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chicadeb
05-01-2010, 02:36 PM
Hi,

A few questions about the steps to selling a property...

1) is it relatively easy to sell a property without using an agent or solicitor?
2) once a buyer is found, what are the normal steps that are taken - a) ask for a deposit to take it off the market, b) both sign a purchase contract, c) organise a date for completion?
3) should the deposit be keep in an escrow account? If so, how can this be arranged and via who? Or is it normal for the seller to keep the money in their account?
4) for a property selling for 214,000, what would be a suitable amount for the deposit?
5) are there standard purchase contract and deposit documents that can be found on the internet that a private seller can use?

Many thanks

aflores
05-26-2010, 03:58 PM
Dear chicadeb,

In response to your queries:

1) It is not difficult to sell without an agent or lawyer if you have access to buyers and you know the system, specially where you need to sign private purchase contracts.
2) The sequence you have mentioned is correct.
3) Many buyers will not accept that the sellers receives the deposit and will request that is held in escrow with either a lawyer or in a joint account (the latter can cause many problems).
4) 10% is a reasonable amount.
5) There must be plenty of contracts on the internet but may not necessarily suit your needs and may have to be customised.

regards
Antonio