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Method of Sale

Sat 13 January 2018

If you are thinking of selling your property or land in 2018, then you may have more options open to you than you realise.

Generally speaking, most people are reasonably familiar with the process of selling by private treaty. This is the most common method of sale in England and Wales and involves the marketing of the property, negotiating an acceptable offer and then placing the transaction into the hands of solicitors to carry out the legal work on behalf of the buyer and seller.

Likewise, many are familiar with the concept of selling at public auction. Auction properties are marketed for a set period of time prior to the actual auction itself. The legal work is carried out up front by the seller’s solicitor and a legal pack is made available for potential purchasers to inspect prior to the date of the sale. Should a suitable bid be received at the auction then the gavel will fall indicating acceptance and exchange of contracts with a deposit being paid by the purchaser there and then. Completion of the sale will then take place within a further set timescale.

Not so many people are perhaps quite as familiar with selling by tender. It is a similar process to auction in that the property is advertised for a set period of time before the tender date, at which point interested parties must submit their best offer in writing to the selling agent. Unlike public auction, this is completely private, with no potential purchaser knowing what the next has offered which can produce some excellent results for the seller. Tender can be either formal or informal, with formal tender legally binding a purchaser on the acceptance of an offer, with deposits being submitted with their tender.

There are pros and cons to any of the methods of sale which we use and not every property is suitable for every method. Private treaty for example, whilst common, does leave both buyer and seller exposed to the risk of potential fall through. Whilst auction or tender can be excellent if you want to work towards some set time scales, but may preclude some potential purchasers. The important thing is that you get the right advice for your specific property so make sure that you speak with an agent who is well versed and experienced in all of the options available to you.

For further advice on selling your property and or to book a free, no obligation appraisal, please contact your local McCartneys office.

Tom Carter, Newtown Office - 01686 623123

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