Selling your house could be quite a stressing ordeal and especially if you do not have the aid of a Real estate agent. If I would want to sell my house to anyone, I would ensure that all legal procedures are followed to ensure that both parties gain and this also helps to protect one from scams. If you are not aware of these procedures, you could consult qualified personnel to help you or rather, just read on this article.
There are two major ways to selling a house and this is either by auction or private treaty and the method you pick all depends on your preferences and a number of factors as well. One of the legal considerations is whether you already have a mortgage as typically, most houses do. If it still does, you would be required to give authorization to the solicitor who will take up the title deeds from the lending institution to prepare them for sale.
You should they prepare contracts for sale as the contract for sale is drawn up after the solicitor receives all relevant documentations. If the sale is by private treaty, the contract contains all names including the purchase price but if it is by auction, the purchaser and purchase price are left blank.
If you are selling a family home, many a times the consent of the other spouse is often required as it is indicated in the Family Home Protection Act. If both of the names are on the deed, then there are no issues that arise. After the sale of the family home, both spouses are hence required to sign a Family Home Protection Act Declaration.
The very initial stage of the contract process is when the solicitor contracts and copy of the deed is conferred to the buyer’s solicitor for signing. He/she then studies the contractor’s terms and conditions and advice their client relevantly and if the client’s needs are covered, signing is initiated. This is usually a legal piece of evidence that both seller and buyer are in common agreement to avoid any future disputes.
Also, if you are selling a house that is not your main residence, then you ought to pay Capital Gains Tax but if the property is your main residence, you are not liable to pay the Capital Gains. There are also other legal fees and commissions involved in selling the house and you should ensure you have cleared them to be on the right side of the law. The costs of selling a house are also worth paying as they help you avoid any hiccups in the process.
After you have all these steps followed, your house will be ready for sale and you can be rest assured it will be a smooth process. You should get necessary help if you feel you are not in a capacity or knowledgeable to do it. These processes can best be handled by lawyers who are well qualified in this sectors involving law.