Navigating the Post-Offer Steps in Property Sales: What Comes Next?

Once an offer is accepted on a property, it’s a significant milestone, but there are still essential steps to take to ensure a smooth and compliant transaction. Here’s a breakdown of the next actions to make sure everything proceeds without a hitch.

With the offer agreed upon, it’s crucial to get the details of the buyer's and seller's solicitors. You’ll need to confirm both the firm and the individual solicitor who will handle the conveyancing. Ideally, buyers and sellers should provide this information within 24 hours. If there’s a delay beyond a week, this could signal potential issues and might be a good time to check in with the parties involved. To streamline this step, consider setting clear expectations with the buyer. Inform them that the property won’t be listed as “under offer” until they provide their solicitor’s details and confirm their representation. Taking this step shows a serious commitment to the transaction.

In the UK, estate agents play a frontline role in preventing money laundering, and due diligence is critical here. This typically involves collecting a scan of the buyer's passport and proof of address to ensure compliance. For higher-risk clients, additional checks may be necessary, and specialist firms can assist if you’re uncertain about compliance requirements. Once the due diligence is complete, you can safely list the property as “sold subject to contract.”

After confirming solicitor details, it’s time to issue the memorandum of sale (MOS). This document serves as a summary of the agreement and includes details such as price, timescales, and any items included in the sale. Copies go to the buyer, seller, and their solicitors. Additionally, it’s wise to include a set of property particulars with this letter, as many solicitors will request this information.

Remember, the MOS doesn’t replace the need for an offer confirmation letter, which should be sent separately to the buyer and seller. Both documents are essential to ensure all parties are aligned on the terms of the sale.

If your CRM system generates the memorandum of sale, be sure to review it for any unnecessary information. Automatically generated documents can sometimes include contact details that might lead to direct communication between the buyer and seller—something you generally want to avoid. Over-involvement by both parties can lead to misunderstandings, adding unnecessary tension and emotion to the sales process.

While it might feel like the hard work is over once an offer is accepted, there are several crucial steps to complete to ensure a smooth sale. Staying organized, maintaining clear communication, and protecting both parties' privacy are essential to keeping things on track and moving smoothly toward completion.