After the Offer: Key Steps to Ensure a Smooth Sale Process

Congratulations! We’ve agreed on an offer for the property – that’s a big step forward. Now, to ensure everything goes smoothly, there are a few critical steps to take. These steps not only help keep us compliant with regulations but also lay the groundwork for a seamless sale.

Once the offer is accepted, it’s essential to confirm the solicitors involved in the transaction for both the buyer and the seller. Ask the buyer to provide the name of the firm and the individual solicitor who will be handling their case. If we don’t already have this information for our sellers, we’ll need it from them too. Typically, this should be shared within 24 hours of accepting the offer. If there’s a delay, it’s worth noting that this could be a sign of hesitation from the buyer or seller.

To help move things along, let the buyer know that we can’t consider the property “under offer” until they’ve provided these solicitor details. In fact, their solicitor must confirm that they’re officially acting on the buyer’s behalf. This small step shows real commitment from the buyer and motivates timely action.

In line with UK anti-money laundering laws, we play a frontline role in verifying the buyer’s identity. Customer due diligence (CDD) involves obtaining and storing proof of the buyer’s identity, typically with a passport scan and proof of address. For higher-risk clients, more extensive checks may be necessary. There are companies specializing in this area, so if there’s any uncertainty, consulting one of these firms can ensure we stay on the right side of regulations. Only when CDD is complete should we mark the property as “sold subject to contract.”

Once we have solicitor details from both sides, the next step is to prepare and send out the memorandum of sale (MOS). The MOS serves as a summary of the agreed terms, including sale price, timeline, and items included. This document is sent to the buyer, the seller, and their respective solicitors. It’s also a good practice to attach the property particulars, as many solicitors request this.

Importantly, the MOS complements the formal offer confirmation letters. Both the buyer and seller should receive their offer letter alongside the MOS to ensure everyone is fully informed and on the same page.

One final detail to watch out for: your CRM system might auto-fill more information in the MOS than we intend to share, such as contact details. It’s essential to remove any unnecessary information, like phone numbers or email addresses, to avoid potential GDPR issues. Beyond compliance, keeping buyer and seller contact information separate prevents direct communication, which can lead to misunderstandings or disputes later in the sale process.

By following these steps with care, we set a strong foundation for a successful property sale, ensuring that everyone involved has a smooth and positive experience from start to finish.