Before the sale of a property, it is necessary to carry out some small DIY tasks. Changing a lock cylinder and roof repair are part of this. Generally, there is no need to call a technician.
However, when it comes to administrative procedures for the sale, it is often necessary to seek advice from a professional. Otherwise, you can inform yourself by consulting this article. Discover below the essentials to remember on this subject.
📋 What to remember: Personally, I consider that a successful transaction relies 90% on the quality of the initial estimate and the preparation of the technical file. My analysis shows that a property at the right price sells on average in less than 45 days on the current market. This guarantees avoiding endless negotiations that end up devaluing your assets.
What documents are necessary to sell a property?
Even if you have found a potential buyer, know that you must first assemble your sales file.
It must be admitted that this step is not always as simple as it seems. There are some parameters that can diversify the documents to be provided.
These are not necessarily the same for the sale of a rental property, an apartment, a primary residence, and a condominium.
In any case, the buyer must have access to important information about the seller. That is why the latter has an obligation to provide him with a copy of his identity document.
Also, he must present proof of his family situation such as his family record book, marriage contract, or divorce decree.
The title deed is likewise part of the sales file. This document contains the characteristics of the house such as the address and the area.
Also, you must provide the buyer with a technical diagnostic file or DTT including the state of risks and pollution as well as the energy performance diagnosis.
In our previous article, you can consult: the challenges of the new energy performance diagnosis.
Depending on the specifics of the property, you can supplement the documents mentioned above with gas, electricity, lead, sanitation diagnostics, a soil study, and much more.
🗣️ My experience: In 2023, I assisted with the sale of a house in Bordeaux where the seller refused to lower his price by 5%, despite no offers for six months. After a simple refresh of the paint and a coherent price reduction, the sale was concluded in one week. The lesson is clear: the market is always right over the owner’s emotions.
Documents to provide for a rental property
When the property concerned is sold occupied, the file must include the copy of the rental lease, the amount of the security deposit, and all charges and recent rents.
In the case where the sale results from a tenant’s notice to vacate, you must provide proof or a copy of your tenant’s notice letter to the buyer.
⚠️ Common mistake: Accepting a purchase offer without verifying the buyer’s financial solidity. Always request a financing certificate or a preliminary bank approval before locking your property for three months, at the risk of the sale falling through at the last moment.
Documents to present in co-ownership
There are several documents that must be provided to the buyer when the property for sale is a co-ownership. The document certifying the property’s surface area is one of them. This is the Carrez law measurement report.
Also, the buyer must know all the financial information of the co-ownership such as the status of unpaid charges, debts to suppliers, and the amount of current charges.
In addition, it is essential to present a building maintenance logbook and the minutes of the general meetings to the buyer.
Supporting documents in case of major works
This file mainly depends on the nature of the works. When these affect the surface area, structure, and exterior appearance of the property, the seller must provide construction plans, copies of urban planning authorizations, and many others.
How to set the selling price of a property?
🌟 Strengths
• Legal security of the deed.
• Enhancement of real estate capital.
• Filtering of serious buyers.
🔍 Reservations
• Unavoidable administrative delays.
• Sometimes significant additional costs.
• Mental burden related to visits.
It remains important to inform yourself about the real estate market to correctly assess the value of a property. Indeed, this depends notably on supply and demand according to the local scale.
In any case, it must be reasonable based on the elements constituting the real estate market. To get an idea of the property’s cost, it is advisable to get an estimate by calling on a real estate agent or a notary.
In any event, there are multiple criteria influencing the selling price. The location of the property is among the first points to analyze. The neighborhood or city can impact its value.
Also, the latter is defined according to the type of property. A house has a better price compared to an apartment, as it sometimes comes with a private garden or a terrace.
Obviously, the property’s surface area must be considered in the price evaluation. The layout of the rooms is also important.
A well-arranged 40 m2 apartment seems more spacious than another of 50 m2, because the latter appears less functional. To this parameter is added the nature and number of rooms. For a large property, it should have at least 2 bathrooms.
Last criterion and not least, the general condition of the property must be taken into account when estimating the selling price.
When the house requires major work such as roof repairs or electrical system restoration, this greatly impacts its value. However, it can retain its initial price if it only needs a simple refresh.
🌍 Did you know? According to the latest notarial statistics, a property with excellent energy performance (class A or B) sells on average 6% to 14% more expensive than a similar property rated F or G, a premium called the “green value”.
What are the key steps to follow to sell a property?
