21 Jan. 2022

What are the stages of a real estate sale?

stages of a real estate sale

A real estate sale is a long process, usually lasting several months. Do you wish to sell a property and are wondering how to go about it? District Immobilier offers a step-by-step guide to a real estate sale, from valuation to the signing of the notarial deed.

Valuation of the property: the first step in a real estate sale

Before putting your property up for sale, it is essential to obtain a realistic and precise estimate of its value. A guide price that is too high could put off potential buyers.

This is a critical step in the sales process.

Don’t hesitate to call upon a qualified real estate agent such as District Immobilier, specialist in Parisian real estate, for this essential piece of information.

Selling your asset

Once the asset has been estimated, you can now get the wheels in motion. This is, however, and contrary to popular belief, more complicated than just writing an ad and sitting back to wait for replies…

Notably, you will have to draw up a thorough technical diagnostic file. Depending on the type of asset you are selling, this must his include all or part of the following:

  • electricity diagnosis;
  • gas diagnosis;
  • lead diagnosis;
  • asbestos diagnosis;
  • energy performance diagnosis (EPC);
  • sanitation diagnosis;
  • termite diagnosis;
  • the state certificate of natural risks.

The asset must be presented with great care and attention to detail, as the ad is the display window for your property. If you take the wise decision to call upon District Immobilier to market your asset, we shall take and publish quality photos and videos, and offer you the option of a virtual visit, not only greatly appreciated by potential buyers who are not close by, but also recommended in this post-Covid period.

The ad must precisely describe the property and highlight its best features. We shall provide detailed information regarding the surface area, the number of rooms, the presence of an exterior area should one be included, and the natural light the asset benefits from. We shall specify if it benefits from a parking space, a cellar or a garden open to residents. In short, as much information as possible for those who will read your advertisement, and not forgetting property tax and the charges to anticipate if the asset is part of a co-ownership.

Visits to your asset

Following publication of your ad, we will show your asset to interested potential clients. If it is love at first sight for one of them, an offer will more than likely be submitted and, if it is at the price you hoped for, the offer shall be validated.

On the other hand, the offer may be at a lower price and at this point we shall deploy our negotiation skills and our experience in order to try to find a common ground that is satisfactory to both parties in order to move on to sell your asset.

  • Subsequently you may either: accept the offer submitted by the potential buyer;
  • formulate a counter-proposal;
  • or categorically refuse the offer.

The compromise / Promise of sale

The compromise/promise to sell seals the agreement between the seller and the buyer. This is a pre-contract which details the various elements inherent to the sale, and notably:

the price agreed to by the two parties;

  • the deadline for signing the authentic deed;
  • the conditions of the sale, and in particular the obtaining of a mortgage in the context of a purchase on credit.
  • A security deposit is generally paid to the seller by the buyer in order to materialize the sale of the property.

Signing of this pre-contract may be carried out with your real estate agent or with a notary.

We would recommend the second option in order to benefit from the specific professional expertise of a notary and cover all of the legal aspects of the sale.

Signing of the authentic deed

If everything has gone as planned on the buyer’s side, and the latter has obtained a mortgage if required and suspensive conditions have been lifted, you have reached the final stage of a real estate sale!

It generally takes two to three months between the signing of the sales agreement and signing of the authentic deed. The two parties meet at the notaries office in order to definitively ratify the sale, after which transfer of ownership becomes effective and the buyer receives the keys from the seller.

A real estate transaction has several stages: valuation, marketing, visits, the purchase offer, signing of first the sales agreement and finally the authentic deed.

A complex process that is our field of expertise.

Do you want to sell a property in Paris? District Immobilier, specialist in Parisian luxury real estate, looks forward to making your project become a reality.

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