A step-by-step guide to selling property in Norway
When you wish to sell your property in Norway, there are some key differences compared to the buying process.
Selling property involves several steps to ensure a smooth and successful transaction – here is a comprehensive guide to help you through the process.
1. Let your real estate agent help you determine the property’s value
In Norway, it is common to hire a real estate agent to assist you throughout the entire process of selling your property. The first step is to set up an appointment with your agent to have your property professionally valued and determine a competitive price.
2. Prepare the property
Your real estate agent will help to ensure that the property is ready for sale and recommend any necessary repairs. You may also want to consider making minor upgrades to enhance its appeal.
Staging for photographs and viewings is essential. Clean and stage your property to make it as attractive as possible to potential buyers.
3. Prepare the documentation
Be sure to provide all documentation regarding refurbishments and upgrades.
We recommend that you obtain a condition report for your property, as it can help reduce the risk of conflicts after the sale. The condition report is carried out by a building expert, with a particular focus on the roof, drainage, wet rooms, electrical systems, and construction.
Your real estate agent will also gather all necessary official documents, including the title deed, property tax receipts and any records of past renovations.
4. Advertise your property
Your real estate agent will list your property on popular websites such as FINN.no, Hjem.no, EiendomsMegler1.no, social media, news sites and other online platforms. The agent will also arrange viewings with potential buyers and manage the biddings.
5. Price negotiation and offers
Be prepared for a bidding process. Buyers will submit offers, and your real estate agent will help to negotiate the terms and price. Once you accept an offer, a sales agreement will be drafted.
6. Contract
The contract, also referred to as the sales agreement, outlines the terms of the sale and protects both parties. Ensure that all details are accurate and in alignment with the terms discussed during the negotiations.
7. Inspections and handover
The date of ownership transfer is agreed upon during the negotiation process and finalised in the sales contract. On the transfer date, you and the buyer will meet at the property for an inspection and handover – provided that the buyer has made the payment.
8. Finalising the sale
After the inspection and handover, your real estate agent’s office will settle and finalise the sale. This process may take up to 10-15 working days before you receive the final payment.
9. Tax considerations
Be aware of any taxes you may be obliged to pay, such as capital gains tax.
If you need further advice or assistance, or have any questions, feel free to contact your local EiendomsMegler 1 real estate agent.
We wish you the best of luck with the sale of your property.
