When selling a home, please bear in mind the following:
Best Practices for Selling
- Make sure your home is clean and in top condition. Display fresh flowers to add warmth to the environment.
- Allow your agent to schedule showings at the time of day when your property looks best.
- Remove any jittery pets and arrange to be elsewhere when your home is being shown.
- If selling a co-op or condominium, obtain rules and regulations from the managing agent.
- Obtain documents (offering plan, prospectus, three years’ financials, co-op/condo guidelines, etc.) from the managing agent and have them on hand before going to market.
- Find out if your building has a “flip tax” or working capital deposit and whether the buyer or seller is responsible for paying it.
- You will need to select an experienced real estate attorney to represent your interests.
Bidding and Negotiating
This is how the bidding process typically works:
- The bid or offer from a buyer is made orally or in writing through your real estate agent or co-broker, along with the presentation of the buyer’s qualifications.
- You may accept or counter the offer as part of a price negotiation.
- In the case of multiple bids, you and your agent will execute a strategy to obtain the best price and terms from the most qualified buyer. Frequently, the strategy will involve sealed bids or a deadline for highest and best offers from various bidders.
- You will work closely with your agent to identify the offer that best satisfies your needs.
- The conclusion of the process will result in agreement upon the price, terms and closing date.
- You and the buyer will need to engage capable and experienced DR based real estate attorneys to prepare and review a contract of sale.
Going to Contract
Once you have accepted an offer, you will enter the contract stage.
- While your attorney prepares the contract of sale, the buyer’s attorney will exercise “due diligence” by asking for certain key papers from you or your managing agent. These typically include:
- With the approval and agreement of the buyer’s attorney, the contract of sale is signed by the buyer. At the signing, the buyer typically presents a deposit of 30% of the sale price.
- The contract and deposit are forwarded to your attorney, who will obtain your signature.
The closing usually occurs in the office of the seller attorney. The exact date shoulb be flexible to accommodate averyone (you, the byer, the attornerys, the banks and the managing agent).