Selling Your Property

If you have reached a decision whereby you decide to sell your property, there remain are a few matters that must be ensured before going ahead. Considering these points is vital to a successful transaction.

1. Memorandum of Understanding
2. Pricing your Property
3. Always Verify the Documents

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Memorandum of Understanding
The Memorandum of Understanding (MOU) is an agreement between seller and buyer. It does not have the binding power of full contract; however it regulates the basic conditions of a deal.

It is imperative to clearly state the conditions of the agreement. This can be done by clarifying fee payments at the outset;
* Cancellation Fee - Must be paid when one party changes his/her mind pertaining to the completion of the deal. The fee amount however can differ from case to case, usually depending on the agent.
* Transfer Fee - Must be paid each time a property sale take place. Checking this fee is rather important due to the various rates charged by different developers.

Additionally, conditions of the transfer must also be considered. Factors such as date, place and hand over process should be declared. The date of transfer is fixed, whereas the hand over process can only go ahead once issues such as payment have been finalised. In the circumstances of selling a property "ahead" of payment completion, this can be done without difficulty as long as the first two installments have been paid. however, this again differs from developer to developer and should be ascertained beforehand.

Pricing Your Property
There are several factors which influence the price of your property. the two most important of these are; demand and location. However it is best to get an all round solid estimation, as other factors play into value of a property. Presented below are recommended suggestions in order to arrive at a realistic valuation on your property:
* Enquire with several agents so as to gather an idea of current market prices, your property's worth and what it could essentially sell at.
* Enquire with developers regarding the price of similar properties and whether new projects will be appearing in the area, as this could effectively either raise of lower the value of your property.
* Enquire with mortgage providers to assess whether the price range you have arrived at is realistic, if similar properties are within this range, and moreover if payment plans for such a property has changed. this factor could also fundamentally result in either an easier or harder sell.
* Enquire yourself! Research the newspapers, classifieds, magazines, Internet and word or mouth to get good idea of current market condition, what price range you are looking at, what to expect and what else is available!

Always Check The Documents
Regarding any contract, it is standard practise to revise through it carefully, especially when it concerns your valuable property! Ensure that all the terms, fees, and commissions are stated as discussed and agreed. In a resale scenario where either the property or payment plan is incomplete, establish which party is paying the balance to the developer in writing. Furthermore, verify all the paperwork with the concerned authorities so as to avoid illegitimate dealings. Finally, at any point do not hesitate to question any doubts you may have, or issues you may not understand.