These are important Facts for Sellers
At Model Management Properties Inc., we understand your need for selecting the best team to market and sell your property. Find below key steps involved in selling your property.
Contact a real estate agent at Model Management Properties Inc.:
Contacting the office of Model Management Properties Inc. is your first step in selling your property. This can be done via the telephone, email or a walk-in visit to our Kirani James Boulevard, St. George’s office. One of our competent real estate agents will guide you through every stage in the sales process.
Make an appointment with your agent at Model Management Properties Inc. to view the property:
An appointment will be made with your real estate agent to view the property to understand its location, boundaries, physical attributes, selling features etc. It would be useful for the seller to come to the viewing with a copy of the property’s plan.
Determine the value/sale price of your property:
This is an important component of the selling process that has major implications on how fast the property can be sold. Determining the property’s value is therefore critical. Sellers can establish a sale price for the property or can request the services of Model Management Properties Inc. to have an estimate conducted. The final marketed sale price however, will be the decision of the Seller.
Sign the listing agreement:
A listing agreement will be signed between the Seller and Model Management Properties Inc. This document will provide the authority for the company to market and show the property to potential buyers. Prior to signing of the agreement, the Seller should submit 1 copy each of the title deed and plan for the property (including subdivision and layout plans if applicable) to Model Management Properties Inc.. This can be done through your agent or directly to our Wall Street Grand Anse, St. George’s office.
In the event, that you require Model Management Properties Inc., to sell a property that you manage, but is not legally owned by you, the company must first receive legal authorization from the owner to sell the property. The legal owner must do one of three things:
A. Sign the listing agreement in the presence of a Notary Public.
B. Give caretaker Power of Attorney
C. Prepare a letter address to Model Management Properties Inc. signed by a Notary Public authorizing the caretaker to act on their behalf in negotiating a sale for the property. The letter should outline exactly the permissions granted to the caretaker.
Model Management Properties Inc., markets property and maintains constant communication with seller:
Model Management Properties Inc., will strategically market your property to the target audience. We will provide routine reports to the Seller regarding interest in the property and provide recommendations for enhancing the sale if necessary.
Model Management Properties Inc., will require access to the property to facilitate showings to prospective buyers. If the property of interest is a home or other building, we will work with the Seller to show the property at the most convenient times for all parties.
Negotiating a sale:
All offers for sale would be communicated to the Sellers orally within the first available opportunity. This process will continue for all offers made until an offer has been accepted by the Seller, which will be submitted in writing.
Conveyance and closing:
Once the real estate agent finds a buyer who is willing to purchase the property at the price accepted by the Seller, Model Management properties Inc., sends an offer letter to the buyer copied to the Seller and Buyer’s lawyers. Seller’s lawyer prepares a sales agreement and send to buyer’s lawyer for review and approval. Once approved, agreement is sent to buyer for signature and payment of 10% deposit which is kept by the Seller’s lawyer. The requisite title searches are conducted and conveyance/re-conveyances prepared on approval of good tile. Final payments are made by the buyer through his/her lawyer. This transaction can be completed within 3-4 months depending on the nature of the sale. To conclude the sale, the Seller/Vendor pays the following:
Legal fees paid to lawyer – typically 1% of the property value
Property transfer tax to the Government – 5% of the property value exceeding
EC$ 20,000.00 for nationals. Example if the property costs EC$ 220,000.
Property transfer tax is paid on EC$ 200,000.00 = EC$ 10,000.00
Real estate commission to Model Management Properties Inc. Incidentals (if relevant).