negotiate it upwards.
Once you are satisfied with an offer, you have to formally accept it.
Remember that accepting an offer is not legally binding, and you can legally change your mind or accept a higher offer later
- But remember that this may be inappropriate, illegal and very distressing for the buyer.
9. Draft Contract Review:
You and the buyer have to decide
Length of time between contract negotiation (usually 7 to 28 days after contract exchange)
What fixtures and fittings will be included and if they have a separate price, what is it?
Upon receiving the deposit from the buyer, you are legally obligated to sell the property and the buyer is legally obligated to buy it from you.
If you later withdraw without valid reason, the buyer's deposit will be returned and reimbursed as the value of the deposit to the buyer and they may sue you.
Note: If you are selling a property, you are responsible for taking care of it until the sale is complete.
11. Exit and move out of the property:
You can get out and about whenever you want, including on contract day (although you obviously need a place to move to).
Getting out early is less stressful, if at all possible.
At the time of signing the contract the property must be in the condition agreed upon in the contract - including all fixtures and fittings
- The buyer or real estate broker may come in the period between the agreement and the contract to make sure that everything is in place.
12. Execution and completion of the sale:
Completed when ownership changes, payment accepted and keys handed over.
On the day of the contract the funds are transferred and any titles to the property are transferred between the attorneys of each side.
Your attorney will record the transfer of title in the real estate registry afterwards.
- By consulting RE/MAX ALMOHAGER Brokers, learn more about what to expect on the day of contracting.
13. Settlement of real estate broker fees:
With the implementation of the sale, the real estate broker's fees payment station comes.
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