Guyana Real Estate Services : A Step by step guide to selling your house in Guyana
Selling your home can be daunting – more so if you are looking for another property to buy at the same time. The decisions you make along the way could save you – or cost you – many thousands of dollars. Here is everything you need to know about the process of selling a house in Guyana
1. Figure out your finances
Before you sell your house, you will want to get a rough idea of how much it is worth, so you can then calculate how much money you will be left with once the sale has been completed. Make a list of any expenses associated with selling your house and update this as costs become clearer.
Are there any outstanding bills for rates and tax, water, gas, phone bill or light? Is there a mortgage or other debt taken out using the property as collateral? Do you need to clean up the property or is it being sold ‘’ as is’’?
There will be legal fees to be paid and perhaps the cost of a valuation. You will need to be clear in your mind of all costs so as to avoid unpleasant surprises along the way. Being fully prepared will also help to avoid delays
2. Choose an estate agent to sell your house
You can sell your home yourself, use a local estate agent or an online estate agent. If you use a local estate agent, you will need to do some research into which one to choose. Chose agents who can help you sell quickly and professionally. Remember, your estate agent may also be involved in helping to negotiating price, here you will need a good team on your side.
You will need to agree a fee with the estate agent. Guyana Real Estate Services fees vary depending on valuation and location.
3. Decide how much to sell your home for
One of the most agonising decisions when selling your home is what price to put it on for. Do your research and get to know the local market inside out. Get a valuator to value you house. Remember that buyers will probably try to negotiate a discount, so add 5% to 10% to what you are prepared to accept.
4. Prepare your home for sale
If you “stage” your home well, you are not only more likely to sell your home faster, but you might make it more valuable too
Tidy up and get rid of excess clutter; give it a fresh lick of light-coloured paint if possible; fix those little snagging things; keep it clean. Spray some air freshener, and remember plants and flowers make you home more appealing.
5. Hire a conveyancing solicitor
You need to choose a conveyancing solicitor to handle the legal work involved in selling a property. To ensure the sale progresses, you should decide which firm you want to use before you agree to the sale of your house – but you can obviously only instruct them after you have agreed an offer
By all means get a quote from the conveyancing firm recommended by your estate agent but compare it with other quotes because there is often a hefty referral fee which will be added to your bill.
6. Fill out the relevant questionnaires
You will have a variety of forms and questionnaires to fill out, to give the buyer all the information about the property, and about the sale. Is the property free from debt, are there any known disputes, does anyone has right of passage through the property? etc.
7. Accept an offer
You’ve received an offer – hooray! The estate agent is legally required to pass all offers on to you. If you are not happy with the offer, you can either reject it outright, wait to see if a better offer comes along or tell the estate agent to try to negotiate it upwards Once you are happy with an offer, you need to formally accept it.
Remember that accepting an offer is not legally binding, and you can legally change your mind or accept a higher offer later (gazumping) – but remember, this can be pretty distressing to the buyer
8. Agreement of Sale/Contract
You and the buyer will have to decide:
The length of time between exchange of contract and hand over of keys. What fixtures and fittings will be included if any, and how much will they pay for them, consider any discounts due to problems flagged up by the survey/inspection.
9. Exchange contracts
When you exchange contracts with the buyer you become legally committed to selling the property – and they are legally committed to buying it from you.
If you pull out after this without due reason, the buyer’s deposit will be returned to them and you may be sued
10. Complete the sale
Completion is when the property changes ownership, you accept payment, and hand over the keys. It takes place on a previously agreed date and usually at midday. On the day of completion, the money is transferred and any deeds for the property are transferred between each side’s solicitor or conveyancer. Your solicitor/conveyancer will register the transfer of ownership with the Land Registry.
11. Settle up with the conveyancing solicitor and estate agent
After completion, your conveyancing solicitor will send you an account, covering all their costs and disbursements, as well as the sale price of the house. Your conveyancing solicitor will ensure that the change of ownership is registered with the Land Registry. There is sometimes a small discrepancy and you might even get a small refund.