1 DECIDE YOU’RE READY TO SELL YOUR HOME
What is your motivation for selling? Where are you going to move to? What is your timeline? What do you hope to achieve financially?
Find out what the balance is on your mortgage and if there are any pre-payment penalties, if it’s portable, etc. Consider moving, legal, and commission fees. Do you have enough equity to cover all of the associated costs?
2 HIRE US!
Our job is to be your advocate, protect your interests at all times, manage your risk, and save you time, money and stress. We will get you in touch with a team of professionals that help you through all the different steps in the process of selling your home and be your liaison with these various professionals. We will provide you the information that you need to feel informed and empowered in your decision making.
Realtors get paid upon the successful completion of a transaction. As a seller, you pay a commission to your REALTOR, typically a percentage of the eventual sale price of your home. Commission rates vary from agent to agent. Your Realtor then offers a portion of that commission to the brokerage that brings the successful buyer to the transaction. The upfront costs of presenting and marketing your home are most often shouldered by your REALTOR and included in the commissions charged upon a successful sale. It must be understood that all fees, commissions and agreements are negotiable by both parties on a case by case basis.
3 CHOOSE A LAWYER
Your lawyer will handle the logistics of the purchase and title transfer for you. We recommend you choose your lawyer early on in the process as he or she can be a valuable source of information throughout the process.
4 DETERMING THE VALUE OF YOUR HOME
We will educate you on the recent sales in your area that are comparable to your property. We will also review what else is currently available for sale that may have the same potential buyers and offer competition for your home.
Using recent and historical statistics and a wealth of personal experience, we will help you to understand where the market is at and where it is going to help us to best potion your property on the market.
5 PREPARE YOUR HOME FOR SALE
It’s time to fix the closet door that doesn’t open properly and the tap that always runs a little. Give the walls a fresh coat of paint, the carpets a shampoo and the windows a cleaning. Don’t forget about the exterior! Curb appeal is very important.
A buyer needs to be able to envision themselves in your home. Too many family photos and knick-knacks makes this very challenging.
Furniture placement and décor can make a big difference in how a home is presented and viewed and therefore a big difference in the potential price!
A Property Disclosure Statement (PDS) will be filled out by you. If it is a strata property, strata minutes, engineering reports and etc. will be ordered by your Realtor from the Management company. A title search report will be made as well as inquiries to City Hall about zoning and etc.
6 PRESENTING YOUR HOME
Once your home has been all spiffed up, professional photographers will take pictures and video that present your home in it’s best light.
Professionals with the tools to accurately measure and diagram your home will provide digital floor plans for potential Buyers
A marketing plan specialized for your property will be put into place getting your home in front of the eyes of as many potential purchasers as possible. This may include multiple web portals, social media platforms, print exposure, mail campaigns and more.
7 SHOW YOUR HOME TO POTENTIAL BUYERS
Open houses are an efficient way of showing a property, especially when a listing is new and the interest is high. Getting lots of potential buyers through the home at once can help to create a “buzz” for a new listing.
Interested Buyer’s will make appointments to view your home. It’s important to make your home as available as possible for showing so opportunities aren’t missed. A licensed agent will always be present when your home is being shown.
8 RECEIVE AN OFFER
Most often an offer will be “subject to” various conditions that will allow the buyer to have some time to preform due diligence on the property. Your offer may be “subject to” the Buyer receiving mortgage approval on your property, an inspection of the property, reviewing certain documents, and etc. It has become more common for unconditional offers to be made in our competitive marketplace. This type of offer should only be made with extreme caution and with proper due diligence carried out beforehand. Once and unconditional offer is accepted by the Seller, the Buyer is bound to complete that sale.
Elements of the offer will include the amount of deposit, the conditions that the offer is “subject to” and how long the Buyer has to remove those conditions, what is to be included in the purchase (appliances, fixtures, etc.) when the completion of the sale will be and when the buyer will be able to take possession and move in. All of these items are up for negotiation.
You can accept your offer as it is, reject it all together, or, more commonly, counter the offer by changing some of the terms and returning it to the Buyer. The offer can be countered back and forth until an agreement is reached between both parties.
10 ACCEPTED OFFER!
11 DUE DILIGENCE
The Buyer will review the title and PDS, the strata documents if applicable and any other documents relevant to the purchase
The Buyer’s mortgage company may have approved them already, but now they need to approve the property that they are purchasing and give the final green light.
The Buyer will most likely have a home inspector look over the property to help them understand the condition of the property, what maintenance is or will be required and help identify any potential problems.
12 REMOVAL OF “SUBJECT TO” CONDITIONS
You are now obligated to complete the purchase as is set out in the contract of purchase and sale.
Deposit is to be paid by the Buyer into his or her REALTOR’s brokerage trust account until completion of the sale.
They will begin preparing the paperwork to complete the sale – keep in touch with them as completion date approaches
13 PREPARE TO MOVE
14 COMPLETION OF PURCHASE
You will meet with your lawyer a couple of days before the completion date to sign the paper work. Your lawyer will have a “statement of adjustments” prepared for you that outlines what money you need to pay (legal fees, any property tax or utility adjustments, any mortgage discharge fees, etc.)in order to complete the sale. Your lawyer will work with the Buyer’s lawyer and the respective mortgage companies to properly allocate the funds and deliver the title to the Buyer.
On the “completion date” you will receive the proceeds of the sale and the title will then be registered in the Buyer’s name in the land titles office. Congratulations on the successful sale of your home!
15 POSESSION DAY
The possession day may be a day or two after the completion date to allow time for the title to transfer and for you to move out. The property is to be delivered to the Buyer as is prescribed in the contract of purchase and sale. Time for you to move on to the next exciting chapter in your life!