What Do Estate Agents Do After Offer Accepted?
Estate agents list a property, do all the necessary marketing, and negotiate offers on behalf of the seller. But what do estate agents do after an offer has been accepted. And when do other advisers, like solicitors, get involved?
After an offer has been accepted an estate agent has a vital part to play throughout the entire property transaction. Essentially acting as the glue that holds everything together. Here, we look at what happens after you’ve had an offer accepted. And the role of an estate agent during this very important process. So, what do estate agents do after offer accepted?
What happens once you’ve had an offer accepted on your home?
The real work starts once your offer is accepted. This is when all the vital cogs start moving, and solicitors get involved to begin the conveyancing process. If you haven’t done so already, choose a good communicative solicitor so they can get underway with the necessary property checks.
A buyer will need to advance their mortgage application, ensuring everything runs smoothly in the background while the sale progresses. There are multiple moving parts during a property sale, and it all kicks into gear once you’ve had that all-important offer accepted.
What will an estate agent do after an offer has been accepted?
What do estate agents do after offer accepted? Many people think the estate agent’s job is done once the sale is agreed. Wrong! This is where a good estate agent is worth their weight in gold. At this point in the process, they are there to help the sale progress and support the entire conveyancing process, liaising with their client (the seller), both sides solicitors and the person buying the property. It’s all about communication at this stage of the game to ensure the deal moves forward.
Memorandum of sale
As soon as the offer is accepted, the estate agent will issue a Memorandum of Sale to the vendor, buyer, and their solicitors. It typically will include:
- The property address and details (specifying if it’s a flat, house etc)
- Link to the property particulars
- The agreed sale price and details of any extras
- The full names, correspondence address and contact details of the seller and buyer as they appear on their passport or driving licence. This is important as some seller’s lawyers will draft the contract and transfer at the outset of the transaction and if this is not completely accurate, it can cause significant delays for the whole transaction.
- Contact details of the solicitors representing the seller and buyer
- If leasehold or managed freehold, name and contact details for managing agents/freeholders/Rentcharge owner to provide a management pack
- The HMRC Land Registry number
- Expected dates for exchange and completion, any special circumstances
- Information about the property tenure i.e., freehold or leasehold
- Any special conditions agreed as part of the sale, i.e., is the sale subject to certain conditions being met?
- Completed Property Information Questionnaire
Offer recommendations
Appointing a solicitor straight away can reduce the overall process significantly. If you’re struggling finding a solicitor, most estate agents know reputable local solicitors, which can be helpful because they know the local property market and its specific nuances.
Problem solving
If there are any issues along the way, such as delays in the process, your estate agent should try and smooth everything out. They are the go-to point for both the seller and buyer and will be in continuous contact with all parties to make sure everything is going to plan.
Point of contact
An estate agent will remain on hand to answer any further queries that might arise from the conveyancing process or that might arise from the buyer. Basically, if there’s something you’re unsure about, ask the agent. The best estate agents are quick to respond, answer questions promptly and ease any concerns.
What can sellers and buyers do to help keep things moving?
While the estate agent is still vital once an offer has been accepted, sellers and buyers can also play a pivotal role to keep things moving. For instance, the quicker you respond to queries from solicitors, mortgage lenders, the faster you can get to exchange of contracts.
Respond quickly to queries
Solicitors and mortgage lenders will ask for and share a lot of documentation once conveyancing starts. The quicker everyone responds to queries – be it providing information for the mortgage application or reviewing the findings from the property survey – the faster the deal can move on to the next stage.
Have all necessary documentation to hand
As a homeowner you will have accumulated plenty of paperwork relating to the workings of your home, for example, the manual for the boiler, receipts for any fixtures and fittings you had put in. Having these to hand, and taking steps to resolve any issues like missing certificates as early in the process as possible will help you be as responsive to queries as possible.
Keep a record of your communications
Keep a record of all correspondence you receive during the sale process. It will make things easier to refer back to and reference any previous answers to queries. You’ll receive plenty of correspondence, including information from the Land Registry and other important details. Having a good filing system to everything can also make a huge difference.
Don’t be afraid to ask the estate agent questions
If you have any questions or concerns, ask the estate agent. They will be in continuous contact with all parties and have the best overview of the sale. The estate agent should be able to help you with aspects like timelines while being able to explain anything you might not understand.
From offer to keys
Selling and buying property is the most expensive transaction many of us will ever undertake. There are so many moving and varied parts that go into a property sale, and understandably it can feel a little daunting at times. If, however, you’re working with a good estate agent, they can help both the seller and buyers at each and every step, through to a successful completion.
As I said before, a good, qualified estate agent is worth their weight in gold. If you’re selling your home and scratching your head with who to use, then we can help you find a qualified estate agent in your area.
Last Updated: November 1st, 2024
