Selling my house - Cash buyer

Selling my house - Cash buyer

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Discussion

Rich_AR

Original Poster:

1,961 posts

205 months

Friday 18th July 2014
quotequote all
Can anyone explain to me what I need to do if someone wants to pay cash for my house? There are no estate agents involved here either.

Do I just need to have an solicitor create the sale contract, accept the deposit, set the handover date and handle the money transaction on my behalf?

I've never sold a house before, therefore I actually do not know the process!


Petrus1983

8,784 posts

163 months

Friday 18th July 2014
quotequote all
I'm sure other people have a better answer, but I'm just doing this with an apartment in the UK. Even though I've sold it to a friend we're paying a local, well respected estate agent to handle the transaction - basically paying for their expertise in this field and dealing with solicitors etc. Very happy with the amount I'm paying to know everything will be covered properly.

Rick101

6,971 posts

151 months

Friday 18th July 2014
quotequote all
Is it actually cash or will the payment be by bank transfer/cheque?

Rich_AR

Original Poster:

1,961 posts

205 months

Friday 18th July 2014
quotequote all
Rick101 said:
Is it actually cash or will the payment be by bank transfer/cheque?
It will be by bank transfer.

I know the buyers very well. So it's not dodgy or anything!

Rick101

6,971 posts

151 months

Friday 18th July 2014
quotequote all
I think both parties need a solicitor to do the legal stuff. No need for an agent.

Rich_AR

Original Poster:

1,961 posts

205 months

Friday 18th July 2014
quotequote all
Rick101 said:
I think both parties need a solicitor to do the legal stuff. No need for an agent.
Thanks, I thought as much.


Sir Bagalot

6,489 posts

182 months

Saturday 19th July 2014
quotequote all
Petrus1983 said:
I'm sure other people have a better answer, but I'm just doing this with an apartment in the UK. Even though I've sold it to a friend we're paying a local, well respected estate agent to handle the transaction - basically paying for their expertise in this field and dealing with solicitors etc. Very happy with the amount I'm paying to know everything will be covered properly.
What? Seriously? That agent must be laughing his rocks off!



Sir Bagalot

6,489 posts

182 months

Saturday 19th July 2014
quotequote all
Rich_AR said:
Can anyone explain to me what I need to do if someone wants to pay cash for my house? There are no estate agents involved here either.

Do I just need to have an solicitor create the sale contract, accept the deposit, set the handover date and handle the money transaction on my behalf?

I've never sold a house before, therefore I actually do not know the process!
Strictly speaking you don't need to involve anyone else (as no loan is involved), but common sense says to employ the services of a solicitor

rfisher

5,024 posts

284 months

Saturday 19th July 2014
quotequote all
Petrus1983 said:
I'm sure other people have a better answer, but I'm just doing this with an apartment in the UK. Even though I've sold it to a friend we're paying a local, well respected estate agent to handle the transaction - basically paying for their expertise in this field and dealing with solicitors etc. Very happy with the amount I'm paying to know everything will be covered properly.
Wow.

Maxf

8,409 posts

242 months

Saturday 19th July 2014
quotequote all
Petrus1983 said:
I'm sure other people have a better answer, but I'm just doing this with an apartment in the UK. Even though I've sold it to a friend we're paying a local, well respected estate agent to handle the transaction - basically paying for their expertise in this field and dealing with solicitors etc. Very happy with the amount I'm paying to know everything will be covered properly.
Really? Why wouldn't you just both pay a solicitor each to deal with it? The agent will be telling this tale until they retire!

Jasandjules

69,960 posts

230 months

Saturday 19th July 2014
quotequote all
Rich_AR said:
Can anyone explain to me what I need to do if someone wants to pay cash for my house? There are no estate agents involved here either.

Do I just need to have an solicitor create the sale contract, accept the deposit, set the handover date and handle the money transaction on my behalf?

I've never sold a house before, therefore I actually do not know the process!
Yes, you each instruct a solicitor and tell the other person who they are. Then the searches and so on should be done, contracts exchanged and away you go.

Condi

17,271 posts

172 months

Saturday 19th July 2014
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I think the only legal bit is changing the land registry. You dont need a sales contract, you dont need to do the searches, but you'd be stupid not too.

Paul O

2,723 posts

184 months

Saturday 19th July 2014
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You need a solicitor/conveyancer. Just had a quick chat with the mrs who used to do this stuff.

The searches and valuation etc is on the head of the buyer rather than the seller, so it's up to them to do it.

The land registry bit and contract exchange is the legal requirement, but it needs the contract documents of a sale and purchase to be completed to satisfy the land registry. Solicitor will sort that. You don't need an estate agent.

She said other legally type things as well that went over my head and, seeing the blank expression of my eyes, summarised as "you need a solicitor".

Edited by Paul O on Saturday 19th July 23:12

nightwalker

3,571 posts

188 months

Saturday 19th July 2014
quotequote all
Petrus1983 said:
I'm sure other people have a better answer, but I'm just doing this with an apartment in the UK. Even though I've sold it to a friend we're paying a local, well respected estate agent to handle the transaction - basically paying for their expertise in this field and dealing with solicitors etc. Very happy with the amount I'm paying to know everything will be covered properly.
An idiot and his money are easily parted.

anonymous-user

55 months

Saturday 19th July 2014
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nightwalker said:
An idiot and his money are easily parted.
Agreed - what an insane thing to get an agent involved.

98elise

26,686 posts

162 months

Sunday 20th July 2014
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I've bought and sold regularly over the past few years. At least twice its been without an agent, and in one case just an auction company rather than an agent.

Agents don't add any value once the sale is agreed.

All you need is a solicitor. As you know the buyers I would recommend using the same firm solicitors (it just needs to be a different partner). That way things should move quickly.

zcacogp

11,239 posts

245 months

Sunday 20th July 2014
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garyhun said:
nightwalker said:
An idiot and his money are easily parted.
Agreed - what an insane thing to get an agent involved.
Can't agree more. I'd also add that a really decent agent would explain that his services aren't needed and decline the instruction.


Oli. (Agent).

TwigtheWonderkid

43,451 posts

151 months

Sunday 20th July 2014
quotequote all
nightwalker said:
An idiot and his money are easily parted.
In my experience they rarely get together in the first place.