With expert advice, selling a property in Gibraltar can be smooth, stress-free and straightforward. This handy seven step guide has been prepared to walk you through the process. This 7 step property selling guide is designed to help and guide you through the property selling process
Obtain best advice by choosing an estate agent who fully understands current market trends within a local dynamic drawn from extensive experience and knowledge.
Establish with your agent at the outset your timescales and moving requirements enabling the agent to provide a realistic market appraisal of your home.
A changing market
You may be surprised what your property is worth. Market conditions are ever changing. Book a free market appraisal with J Boyd Estate Agency for an up-to-date valuation for your property.
There are many costs to be factored into any property transaction – from estate agency fees, conveyancing and legal costs to buyers’ stamp duty, mortgage fees and removals. All of these have a potential bearing on your sale.
With considerable experience and market knowledge, J Boyd Estate Agency can advise of the potential costs and help you plan your sale with confidence.
Right agent, right price, right presentation
With the right valuation guidance and a understanding of all of the potential costs, you are ready to market your property. Ensure you have the right agent on board who understands all of your objectives.
J Boyd Estate Agency can help guide you from low key marketing, photography, and accompanied viewings to an individually designed advertising campaign if required.
Its essential that your property is presented in its best light – clean, well-lit, tidy properties really do sell faster. Take a look at our First Impressions Guide – which should inspire and inform in equal measure.
Sole agency / whole agency
With a widespread and established network of collaborating agents and introducers J Boyd Estate Agency can give your property sale an unfair advantage… all the benefits of multiple agency – with all the ease of sole agency.
Negotiate and sell.
With regard to negotiating offers, the agent will advise on the prospective buyer, their proceed-ability, their financial situation, and also their ability to meet your timescale and objectives. By negotiating a price and a sale on your terms, your agent will enable you to decide quickly – and with confidence – whether to accept or decline an offer that’s on the table.
Stay in the driving seat by responding quickly to offers.
Moving ahead with your sale
With an offer accepted, solicitors are instructed and your agent will issue a Memorandum of Sale. This will detail the agreed price, timescales and pre-contractual deposit (typically 2% of the purchase price) along with other considerations, such as whether the property is sold furnished or unfurnished.
A pre-contract deposit is usually collected from the buyer by the agent and held subject to contract in a client account in accordance with Gibraltar Office of Fair Trading guidelines.Your solicitor will draw up a contract for your buyer’s solicitor, and an inventory of contents will be required if the property is sold furnished. In most cases, the entire process will take between six and eight weeks from agreement of terms to completion.
Inform your solicitor
Once you’ve decided to sell, let your solicitor know, enabling them to obtain the title deeds and saving time by having them ready the moment they are needed.
Exchange of contracts can take place once all of the legal paperwork has been finalised. A non-refundable deposit will be sent to your solicitor by your buyer’s solicitor – this is normally agreed at 10% of the purchase price, minus the pre-contractual deposit already paid by the buyer.
Once the deposit is paid, sale contracts can be signed and exchanged – and both parties are legally bound to complete the transaction. At this point, a completion date is set and can be on the same day as exchange of contracts if required, or a future date to suit both parties.
Consider granting your solicitor power of attorney if you are unable to be around for exchange of contracts.
Once you have set a completion date, notify all utility suppliers (Gib Elec, phone, internet etc) so they can prepare the disconnections accordingly. On the agreed move-in date, the balance of the purchase price will be paid to your solicitor and your sale will complete. The keys will handed over to your buyer.
A final courtesy
Arrange for your post to be redirected and provide any essential operating manuals to help the new owners understand how everything works.