A GUIDE TO MARKETING YOUR PROPERTY IN SCOTLAND
Selling a property will be one of the largest and most significant transactions that you will undertake. To ensure you are aware of the steps within the transaction, we have prepared this guide for those who are considering marketing their property in Scotland.
A Step-by-Step Guide to marketing your Property
- Preparing to market your Property
In almost all situations, it is advisable to use a Solicitor or an Estate Agent to act as your selling agent and assist you in finding a buyer. Our Estate Agency would take responsibility for numerous tasks, including:
a. Providing you with a pre-sale appraisal of the property;
b. Arranging for a pre-sale survey to be carried out;
c. Arranging for photographs to be taken, a floor plan to be prepared and for sales brochures to be printed;
d. Co-ordinating with you and with a chartered surveyor to produce the Home Report;
e. Advertising your property for sale;
f. Dealing with viewing requests and taking expressions of interest for your property; and
g. Negotiating the best price for your home.
What is a Home Report?
Most properties for sale require a Home Report, which must be made available to potential buyers. In some circumstances, you do not have to produce a Home Report, for example, if you are selling your property privately to an individual who is a cash buyer.
There are three parts to a Home Report: a pre-sale Survey of the property; an Energy Performance Report, and a Property Questionnaire. You will be required to complete the Property Questionnaire personally. Our Estate Agency team will be available to advise you regarding the information you should be including in the Questionnaire, and guide you regarding any paperwork you should have available, such as Guarantees for your heating system or local authority approvals for any alterations carried out to the property.
Our Estate Agency team will also arrange the Home Report and liaise with the Surveyor on your behalf. When a property is put on the market, the Home Report must be no more than three months old.
Deciding on the Sale Price
Our Estate Agency team will discuss the price you are looking for prior to putting the property on the market. In most circumstances, you will want to advertise the property at a price described as “Offers Over”. This means that you want no less than that price, and ideally more. Alternatively, you can advertise the property at a fixed price, which means that the first offer of that amount should secure the sale. There are different price tactics to consider with different types of property. The team will advise on the most appropriate advertising strategy to adopt.
- Receiving Offers
When offers are made for your house, our Estate Agency team will receive these, from the agents of prospective buyers. You may receive a variety of offers if there is competition from potential buyers.
If you do receive several expressions of interest, we usually recommend you set a Closing Date – when all interested parties bid in writing through their lawyers. At the Closing Date, you can choose the offer you want to accept, or indeed reject all bids.
When an Offer is received for your property, either at a Closing Date or before such a date is fixed, we will immediately contact you to discuss its terms. Our team will discuss three options with you:
1. Accepting the Offer;
2. Rejecting the Offer; or
3. To begin negotiations with the potential purchaser regarding the price.
If just one prospective buyer is interested in the property, a price can usually be negotiated between our Estate Agency team, with your input, and the buyer’s agent.
- Accepting an Offer
Offers to purchase a property can vary but there are basic terms which are found in most Offers, such as:
1. A price;
2. A proposed date of entry;
3. Technical clauses about, for example, liability for common repairs.
Our team will discuss all offers received for your property and advise you on the above terms.
Once an Offer has been accepted, our Estate Agents will update the advertising materials for the property to reflect its “Under Offer” status. You will then begin working with the solicitor assigned to your transaction to complete the Conveyancing work associated with changing the ownership of your property. A guide for this process can be found within our blog post titled “A Guide to selling your Property in Scotland”.
MHD Law’s Estate Agency is always available to assist you through marketing your property for sale. If you are planning on marketing your property and wish to discuss or obtain advice about the marketing and conveyancing process, please get in touch with our Estate Agency and Conveyancing Team on 0131 555 0616 or email@example.com.