Making The Sale
Making the Sale
Once buyers start viewing your property you are well on the way to making a sale. The next steps are
Negotiating and Accepting an Offer
It is the role of your Real Estate Agent to conduct all negotiations. Do not negotiate directly with any prospective buyers - always redirect them to your agent if they Contact Us you.
When an offer is made, your Real Estate Agent will put the offer in writing, signed by the buyer. The agent will then present this offer to you. If you are not happy with the offer, you can make a "counter-offer" at a price acceptable to you. Your Real Estate Agent will then take this "counter-offer" to the buyer who will either withdraw their offer or make an increased offer. This process could be repeated a number of times before a price agreeable to both parties is reached.
If you do receive low offers, make sure you do not become discouraged or distressed by this, or take it personally. Often the buyer is simply trying their luck at a low price. However, do try and find out why the buyer is offering a low price. Perhaps he believes he will have to make repairs at a significant cost. Such information may help you to determine a counter-offer.
Signing a Purchase Agreement
When you sell property, it is your responsibility to prepare all necessary contracts. Real Estate Agents will have standard drafts of an Purchase Agreement which can be tailored for your particular needs. Alternatively you can consult a Thai lawyer. Make sure you tell them of any special conditions or limitations you want on the sale. Examples of common conditions that can be incorporated into contracts are:
- Identity: A provision limiting the buyer's right to complain if there is a mistake in the description of the property, other than one of a very serious nature.
- Planning: A condition stating that the property is sold subject to all relevant planning regulations.
- Other: This may well include a list of chattels that are included in the sale, or conversely a list of chattels you wish to remove from the property.
- Settlement: A condition specifying a suitable settlement date.
The Purchase Agreement becomes legally binding once it is signed by both parties, i.e. you and the buyer. A holding deposit is usually paid upon signing of the Purchase Agreement. There is no legal requirement to pay such a deposit, but it has become generally accepted as an act of good faith on the part of the buyer. This deposit is normally paid to the Real Estate Agent and held in trust until settlement.
The settlement date is the day you hand over possession of the property. In legal terms, settlement is the completion of the transaction. On settlement day the balance of the purchase price plus the holding deposit, less Real Estate Agents commission is paid to you, and the title deeds (legal documents stating property ownership) and keys are handed over.
Remember that the buyer is entitled to vacant possession at the time of settlement. They are also entitled to a last inspection just prior to settlement. If the property is not as they expect, i.e. the property has been unfavourably altered in some way since you exchanged contracts, they may choose to delay settlement until the property is returned to the state it was in at the time the offer was made.