Selling | MML Property – Dundee, Tayside

Selling

MARKETING THE PROPERTY (ESTATE AGENCY)

All of our properties are marketed through the TSPC (Tayside Solicitors Property Centre), through which the vast majority of property in Dundee is sold. It is now a legal requirement for the sellers of all new properties going on the market to make a Home Report for their property available to prospective purchasers. The Home Report must be available when the property goes on the market. The Home Report consists of 3 elements: the Single Survey (which is carried out by a qualified surveyor and includes a valuation of the property), the Energy Performance Certificate (which is prepared by a qualified energy assessor or surveyor and gives the property a current energy efficiency rating and a potential energy efficiency rating if improvements were made), and the Property Questionnaire (which is completed by you with our help).

The first step in putting your property on the market is for a member of our staff to visit your property to take details and measurements to be used in the sales particulars for your property, and to help you complete the Property Questionnaire. Once the Property Questionnaire has been completed and signed by you, we will then arrange for the Single Survey and the Energy Performance Certificate to be carried out..

We will arrange for photographs of your property to be taken by an experienced photographer and for a floorplan to be prepared. We will then prepare the draft sales particulars for your approval.

Once the draft Home Report is available we will discuss this with you prior to approving it, and we will discuss any issues arising out of the Home Report with you. Once the Home Report has been approved and published, your property can then go on the market.

Using price comparisons for similar properties in the area, our knowledge of the market, and the valuation of the property given in the Home Report, we will advise you on the asking price for your property and then help you decide what this should be and whether your property should be marketed as “offers over”, “offers around” or “fixed price”.

Once you have approved the sales particulars and the Home Report and we have agreed the asking price for your property, we will register your property with the TSPC and your listing will go live on their website.

Once your property is on the market we will keep in touch with you to discuss how the viewings are going, to advise you of notes of interest and/or offers we receive, and to discuss fixing a closing date if appropriate.

 

CONCLUDING MISSIVES

The offer is only the first part of the contract and it contains many conditions. The sellers’ solicitors will send a copy of our offer to the sellers and then discuss all of the conditions with the sellers and help them to decide which ones they are happy to accept, which ones they would like to reject, which ones they would like to change, and also whether they wish to add any further conditions into the contract.

The sellers will usually wish to make at least a few changes to the contract, and the sellers’ solicitors will send us a letter known as a Qualified Acceptance which sets out these changes. We will discuss these changes with you and if you are happy to accept them we will send a letter to the sellers’ solicitors confirming that you accept the changes and that the contract is now concluded (i.e. legally binding). If you want to make further changes to the contract then we will send a letter setting out these changes to the sellers’ solicitors. The sellers’ solicitors will then send a copy of our letter to the sellers and discuss the changes with them.

This procedure continues until one party is happy to accept all of the conditions in the last letter from the other party’s solicitors. As soon as a letter is sent from one party’s solicitors to the other party’s solicitors accepting all of the conditions in the other party’s solicitors’ last letter, the contract is concluded and legally binding. The process of concluding the contract usually takes around 1 – 2 weeks from the date on which the property is “under offer”. Until the contract is concluded, either party can pull out of the transaction without penalty.

 

CONVEYANCING

Conveyancing is the process of transferring title from the sellers to you. The sellers’ solicitors will send the title deeds for the property to us so that we can examine them on your behalf. We will write to you advising you of the description of the property and any title conditions affecting the property. If there are any problems or issues arising out of our examination of the title deeds we will deal with these as appropriate.

We will draft the title deed which will be signed by the sellers to transfer the title to you, and the forms to be submitted to Registers of Scotland to register your title as owner of the property. If you are getting a mortgage, we will also draft the Standard Security for you to sign in favour of your lenders.

 

SETTLEMENT

On the agreed date of entry we will pay the purchase price to the sellers’ solicitors on your behalf (usually by way of solicitors’ cheque) in exchange for the keys, the Disposition by the sellers in your favour, the rest of the title deeds, and any other relevant documentation. We usually send our cheque to the sellers’ solicitors the day before settlement to arrive on the morning of settlement, and likewise the sellers’ solicitors usually send the keys, Disposition, title deeds etc. to us the day before settlement to arrive on the morning of settlement.

Settlement takes place as soon as both parties are in a position to settle, which will be when both parties’ solicitors have received the appropriate settlement items from the other party’s solicitors, when we have all your money in our account so that we can authorise the sellers’ solicitors to cash our cheque, and when the sellers’ solicitors have confirmed that we can release the keys to you.

On the agreed date of entry we will pay the purchase price to the sellers’ solicitors on your behalf (usually by way of solicitors’ cheque) in exchange for the keys, the Disposition by the sellers in your favour, the rest of the title deeds, and any other relevant documentation. We usually send our cheque to the sellers’ solicitors the day before settlement to arrive on the morning of settlement, and likewise the sellers’ solicitors usually send the keys, Disposition, title deeds etc. to us the day before settlement to arrive on the morning of settlement.

Settlement takes place as soon as both parties are in a position to settle, which will be when both parties’ solicitors have received the appropriate settlement items from the other party’s solicitors, when we have all your money in our account so that we can authorise the sellers’ solicitors to cash our cheque, and when the sellers’ solicitors have confirmed that we can release the keys to you.

Back to top