A seller in the real estate sector is a participant in the real estate market who sells property that is legally owned by him. In this case, the seller must be the official owner of the property or have a notarized power of attorney from such owner. In the case of shared ownership, the written consent of all participants is required.

Types of Sellers

  1. Individuals. Owners of apartments, private houses, land plots. Individual entrepreneurs selling commercial real estate.
  2. Legal entities. Developers, investment companies, real estate agencies
  3. Other categories. State and municipal authorities selling real estate at auction. Banks selling collateral.

Rights and Obligations of the Seller

Seller’s rights:

  • Set the price of the property.
  • Choose the method of sale (through an agency or independently).
  • Put forward the terms of the transaction (for example, the deadline for moving out after the sale).

Seller’s responsibilities:

  • Provide reliable information about the property.
  • Prepare documents confirming ownership.
  • Ensure that the buyer can inspect the property.
  • Transfer the property in a condition consistent with the contract.