Full access to Entrepreneur for $5
Subscribe

Are You Planning to Sell Your House in 2021? Here's How to Achieve a Good Closing.

There are five factors that determine the sale of a house or apartment and they are: price, payment method, environment where it is located, conditions of the property and owner.

This article was translated from our Spanish edition. Opinions expressed by Entrepreneur contributors are their own.

Surely, when you acquired your house or apartment, you did it with savings, care and dedication. For this reason, if you are about to sell them, we give you some tips to achieve a good closing.

depositphotos.com

According to the Federal Consumer Prosecutor's Office ( Profeco ), there are five factors that determine the sale of a house or apartment and they are: price, form of payment, environment where it is located, conditions of the property and owner.

Apart from giving importance to these aspects, there are three other tips that will help you sell your house. Here we tell you:

Have papers in order

Before offering your home through a real estate portal, it is essential that you have certain documents in order and at hand. With this information you show the legal status of your property and that it is free of encumbrance. In addition, you make the sales process more transparent.

At this stage it is important that you check the regime by which you bought the property. In the event that it has been under a conjugal partnership, your partner must authorize the sale.

Once you verify that you have all the papers, you can take the next step: quote the price.

Give the right value to things

You are probably selling a house or apartment that has sentimental value to you. Maybe it's about the heritage your parents created or the place where you watched your children grow up.

These factors influence when thinking about the final price of the property, but do not determine it.

In addition, in times of a coronavirus pandemic (COVID19) and quarantine, we must analyze things well. Uncertainty could lead you to make hasty decisions and end up selling above or below actual value.

The ideal is to avoid falling into these situations and reach a good agreement with the buyer.

Leonardo González, Real Estate analyst at Propiedades.com , advises that it is best to offer your property at the trend price in the area. Also, do not forget to consider the segment and city where the property is located.

How can you know this information? Check Real Estate Market Reports (RMI). With them, in addition to knowing the average price of homes similar to yours, you will know the capital gain and other key market indicators such as Price to Rent or Time on Market .

The first one tells you if it is more convenient to rent or buy in a certain area. The second, how long on average a listed property remained on the market.

Image: Depositphotos.com

Turn to the experts

If this is the first time that you are going to do a negotiation of this type, it is important that you approach a notary or real estate agent.

Profeco is very clear when mentioning a key point: you should not sign any document, private contract or promise of sale immediately. It is better that you have the prior advice of a notary.

"If there is a breach of contract, lack of payment or liquidity, the Attorney General's Office will not intervene to resolve it because it is a matter between individuals," he says on his website.

When you have already signed without the presence or advice of a notary, you will still have the opportunity to correct. The best thing to do is to hire the services of a lawyer and file a lawsuit with the Superior Court of State Justice.

For this reason, when selling a house or apartment, a better option is to hire the services of a real estate agent.

This person, in addition to selling your property, will advise you on the behavior of the real estate market and legal aspects. However, it does involve paying a certain commission if you find a buyer.

González, details that, through this service, you can know the context of your prospects. For example, knowing your creditworthiness to streamline the procedures and payments in the transaction.

Now you know the three tips that you should consider to sell the house that you love so much. Good luck with your sales process!