Sales progression refers to the process that takes place after an offer has been accepted on a property, ensuring the transaction moves smoothly towards completion. It involves managing and overseeing the various stages and tasks that need to be completed by the buyer, seller, and their respective legal and financial representatives. The goal is to ensure that all necessary documentation, inspections, and negotiations are handled efficiently to avoid delays or issues that could jeopardize the sale.
Key steps in sales progression typically include:
- Acceptance of Offer: The initial agreement between the buyer and seller on the sale price and terms.
- Instructing Solicitors/Conveyancers: Both parties appoint legal representatives to handle the conveyancing process, which involves the legal transfer of property ownership.
- Property Surveys and Inspections: The buyer arranges for surveys and inspections to assess the property’s condition and identify any potential issues.
- Mortgage Arrangements: The buyer finalizes their mortgage application and secures financing for the purchase.
- Draft Contract Preparation: The seller’s solicitor prepares a draft contract outlining the terms of the sale, which is reviewed and negotiated by both parties’ solicitors.
- Searches and Inquiries: The buyer’s solicitor conducts various searches (e.g., local authority, environmental) to uncover any potential issues affecting the property.
- Exchange of Contracts: Both parties sign and exchange contracts, making the sale legally binding and setting a completion date.
- Completion: The final stage where the remaining balance of the purchase price is transferred, and the buyer receives the keys to the property.
Throughout this process, a sales progressor or sales progression team may be involved to coordinate communication between all parties, track progress, resolve any issues that arise, and keep the transaction on schedule. Their role is crucial in ensuring a smooth and timely property sale.
If you have any question here at Belvoir Estate Agent Wolverhampton we have a dedicated team to progress the sale of your property once your offer is accepted?
