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Step by step guide to selling your property in Krakow

Establish your sales price

1. Establish your sales price

Once the decision to sell has been made, your priority should be to sell at the best possible price and within a time frame that you consider to be reasonable.

Ultimately the market will dictate what it is willing to pay for your property, so it is advisable to research the market and collect information about other similar properties that have sold in your area and for what price, to give you an indication of the value of your property.

Hamilton May’s sales team carry out hundreds of valuations each month and will be able to provide you with an accurate valuation of your property taking into account their extensive knowledge of the market it your area and any unique features of your property.

The sale price is perhaps the most important step in successfully selling your property. Price it significantly above the market rate and you could be subjecting yourself to a long drawn out process which can last a period of years, rather than the months that it should take to sell a good property at a reasonable market value. Your property can stagnate on the market and become dismissed by potential buyers as ‘too long on the market’ to generate interest. Price the property in line with what the market is likely to pay and subject to other factors being in place, such as good quality marketing, and your property should generate interest in the market and subsequently viewings and offers.

Selecting an estate agent to represent you

2. Selecting an estate agent to represent you

Your choice of estate agent is an essential factor in achieving your goal of selling your property at the best price in a reasonable time frame. We recommend that you research the market and consider some of the following factors in making your selection. Bear in mind that the more exposure to the market that your property receives the more likely you are to find a buyer willing to pay your asking price.

  • What marketing exposure will the agent provide your property with – such as their own website, property portals, online advertising
  • Is the agency well established with existing clients
  • Does the agency have a proven track record and good reputation or brand
  • The professionalism of the individual agent who will be representing you

In a local Polish market , a well organized agency will be able to expose your property to the majority of the market assuming a reasonable attention to detail is paid to promoting your property and a good marketing budget is in place. For that reason we do not recommend choosing more than a select few professional companies to represent you.

Limiting the number of agencies involved will provide you with better control over the marketing of your property and allow you to work more effectively with the agents who are representing you. Additionally, from the perspective of the individual agent, who often work on a commission basis, the opportunity to work more exclusively with a seller is considered to be a significant incentive.

For an even more exclusive arrangement you may choose to work with just one agency to provide you with total control over the exposure of your property to the market and in the case of Hamilton May we offer a premium service to our most loyal customers.

When you engage your chosen real estate agent, they will most likely ask you to sign a representation agreement in order to set out the scope of both parties responsibilities in the contract and any fees that have been agreed.

Legal preparation of your property

3. Legal preparation of your property

As a next step, we recommend organizing the paper work at the earliest opportunity so that you are fully prepared to avoid unnecessary delays when a buyer is found. Our qualified agents can advise at this stage depending on the type and status of the property, however here are a few basic measures that should be considered.

  • Confirmation that the seller/s are able to sign the sales document or if not, that the appropriate powers of attorney are in place.
  • Availability of the original purchase agreement of the property
  • Confirmation of the KW number (księga wieczysta - land and mortgage register) and that entries are up to date
  • The purchase agreement should be available
  • If the property is mortgaged, confirmation of the process and documents required by the bank to remove the mortgage from the land and mortgage register to complete the sale

For more complicated transactions, you may consider engaging a lawyer to provide you with an extra layer of legal protection

Preparing your property for sale

4. Preparing your property for sale

For most people, your property is your single biggest asset and it makes common sense to ensure that your property is well presented. For example a fresh coat of paint can significantly add to the appearance of a property during viewings and any DIY jobs should not be left outstanding to show that your property has been well looked after.

At this time, your real estate agent will require a full set of information about your property to be able to create a comprehensive listing for marketing purposes, and to be able to pass all information to interested buyers. The more information that you provide, including any problems with the property, the more it enables your agent to manage the expectations of the buyers, which will help to avoid any issues later in the negotiation process.

Hamilton Mays employs professional photographers who will then take photos of your property in its best possible light to show off any key selling points. If you are living in the property at the time, we strongly recommend that you tidy up as much as possible, to depersonalize the appearance of the property, and to increase the appeal to future buyers. .

Going to market

5. Going to market

Maximum exposure to the market will result in the best results in selling your property. When you instruct Hamilton May to proceed, our marketing team take control and implement a sequence of steps to expose your property to as many buyers as possible using the most effective marketing channels. Alerts will be sent out to any existing clients who have search criteria matching your property to generate an initial interest.

Arranging viewings

6. Arranging viewings

Each viewing of your property will be arranged in advance by your agent giving you time to prepare your property. We recommend a quick tidy up before any viewing to create the best first impression. Bear in mind that many of Hamilton May’s client are working professionals and often request to make viewings outside of work hours, so a degree of flexibility is likely required from both the owner and agent. Your presence at the property is not required during viewings and in fact, our experience show buyers tend to be more relaxed viewing properties when the owner is not present.

Offers and negotiation

7. Offers and negotiation

As soon as we receive an offer for your property you will be contacted by phone and a follow up email will be sent. The terms of the offer will be clarified, such as the offer price, how the purchase will be financed ie cash/mortgage and suggested timings for completion of the sale. It is then up to you to accept or decline the offer or if you wish to respond with a counter offer to continue the negotiation process. In our experience very few properties are sold without a period of negotiation which, in today’s market, is an expectation of the buyer.

Accepting an offer

8. Accepting an offer

When you accept an offer on your property and both parties have agreed in writing, the next step is to draw up a sales contract using a notary. The notary fees are typically paid for by the buyer and the notary is normally instructed by the buyer. Hamilton May works with a number of reputable notaries which we will be happy to recommend, if required. If the buyer has sufficient funds to buy the property outright, the sale can be closed in a matter of days through the execution of a final contract. When the contract is signed, the payment from the buyer to seller is made is made and the property is transferred to the buyer. The final contract must be signed in the presence of a notary and a sworn translator is required if any of the parties involved do not speak Polish.

If there are conditions that need to be met before the property can be sold, or if the buyer needs to organise a mortgage, then normally a preliminary sales contract is signed which sets the date for the final contract and the time by which all of the contractual obligations must be met. At the time of signing the preliminary contract the buyer usually pays a deposit and contractual penalties are put in place to lock both parties into the agreement.

Completion of sale

9. Completion of sale

On signature of the sale agreement, the transfer of the property takes place and the payment is normally made either the same day or shortly afterwards according to the terms of the agreement and the sale is complete.

The sales agreement is then sent to the court to update the land and mortgage register (księga wieczysta) with the details of the new owner and all that remains are the administrative tasks of handing over the property and acceptance protocols which will be taken care of by your estate agent.