Who is a vendor in a property sale?

If you’re buying or selling a home, you may well come across the word ‘vendor’. Not sure what it means? If so, you’ve come to the right place.

Here, we take you through what a vendor is and what their responsibilities are.

A vendor is another way of describing a person who is selling a property that they own. The terms ‘vendor’ and ‘seller’ mean the same thing and they can be used interchangeably.

Yes, a vendor and a seller are the same. Vendor is considered a more formal term. You may see it used in the T&Cs of a property sale contract or a new mortgage deal, for example. Seller is a more informal term that’s more likely to be used in everyday conversations.

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A property is many people’s biggest financial asset. So, it’s perhaps no surprise that selling a property can be quite an undertaking. A vendor’s responsibilities typically include:

Getting the property sale-ready

There are a fair number of documents to dig out, including:

• An Energy Performance Certificate (EPC)

• Building Regs certificates and paperwork to prove that any changes to your property have been done correctly

• The Property Information Form (known as a TA6)

• The Fittings and Contents Form (TA10).

Find out more about what's needed in our guide: The documents you need when selling a house

This is also the moment to spruce up the property and make sure it’s looking its best for potential buyers.

Marketing the home

Once the property hits the market, the vendor makes it available for viewings.

Accepting an offer

Estate agents play a key part in negotiating and securing the best possible offer(s) for the vendor. But it’s the vendor who has the ultimate say on which, if any, offer to accept.

Kickstarting conveyancing

Once the vendor agrees the price and the broad terms of a sale with a buyer, the legal legwork of selling a home begins. This process, known as conveyancing, can take a while. It involves lots of to-ing and fro-ing so the vendor needs to stay alert and be responsive.

Exchanging contracts and completing

The sale becomes legally-binding when the vendor signs and exchanges contracts (via their solicitor or conveyancer) and the buyer puts down the deposit. The sale completes when the vendor receives the remaining payment for the property.

Bear in mind that these responsibilities relate to selling a home in England and Wales. The selling process is slightly different in Scotland.

How to sell a home in Scotland

Vendors and buyers can withdraw from a proposed sale at any point up until they exchange contracts. But once they’ve exchanged contracts, the proposed sale becomes legally-binding. At this stage, they can’t back out without legal and financial consequences.

If a vendor or a buyer gets cold feet and pulls out after exchange, they could be liable for breach of contract. They may have to pay the other side’s costs and possibly compensation. If a buyer withdraws from the sale, they may well lose their deposit.

How long are you liable after selling a house?

Common mistakes when selling your home

Yes, the vendor owns the property they are selling. They shouldn’t be confused with an estate agent, who sells a property on behalf of the property owner.

When preparing to sell, the vendor will need to provide proof of their identity and proof of their address to their estate agent and solicitor or conveyancer. This is part of anti-money laundering rules.

They’ll also need to track down the Land Registry title documents to show that the home is legally theirs and they are entitled to sell it. The owner’s name is normally registered with the Land Registry when they buy the property.