Real Estate Transaction Flow
Selling a Home
Point 1 Reasons for Selling a Home
There may be many reasons for selling a home, such as changes in lifestyle, family structure, circumstances or economic situations. First, list specific reasons for selling your home: e.g., wanting to move to a bigger house with kids' rooms or to move back to your hometown after retirement. Then, balance your preferences and budget (financial status), considering the timing for the move and available funds.
This process helps you consider the sale price and timing as well as available options such as whether to buy or rent a new house and whether to rent your current home instead of selling it.
Reasons for sale
Images of sale and resettlement
Point 2 The Sale Process
Once you have sorted out the reasons for selling your home, take a look at the sale process.
Step 1 Know the market price and estimate the sale price.
Once you have decided to sell you house, estimate how much you can expect to sell it for. Start by knowing the market price around the property.
Step 2: Select a real estate agent.
When selling your house, it is important to find a reliable real estate agent.
Step 3: Request an appraisal of the property value.
The relationship with the real estate company begins when you request an appraisal of the property price. Have the price of the residence to be sold assessed by an expert at the real estate company.
Step 4: Step 4 Ask the real estate company to mediate the sale (A brokerage agreement is concluded.)
When formally requesting a real estate company to mediate the sale, a brokerage agreement is concluded. There are three main forms of brokerage agreements. Determine which agreement best serve you for your desired method of sale.
*Before putting your house on the market, a building inspection may be conducted to ascertain its condition of. You may need to sign up for the "Existing Home Sales Defects" insurance.
Step 5: Put your property on the market.
The initial selling price will greatly affect the subsequent sale activities. Decide on the price carefully based not only on your desired selling price, but also on the assessed value price of the real estate company, property sales in the surrounding area, and market trends.
Step 6 Negotiate with prospective buyers
Negotiate the terms of the sale with prospective buyers. While the price is the most important factor, proceed with the negotiation, clarifying what is and is not negotiable in terms of other conditions.
Step 7: Disclose property information.
Before closing the sale, provide as much accurate information about the property to the prospective buyer as possible. In particular, in order to prevent problems after the conclusion of a contract, it is important to faithfully inform the prospective purchaser of any defects or deficiencies in the property (referred to as "defects" in the contract). Please note that when a real estate company acts as an intermediary, it will provide a detailed explanation of the property based on the system called "explanation of important matters," so cooperate with your real estate agent in surveying the property.
Step 8: Sign a Sales Contract
Once the terms of sale are agreed upon, a sales contract is signed with the buyer. At this time, you will generally receive a deposit (contract money) of 10-20% of the property price.
Please make sure that you have read the contract carefully before signing the sales contract.
Step 9: Delivery of the real estate
In the handover procedure, apply to register the property (cancel the mortgage, transfer the ownership of the property, etc.) at the same time as receiving the purchase price.
The handling of detailed equipment and fixtures, etc., should also be thoroughly confirmed after on-site inspection with the buyer. Be careful not to omit any procedures such as tax reporting after the property has been handed over.
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Arrows International Realty Corp.