Sale agreed & the estate agent role to ensuring that the sale is completed efficiently and successfully

The term “sale agreed” is used in the property market to indicate that a buyer and seller have reached an agreement on the sale of a property, typically following negotiations. At this stage, the seller has accepted the buyer’s offer, but the sale is not yet legally binding. The property is essentially taken off the market, and no other offers are entertained while the sale progresses.

“Sale agreed” is an important milestone, but the process can still fall through if, for example, the buyer cannot secure financing or if issues arise during the survey. This is the reason why the role of the estate agent remains crucial in ensuring that the transaction progresses smoothly to completion. Here’s why their involvement is important:

1. Facilitating Communication:

The estate agent acts as a key intermediary between the buyer, seller, and their respective solicitors. They help ensure that all parties are kept informed of progress, which can help avoid misunderstandings or delays.

2. Negotiating Issues:

If any issues arise after the sale is agreed, such as problems uncovered during the survey or valuation, the estate agent can help negotiate solutions between the buyer and seller. They work to resolve disputes or concerns that might otherwise derail the sale.

3. Monitoring Progress:

The estate agent monitors the entire sale process, making sure that all necessary steps are being taken within the expected timelines. This includes following up on things like the exchange of contracts, the buyer’s mortgage approval, and the final completion date.

4. Providing Market Expertise:

The estate agent’s understanding of the local market and the legal process in Ireland can be invaluable, especially if there are any hiccups. They can advise on whether the agreed price still reflects current market conditions, especially if the process is taking a long time.

5. Liaison Role:

The estate agent often liaises with surveyors, banks, and other professionals involved in the transaction to ensure that everything proceeds smoothly. Their involvement can help speed up the process by addressing any bottlenecks quickly.

6. Managing Expectations:

The agent helps manage the expectations of both the buyer and seller, providing reassurance and advice throughout the process. This can be particularly important if the buyer or seller is unfamiliar with the property transaction process.

7. Contingency Handling:

If the sale falls through for any reason (e.g., the buyer can’t secure financing), the estate agent can quickly re-list the property and find another buyer, minimizing disruption for the seller.

In summary, even after a property is marked as “sale agreed,” the estate agent plays a vital role in ensuring that the sale is completed efficiently and successfully. Their involvement helps prevent problems and keeps the process on track, making them a key part of the transaction from start to finish.