Selling your home is a significant life event, which is why our experts offer you this guide, to understand the steps involved in buying a house or an apartment.
The first steps of a real estate sale: appraisal, signing the mandate
The entire sector, from Collonges to St Jean de Gonville, has developed thanks to the emergence of local shops, doctors, dining spots along with new constructions in a reasonable amount.
Before any sale, it's necessary to appraise the property to set the sale price based on similar properties sold in the area. This appraisal leads to the signing of the sales mandate, a contract authorizing the real estate agency to sell the property.
The owner can choose between an exclusive mandate or a simple mandate: the latter allows the owner to entrust their property to multiple agencies, unlike the exclusive mandate which means the property is given exclusively to one agency. Granting exclusivity to an agency means having a single point of contact who will highlight the property's value and quickly find potential buyers.
For the sale of their property, an owner must provide various diagnostics to the potential buyer, including some that are mandatory. These inform the buyer about the property's condition (energy consumption, natural and technological risk assessment, etc.). Most of these diagnostics must be carried out by a certified diagnostician.
Formalizing the sale: signing the preliminary contract
Once a potential buyer has expressed a desire to purchase, both parties must sign a preliminary contract, which can be:
- A promise to sell: it means that the owner commits to selling their property to the potential buyer, giving them exclusivity for a defined period. In return, the potential buyer pays 10% of the sale price, which will be deducted from the final sale price if the sale goes through. Otherwise, the owner keeps this amount as compensation.
- A sales agreement: both parties commit to completing the sale. If one party backs out, the other can enforce the sale through the courts. Signing the agreement involves a deposit of 5% to 10% of the sale price by the future buyer as a security deposit.
On average, three months pass between the signing of the preliminary contract and the final sale. This period allows both parties to complete administrative tasks, such as securing loan approval.
The final deed of sale
Signed in front of a notary, the sale deed concludes the purchase process by exchanging keys for full payment. This act definitively transfers property rights from the former to the new owner.
Do not hesitate to approach your IMOGROUP GENEVOIS agency which will advise you and guide you through all your real estate procedures.
