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Due Diligence up front for a smoother sale

Posted on 15 May 2017
Due Diligence up front for a smoother sale

As summer heralds one of the busiest times of the year for the property market, it’s worth noting that the more work done by vendors prior to a house being agreed, the smoother the transaction is likely to be.

Even in this age of instant communication, the process of retrieving deeds from lenders can in some cases take up to eight weeks. However the mechanics of buying and selling a home can be eased for both purchasers and vendors by due diligence in advance of any agreement.

Property searches, and pre contract enquires are an integral part of the property conveyancing process, but also a time consuming one. In most cases the conveyancing for the purchase of a home will take between six and eight weeks. But it can be much less, or a lot longer, depending on many circumstances. Many vendors or their solicitors are reluctant to have them undertaken early in advance of an agreed deal, given that they have a limited life span of six months.

However a vendor with the searches prepared and contract and title queries pre prepared ahead of a verbal agreement of sale, can significantly reduce the transaction time between agreeing a property and selling it, removing the temptation for purchasers to keep looking or their circumstances suddenly changing and the risk of them changing to another property.

Communication is key, as a delay will effectively park the process of completing.

To avoid this potentially stressful protracted scenario, and to prevent your purchasers “ cooling off “and finding another property, it's worth undertaking effective preparation so you’re in a ready to go position from the outset when it comes to selling.

Thorough preparation will avoid preventable delays and reduce the chance of your agreed sale falling through before entering a legal contract and deposit.