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Engaging the right real estate agent is essential for any owner to sell their property in a correct way to avoid pitfalls. Selling a house takes negotiating skills, time and good knowledge of the neighbourhood. A good Real Estate Agent is able to help the owner bridge the gap between setting the best price for your property and ensuring the sales goes through. We strongly recommend you to appoint a professional Real Estate Agent who is registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEAP). Here are some tips to facilitate a quick and painless sale process: 

1. Set the Right Price
   
   Setting the realistic a reasonable price for your property is the key to a quick and timely sale. To get an accurate current value of your property, the owner can engage a property agent or appoint a valuer to research the latest prices of similar properties in the neighbourhood. Avoid setting an unreasonably high asking price for your house with the intent of negotiating it lower later, as this may be detrimental to a fast sale. By doing this, your property may be ignored by potential buyers who may come to the conclusion that gap is too wide for them to close the deal.
    
2. Spruce up your property
   
   Spruce up and improve your property to make sure that it appears clean and well maintained. This will help assure buyers that they don’t have to worry about hidden defects. You should fix any plumbing or electrical issues, leaking roofs, broken fixtures and fittings, etc. Failure to do so may risk losing potential buyers and worse still, your property may not pass the due diligence process during the handover.
    
3. Conducting the property tour
   
   Discuss with your real estate agent to find ways of carrying out the property tour/inspection. A good idea is to host an open house and be flexible about when people can view your house. The real estate agent will handle this and show potential buyers around the property and answer any questions they may have. They will also endeavour to get the potential buyer to make some form of initial offer with the goal of negotiating better terms for you.
    
4. Closing the deal 
   
   Once an agreement on the sale price has been reached, your agent would have entered the final stage of closing the sale of your property. The real estate agent will now prepare a Letter of Offer for both Vendor and Purchaser to sign. At this point, the Purchaser will be required to pay an earnest deposit to secure the deal. The Earnest Deposit usually ranges between 2% and 3% of the purchase price.
   
   At this point, legal documentation is necessary to be drawn up and signed for the house to be sold and passed on from the Vendor to Purchaser. The services of a solicitor will be necessary. It is encouraged for both the Vendor and Purchaser to appointment their own solicitors. The solicitor will prepare all the legal documents required to have the house sold, such as the Sale and Purchase Agreement (SPA) and the Memorandum of Transfer. 
   
   After the execution of the Sale & Purchase Agreement (SPA) by both parties, the Purchaser is required to pay remaining balance of 10% deposit of the purchase price. The solicitor will take over at this point and guide you through the whole legal process of transferring the property from Vendor’s name to the Purchaser’s name. This is expected to take around 3 to 6 months. The property will be considered successfully sold and ownership transferred to the Purchaser. Vendor will then be required to hand over possession of the property to the Purchaser.