Information for Sellers
When it comes to selling your property, there is much to consider. Often terms used are poorly explained, so we have added a few definitions of the most frequently used terms to help you. You can find a glossary of terms in our Jargon Buster which will assist you with any unfamiliar terms.
Sole Agency: You employ the services of one agent to sell your property for an agreed period of time. should you sell your property through another agent before your agreement with the sole agent has ended, then you may have to pay the original agent their fee as well. Likewise, the agent must respect the terms of the agreement and ensure that the service promised and agreed is delivered. If other agents approach you during the term of a sole agency agreement, they must warn you of a possible liability to pay commission to more than one agent. Sole Agency fees are lower than where more than one agent is instructed.
Joint Sole Agency: This is when you employ two agents to sell your property and where both receive a commission irrespective of which one introduces a buyer. The agents agree to split the fee upon the sale of the property. The agent that sells the property usually gets a higher percentage of the fee. The ratio is pre-agreed with you and written into the agreement.
Sole Selling Rights: This means that the appointed selling agent will be due the agreed fee, even if you end up selling your property privately or through another agent. This usually applies to development / land, new homes, auction and properties being sold by tender.
Multiple Agency: This is when you employ the services of more than one agent. The agent that sells the property takes the whole fee. The downside is that fees will be higher and sometimes it can make your property look as if its difficult to sell when prospective buyers receive details from several sources. Additionally, buyers tend to be less confident as they are often concerned another buyer may appear.
Energy Performance Certificate (EPC): An EPC measures the energy efficiency of a property using a scale of A-G. It is a legal requirement to have a valid EPC for a property.
Conveyancer: A qualified individual such as a solicitor or licensed conveyancer who deals with the legal aspects of buying or selling a property. Please click here for our recommendations.
For Sale Boards: You may only have one board erected at your property. Two agents may display boards 'back to back' but the total advertising area may not exceed that as if there were just one board displayed.
Subject to Contract: The point at which an offer as been accepted and the sales process starts. Either party is free to withdraw at any time.
Confirmation of Further Marketing: When an offer has been accepted subject to contract your agent must consult with you and take your instructions as to whether the property should be withdrawn from the market, or continue to be marketed. In the latter case, the agent must so advise the prospective buyer in writing. The prospective buyer must also be informed in writing should the seller later decide to put the property back on the market at any time. If the property has been taken off the market while a sale is proceeding, the agent remains legally bound to submit an offers.
Exchange of Contracts: The point at which when the sale or purchase of a property becomes legally binding, i.e. the seller has legally agreed to sell and the purchaser has legally agreed to buy upon the terms as stated in the contract.
Completion: The completion date is the date on which money is forwarded from the buyer's solicitor to the solicitor of the vendor. It is the date that the buyer becomes the legal owner of the new property and the date upon which vacant possession must be given.