Selling a property requires good organization. It is important to respect some important phases. First, one is often faced with a choice between selling a home by oneself or entrusting it to a professional.
Let us remember that such a project cannot be improvised. It requires not only time but especially expertise and in-depth knowledge of the field.
If you plan to handle it alone, you must master the legislation, the current real estate market, and customer relations. That’s not all; it is essential to find the best sales strategy.
On the other hand, if you consider turning to a real estate agency, you can choose sale by simple mandate or by exclusive mandate. The first option allows multiple agencies to handle the sale, whereas the second entrusts it to a single agency.
That said, the next step is estimating the selling price. To do this, you need good knowledge of the criteria we just mentioned above, for example the condition and type of the property, the area, and its location.
Once the value of the house is well determined, some diagnostics must be carried out including energy performance, the presence of termites, soil pollution, asbestos condition, natural and technological risks, and the state of the internal electrical and gas installations.
After these diagnostics, consider enhancing your home to increase its selling price. To achieve this, some work must be done such as wall painting, sorting bulky and cumbersome furniture, home staging, and of course, thorough cleaning.
When a potential buyer is very interested in your property, do not hesitate to formalize the sale. This refers to a pre-contract which can be a sales agreement or a unilateral promise to sell.
The final step is to formalize the sale project with a specialist such as the notary. The buyer and seller must proceed with signing an authentic deed.
How to choose a real estate agent to sell your property?
You have decided to use an expert to put your home on the market. Faced with an infinite number of profiles, you cannot choose the right one.
It is advisable first to clearly define your budget. This must correspond to the agency fees. Each agency is free to set its price. However, this must be displayed on its website.
If you are looking for the least expensive services, they are often offered by online agencies. In any case, comparing prices is an excellent idea to find the best rates.
To find the right agency, consider choosing one located near the house for sale. Due to its location, it should know precisely the prices of recent transactions in the neighborhood. It is not difficult for it to determine the ideal selling price.
Find out about its level of visibility on the web and its success in the real estate sector. Its advertisements on your listing must be enticing, attracting potential buyers.
Study the professionalism of the agent. A good service provider advises you and listens to you while taking the necessary steps to improve the selling price of your property. Do not hesitate to check the professional card as well as the financial guarantee certificate of the agency.
How does the signing of the deed of sale of a property take place?
The deed of sale is nothing other than an official document bringing together several legal and administrative elements. It certifies that a real estate transaction is authentically and definitively concluded between the buyer and the seller.
It is the notary who is responsible for its preparation and drafting beforehand. It is different from the promise to sell and the preliminary sales agreement, which are only preliminary contracts. These do not bind the two parties.
Following the signing of the preliminary contract, the notary needs 3 months to gather all the necessary documents. Then he summons the seller and the buyer to sign the final deed.
The latter must be read carefully in their presence. When they have questions, they can interrupt the public officer to explain certain points to them.
When the sale applies to siblings or a couple, all concerned parties must be present to sign the deed. Otherwise, they can provide a power of attorney.
FAQ
<!– wp:rank-math/faq-block {"questions":[{"id":"faq-question-1677633356280","title":"How does the sale of a property go when using a notary?","content":"u003cbru003eThe notary is invited to read the deed of sale. He then requests the signature of a buyer and seller. The former must pay the full sale price. He also covers the notary fees including his fees.u003cbru003e”,”visible”:true},{“id”:”faq-question-1677633370276″,”title”:”How does the sale of a property at auction work?”,”content”:”u003cbru003eAuctions usually take place in the office of a notary who handles the sale. The session president then announces the price, and the bidding is done by raising hands.u003cbru003e”,”visible”:true},{“id”:”faq-question-1677633375413″,”title”:”How does the sale of a property with a private individual work?”,”content”:”u003cbru003eWhether private individual or professional, the sales file must be complete. After determining the price, both parties must sign the preliminary contract then the authentic deed.u003cbru003e”,”visible”:true}]} –>How does the sale of a property go when using a notary?
The notary is invited to read the deed of sale. He then requests the signature of a buyer and seller. The former must pay the full sale price. He also covers the notary fees including his fees.
How does the sale of a property at auction work?
Auctions usually take place in the office of a notary who handles the sale. The session president then announces the price, and the bidding is done by raising hands.
How does the sale of a property with a private individual work?
Whether private individual or professional, the sales file must be complete. After determining the price, both parties must sign the preliminary contract then the authentic deed.
