A vendor is basically a seller who is interested in conveying their property to a new owner in exchange for appropriate compensation, usually money. Generally, the term vendor is used in most business settings to refer to sellers. However, in some cases, the vendor and the seller might be different individuals or entities, which implies that the seller is the one marketing the product, service, or property, while the vendor is the one who has ownership rights over the item being sold.
Vendor Obligations in Real Estate
The main obligation of a vendor in real estate transactions is to clearly state any defects on the property such as it being prone to flooding, having existing easements, and any other defects that are likely affect the future owner. However, sometimes the vendor might fail to disclose some defects on the property in which case it is always prudent to have the property professionally surveyed, inspected and valued.
A proper survey and valuation will allow you to determine if there are any encumbrances on the property that might affect you as the new owner.
How to Quickly Sell Your Property as a Vendor
Here are some general guidelines that should help you successfully dispose of your property if you are a vendor.
1) Sometimes it is prudent to start selling your home before you start looking for your next home. This is because, in some neighborhoods, potential buyers are not considered to be serious if their current home is not listed for sale.
2) In other cases, you should identify a potential new home before listing your current home. This point contradicts the previous one and is suitable for vendors living in areas with high demand where their current home could find a new buyer before they find their next home.
3) Vendors should choose the most active real estate agents in their area. This is necessary if they do not want their home to stay on the market for months, or even years. The right agents usually have lists of potential buyers and are your best bet at quickly disposing of your property.
4) Depending on your situation, you should choose between having a single-agency contract with an agent that you believe is the best, or having a multi-agency agreement where your property will be listed with multiple agencies. Each of these contracts has its merits and demerits.
5) Seek the opinion of multiple agents on the best asking price for your home so as not to overprice it, or sell it for less than it is worth. Negotiate the agent’s fees and choose one whose track record, and fees align best with your interests.
6) Prepare your house for viewings and negotiate to get the best offer from the buyer.
Finally, beware of non-serious buyers who will waste your time, while never intending to purchase your home.