 |
|
|
| |
| Step 1 & 2: Deciding to sell |
| |
| In general, people sell their
homes for reasons involving their employment,
family, financial position and lifestyle.
Naturally, these may overlap at times. For
example, the birth of your child can affect
your decision about where you work and the
hours you keep, change your financial needs,
create a requirement for more space, and ultimately
affect your choice of neighbourhood and lifestyle.
Major changes in our lives frequently become
the catalyst for our selling decision. |
|
| Step 3-6, 8: Working with
your Realtor |
| |
| Are you up-to-date on real
estate law? |
| Remember when you
bought your home and had to deal with all
those papers thrust in front of you for your
signatures? Well, selling your home is equally
complex from a contractual and legal standpoint.
If you attempt to sell it yourself, you'll
either have to prepare your own legal documents
when an offer comes in, or translate the language
in the offer presented form the buyer. In
the excitement of receiving an offer, are
you confident you'll be able to recognize
terms and conditions that are not in your
best interests, or worse, are legally risky? |
| |
| Advantages of selling with
a Realtor |
|
Your Realtor is your agent |
|
Assistance with every
step |
|
Comprehensive knowledge
of your home and market |
|
Experience to help you
enhance your home's "saleability" |
|
Ability to maximize your
home's market exposure |
|
|
Develop and implement
a "Marketing Plan" |
|
|
Pre-screen and pre-qualify
potential buyers |
|
|
Negotiating experience
when you receive an offer |
|
|
Extensive knowledge of
financing and legal requirements |
|
|
Experience to help you
complete the sale |
|
| |
| The Listing Agreement |
| |
|
Establishes the basis
for the relationship between you and
the real estate brokerage, setting well-defined
limitations on the agent's authority. |
|
Provides detailed information
about your home. This information is
submitted to the Multiple Listing Service
and also assists Realtors in answering
inquiries form prospective buyers who
respond to ads or visit your home. |
|
Forms the basis for drafting
an offer on your home and the negotiations
involving the offer. |
|
|
| Step 9: Working with a Lawyer |
| |
| How your lawyer will help
with the sale |
| In real estate transactions,
lawyers look after the many complicated and
time-consuming things most of us either can't
or aren't prepared to do. Perhaps your lawyer's
most important task will be to review each
document involved in the sale before you sign
it. The most critical of these is the "offer"
submitted by the buyer, also known as the
Agreement of Purchase and Sale. When this
document is signed by you and the buyer, it
legally commits both parties to the price,
terms and conditions of the sale. |
|
| Step 10: Preparing your home
for sale |
| |
|
Floor coverings |
|
Walls and ceilings |
|
Doors |
|
Windows |
|
Window coverings |
|
Lighting |
|
Pet areas |
|
Entryways and hallways |
|
Closets and storage areas |
|
Kitchen |
|
Living room, dining room,
bedrooms, den and study |
|
Bathrooms/powder room |
|
Basement, furnace rooms,
garage, attic storeroom |
|
Structures |
|
Yard and environment |
|
|
| Step 11: An effective plan
to market your home |
| |
When you sign a Listing Agreement
to sell your home with the help of your Realtor
through the Multiple Listing Service, your
property receives maximum exposure among the
Realtors and buyers in your market. MLS is
a pivotal part of the Realtor's overall plan
to market your home to a broad range of potential
buyers - a plan that may include several other
elements.
The most important element in your marketing
plan is starting with the "right" price. Set
it too high and you'll diminish the effectiveness
of your Realtor's other marketing efforts.
Select too low a price and you'll either miss
out on potential proceeds or cause people
to wonder "what's wrong" with your property.
Work closely with your Realtor to choose a
price that will best meet your sales objectives.
|
|
| Step 12: Other financial
considerations |
| |
| Naturally, anyone involved in
the process of selling their home wants to
know how much money they'll have from the
sale once the transaction is complete. Your
lawyer, accountant and Realtor can help you
with the precise figures for your situation. |
|
| Step 13: When you receive
an offer |
| |
|
Your Realtor is required
to show you every offer submitted on
your property. |
|
Most offers in Ontario
are submitted on a form prepared by
the local real estate board. |
|
If the offer
was drawn up by another Realtor with
the buyer, that Realtor will more than
likely present it in a meeting with
you and your Realtor. |
|
The Realtor(s) will walk
you through the language of the offer,
step-by-step. |
|
Your eyes will probably
be drawn immediately to the price being
offered and here's where your emotions
can really kick in |
|
Once you've reviewed the
offer thoroughly, you may choose to
ask the Realtor working with the buyer
to leave the room so you can discuss
things with your Realtor. |
|
With any offer, you have
three choices: accept it, reject
it, or "sign it back" to the buyer with
a counter-offer. |
|
|
| Step 14: From signed agreement
to closing the sale |
| |
| How you can help to make
it a successful close |
|
Contact your lawyer to
make sure she or he is aware an Agreement
has been signed and is standing by to
help close the transaction. |
|
Immediately begin satisfying
any conditions of the agreement that
require action on your part. |
|
Notify your lawyer and
lending institution if the buyer is
intending to assume your mortgage |
|
Contact the utilities,
telephone company and TV cable company
to arrange for removal of service or
transfer to your next home if applicable. |
|
Call your insurance agent
to arrange the cancellation or transfer
of your homeowner's insurance coverage. |
|
Contact a moving company
to arrange your move on or prior to
the date the buyer will take possession
of your property. |
|
Send out your change of
address notices and advise the post
office. Notify your Realtor immediately
if anything changes about your property
or your situation. |
|
| Top |
