The Selling Process
"Advice and Guidance"
In a Nutshell...
1. Define the "WHY": Why sell?
Is it a NEED (bigger house, job, different school systems, location etc
Or is it a WANT? (pool, newer house house, etc...)
Both situations and postions are quite different and may impact how you look at selling.
Your QUALIFIED Real Estate Sales Representative may also approach your transition into the next home differently
2. Educate Yourself: This is critical for the following - prepares and familiarizes you with the transition process and details.
- exposes you to evaluations in certain areas and/or styles of homes.
- ensures your home will be seen in absolute best light.
- legal requirements and disclosures when selling.
This is just a small sample on what your QUALFIED Real Estate Sales Representative can help you with
3. Listing Your Home: Once you have met with your Real Estate Sales Representative to review the above 2 steps, your READY TO LIST!
Listing comprises of the following forms and documents: FINTRAC - Disclosure of basic personal information
Listing Agreement - Outlining the terms and conditions
Data Input Form - Outling full details of your property
Traditionally, discussion on staging your home would of taken place in Step 2, so we're ready for pictures.
Lawn signage is not legally mandatory HOWEVER effective in the overall exposure of your property.
A lockbox may be attached to something on your home which holds entry keys for showing purposes.
Any specific entry details would be needed
(Alarm Codes, pet details, certain time periods that are best for showing, etc...)
4. Showings: If the showings have started then CONGRATS!
This would be a direct result of effectively pricing, stagging/prepping, marketing etc...of your home.
This is a critical time to aquire immediate feedback from the Buyers and Buyers Sales Representatives.
Given you were well edcuated by your Sales Representative, any concerns would already of been discussed and game plan created.
5. Receiving the Offer(s): This is when the nerves start to kick in...the fear of not knowing what will happen.
A QUALIFIED Real Estate Sales Representative can easily put you at ease.
Becoming educated with the process will allow buyers + sellers to obtain comfort in the process.
The offer is traditionally created on OREA Standard Purchase and Sale Agreement Forms
It would be comprised of standard clauses designed to protect all parties involved
Additional Criteria To Be Included: Legal Names of Buyer(s) and Sellers
Legal Address and Unit #
Irrevocable Time (how long offer is good for by the buyer)
Closing Date (day the buyer get posession)
Chattels (fridge, stove, washer/dryer, blinds, pool equipement etc...)
Rental Items (hot water tanks, furnaces, ac etc..)
Conditions Schedule (Sale of Buyer Property, Financing, Inspection, etc)
5B. Multiple Offers: If this situation presents itself, then all offers are given equal opportunity to provide their highest and best offer.
IMPORTANT: This may not mean highest price rather limited to no conditions and a short closing date.
Only one is choosen to be worked with.
This is where very specific guidance is needed by your Qualified Real Estate Sales Representative.
There is some level of strategy at this point.
6. Accepted Offer: This is where both buyer and seller agree on basic terms and conditions:
B) Closing Date
C) Chattel Inclusions
D) Conditions - Financing, House to Sell, Inspection etc...
If the offer has:
A) NO conditions and both parties come to terms on details, the house is SOLD!
B) Conditions, then the house is SOLD when the conditions have been fullfilled and removed before the time period that
it needed to be completed by. Conditions can be both on Buyer AND Seller to fullfill and remove.
At this point there is a firm legal sale of a property.
This would stimulate the following steps:
1. Arrange for ALL utilities/services to be put into the Buyers name for day of closing
2. Arrange a lawyer to close the transaction (Real Estate background preferred)
3. Arrange moving details
4. Ensure the home is vacant for a recommend final walk through by the Buyer and the Buyers Sales Representative
5. Lawyer will advise typically days prior to closing to meet and sign documents...BRING SPARE KEYS!
6. DAY OF CLOSING PICK-UP YOUR CHEQUE, THE HOUSE IS SOLD!!!
*In some cases the sale of property and funds associated would be held in trust at the lawyers if needed for mortgage purposes
for your next home. A full, partial or no cheque may be availble pending your transition details.