Selling Your HomeOnce you have decided to sell your home, one of our highly skilled Realtors will come to your house to give you a Comparative Market Analysis during a listing presentation. He or she will evaluate your home based on current market statistics and his or her knowledge of the neighbourhood. A recommended listing price with an anticipated seling price will be given to you at that time.
When you have decided on a price and plan of action, you will sign a listing contract with Bay Realty and your sales associate of choice. Properties listed on the Multiple Listing Service (MLS) will have their home added to a central database of properties available for all Realtors to access. This will also place your home on the mls.ca website. This is a highly successful method of exposing your property to buyers around the world. You will be able to include photos and a virtual tour.
The Listing Contract will include the price of the home, the commission to be paid, the legal and civic address, the expiry date, and any special conditions required in the sale. You will also be asked to fill out a Property Disclosure Statement to be given to the buyer during the purchase process.
The commission is paid to the listing and selling agents only when the home sells. The commission is usually a percentage of the selling price and is not set by law, real estate boards, or companies. HST is also payable on the commission amount. Your lawyer or notary public who completes the final paperwork will deduct the commission amount from the proceeds.
- Prepare the Home
- Market Analysis by your sales associate
- Listing Documents Signed
- Subject Period - usually 5-7 days during which the buyer further investigates the condition of the home and title and arranges financing
- Subject Removal - buyer signs documents to proceed
- Packing - the time between subject removal and Completion is negotiable but is 6-8 weeks on the average
- Completion - the money changes hands
- Possession - the new buyer gets the keys
- To protect the seller's negotiating position at all times
- To provide undivided loyalty and keep the confidences of the seller
- To adhere to a strict Code of Ethics and a high standard of practice
- To exercise reasonable care and skill in performing all assigned duties
- To be accountable for all money and property placed in the agent's hands while acting for the seller
Prepare Your Home For SaleDo not underestimate the importance of a first impression. Take the time to have your home in the best possible condition prior to selling. Have your Realtor tour the home and give you a list of improvements to be made before the sign goes up. Watch some of the home improvement shows on television to see how even a small change can greatly improve how a buyer sees your home.
- Touch up paint on trim and garage doors
- A shiny new mail box or exterior lights perk up a home
- Tidy lawns and garden beds say a home has been well maintained before the buyer gets in the door
- Remove any items that are not part of the landscaping from the front of the house
- Powerwash driveways and sidewalks
- Put planters with bright, welcoming flowers by the front door
- Regardless of the age of the home, clean and shiny works everytime.
- Replace discoloured caulking
- Fix dripping faucets
- Clean carpets
- Windows must shine
- De-clutter, de-clutter, de-clutter
- Make sure that no more than 25% of any flat surface is covered.That includes mantels, tables, kitchen counters, etc.
- Take 25% of your wardrobe out of your closet and store it in boxes. Always make it look like there is room to add something more.
- Increase the wattage in your light fixtures
- Be out of the house during this time.
- Arrange for pets to be out of the house or in a kennel carrier
- Turn on lights
- Open windows prior to showing to air out the house
- Put away personal items such as jewelry, money clips, small valuables
- Open window coverings for maximum light
- Fresh flowers add a nice touch
Important Real Estate Terms to Know
- Completion Date: The day on which the title changes from the seller to the buyer and the money is paid out
- Possession Date: The day on which the seller gives up possession to the buyer. Unless otherwise noted in the contract, this will be at noon.
- Adjustment Date: This is the day that the lawyer/notary uses to adjust who owes what on taxes and any other fees paid by the seller.
- Conveyance: This term is used to describe the process of transferring the seller's title to the buyer. Real Estate offices and lawyers have conveyancing secretaries who prepare the documents.
- Property Disclosure Statement: This form is filled out by the sellers and allows them to disclose known defects with the property. The buyers will be given this document to read prior to or after an offer is made.
- Statements of Adjustments: These are the closing documents drawn up by the lawyer/notary. It is like an invoice that outlines your debits and credits. Your lawyer/notary will present you with this when you go in to sign the final documents a few days before the Completion Date.
"Our Bay Realty experience was fantastic! Our Realtor took care of us every step of the way to ensure we got the best price possible in the shortest period of time. "
Phone: 604-531-4000 Fax: 604-531-7201 Email: email@example.com