Leticia Zambra P.A.
Date Published: 2022-04-21
Brief and simplified explanation of the process of selling a property:
Step 1 - The Offer
When the buyer has decided to buy your property, delivery of the Offer will occur. This is the legal mechanism used for the buyer to inform the seller that he or she is interested in buying the property and the price they are willing to pay.
The Real Estate Agent of the buyer is the person in charge of guiding the buyer in the creation of this document. This offer must include the approval letter for the mortgage if applicable. If the purchase is to be made in cash, it must include a bank statement corresponding to the funds to be used by the buyer.
Step 2 - Acceptance of the Offer
If the offer is agreeable to you, instructions will be given to a “Title House” to create all pertinent documentation regarding the transfer of the property. This is done by specialized lawyers. For this, the buyer must make a reservation of the property they wish to buy by paying a percentage of the amount, which usually ranges between 5% and 10% of the final amount of the offer. This money is placed in a security deposit (Escrow Money Deposit). If it is a building in the pre-construction stage, the procedure could vary.
Step 3 - The Closing
Once the lawyers have thoroughly studied the title of the property, a date will be set for the signing of the sale contract. At the time of signing, the payment for the remaining amount will be delivered and the transfer of the title will be made to the new buyer.
A Real Estate Agent, besides supporting you in the purchase or sale of a real estate property, can also help you and offer you a large number of benefits such as the following :
The Real Estate Agent will ask you questions at the time of your hiring, such as: Do you want to buy another property with the money you get from this one? In case you are currently inhabiting the property, how long after the sale do you need to vacate it?...
Defining the sale price of the property is of vital importance to start the sale process and it is at this point when the help of a qualified REALTOR® is vital.