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This article deals with issues relating to the appointment of an Estate Agent in the conveyancing process. In Northern Ireland the estate agent acts for the seller of property and provides information to prospective purchasers.
This page explains what estate agents do including the particular legalities unique to Northern Ireland. We have arranged the topics in the order we think may be useful but you can look at them in whatever order you wish.
Gilbert Nesbitt, Wilson Nesbitt Solicitors
This page explains what estate agents do including the particular legalities unique to Northern Ireland. We have arranged the topics in the order we think may be useful but you can look at them in whatever order you wish.
Gilbert Nesbitt, Wilson Nesbitt Solicitors
Disclaimer
Choosing an Estate Agent
What do they do?
How Do I Pick One?
Private Treaty, Tender or Auction?
What is your property worth?
What can we do for you?
Disclaimer
This article is not intended to suggest or recommend any form or type of mortgage or financial product. Professional advice should always be taken from a mortgage broker or financial adviser. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
This article is not intended to suggest or recommend any form or type of mortgage or financial product. Professional advice should always be taken from a mortgage broker or financial adviser. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
Choosing an Estate Agent
What Do They Do?
In Northern Ireland the estate agent acts for the seller of property and provides information to prospective purchasers. The seller pays his agent. The estate agent will:-
How Do I Pick One?
Private Treaty
The vast majority of properties in Northern Ireland are sold by "private treaty". This is the negotiation of price between the buyer and the seller's estate agent resulting in the basic details of price and completion date being agreed. Solicitors then subsequently turn these "subject to contract" arrangements into legal contracts.
Tender
Sometimes sellers decide property is to be sold by written offers or sealed bids. This might occur where there was exceptional interest in a property; in such a situation the buyer is advised to speak to his solicitor first.
Auction
Two types of property are best suited to sale by auction and they are at opposite ends of the spectrum.
Unique, distinct, difficult to value properties in high demand are best suited to auctioning. Alternatively poor properties needing much remedial work and unsuitable for mortgage purposes are also often auctioned.
Positives
We offer fixed price packages and deliver by whatever combination of telephone, e-mail, post or direct consultations suits you best. We can conduct transactions entirely electronically or by post if you wish.
Our property team members are experts in managing the process of buying and selling property smoothly and seamlessly. To make immediate use of our services simply complete your details and we'll give you our free, instant, no obligation legal expense quotation. Once you have instructed us, you will be able to follow the progress of your transaction through our Online Case Tracking System.
Should you wish to obtain further information on our services then please contact either one of our experienced team members profiled on the right of this web page, telephone 0800 052 1535 or email property@wilson-nesbitt.com.
In Northern Ireland the estate agent acts for the seller of property and provides information to prospective purchasers. The seller pays his agent. The estate agent will:-
- value a property for sale purposes
- discuss and agree an asking price with the seller
- provide information for buyers
- arrange appointments for viewing
- negotiate the price
- arrange mortgages for purchasers
- check out purchasers
- have they really sold their own property?
- are they really capable of raising the money?
How Do I Pick One?
- before settling on one agency ask several to value your home
- if you don't feel confident or comfortable with an agent in the first ten minutes don't pick him (buyers won't trust him either)
- ask whether advertising, internet marketing, photographs or board erection expenses are included in their percentage charge or charged as an extra
- discuss fees with agents; the "going rate" in Northern Ireland is 1.5% of the sale price although this can sometimes be reduced by negotiation
- remember VAT at 17.5% is added on to both fees and extras
- ask friends, neighbours and relatives about agents in your locality
- no agent needs to have any qualifications but RICS, ISVA & NAEA all have codes of conduct and some agents are governed by the ombudsman scheme
- estate agents are governed by legislation which makes it a criminal offence for an agent to misrepresent information
- in Northern Ireland almost all properties are sold on a sole agency basis which means the agent will earn the fee commission if the property is sold by any means (even without the agent involvement) whilst on the agent's books
- a joint agency is where two agents work together and agree to share the fee; this tends to occur where it has taken some time to sell a property and another agent is brought in
Private Treaty
The vast majority of properties in Northern Ireland are sold by "private treaty". This is the negotiation of price between the buyer and the seller's estate agent resulting in the basic details of price and completion date being agreed. Solicitors then subsequently turn these "subject to contract" arrangements into legal contracts.
Tender
Sometimes sellers decide property is to be sold by written offers or sealed bids. This might occur where there was exceptional interest in a property; in such a situation the buyer is advised to speak to his solicitor first.
Auction
Two types of property are best suited to sale by auction and they are at opposite ends of the spectrum.
Unique, distinct, difficult to value properties in high demand are best suited to auctioning. Alternatively poor properties needing much remedial work and unsuitable for mortgage purposes are also often auctioned.
Positives
- the market decides the value of the property on the day of the auction.
- all the difficult preparation and legal work is done beforehand so that after the auction the sale is in contract.
- the solicitor attends the auction and the contract is signed immediately after the hammer falls.
- the process is open and not secretive.
- the seller maintains ultimate control by setting a reserve price.
- the buyer has to have finance organised before the auction.
- solicitors have to make title and contract information available to all enquirers before the auction.
- the seller must run an open house before the auction.
- it may not sell.
- unexpected legal issues can sometimes arise at the start of the auction causing its postponement.
- the cost is more (advertising, room hire, brochures, legals).
- Estate agents value property using several criteria:-
- location, location, and location are still the three most important considerations in property valuation!
- selling prices of similar houses recently bought in the area
- condition of the property
- number of houses on market
- number of buyers looking to buy
- availability and cost of mortgages (affected by interest rates)
- urgency of sale
What can we do for you?
Wilson Nesbitt Solicitors aim to keep things transparent and as simple as possible for our clients. We don't want you to worry at any point about the legal complexities or technicalities of your transaction. You'll be kept informed throughout the process.We offer fixed price packages and deliver by whatever combination of telephone, e-mail, post or direct consultations suits you best. We can conduct transactions entirely electronically or by post if you wish.
Our property team members are experts in managing the process of buying and selling property smoothly and seamlessly. To make immediate use of our services simply complete your details and we'll give you our free, instant, no obligation legal expense quotation. Once you have instructed us, you will be able to follow the progress of your transaction through our Online Case Tracking System.
Should you wish to obtain further information on our services then please contact either one of our experienced team members profiled on the right of this web page, telephone 0800 052 1535 or email property@wilson-nesbitt.com.
