It's important to work with an experienced REALTOR® when selling your most valuable asset. Selling your home takes preparation, organization and professional marketing. By using me as your real estate agent I will guide you through every milestone, from analyzing your needs to closing the sale.
Once you have decided to sell a Comparative Market Analysis (CMA) will help put value to your home. Studying recent sales and active listings in your building if you own an apartment/condo, or your neighbourhood if you own a home will help establish the value of your home. Viewing these competing properties will show you how your property compares, and establish a realistic price. Market and economic trends will aid in understanding the value of your home, and determining realistic pricing, and a time frame to completing the sale of your property. The next step is to list your property.
Now that price and value has been established, your property will need to be listed which requires a contract for the MLS (Multiple Listing Service). Marketing your property will be my goal, by hiring a professional photographer to illustrate your unique property. Proper staging helps make your property look and feel like more of a home, however empty newly renovated clean homes also help leave potential buyers brainstorming the possibilities that their own creativity will have on the space. Each situation is unique, and we will determine the best steps to take.
For showings to be successful begins with you as the homeowner removing clutter in your home. It is important that the open houses be clean, and gives off a welcoming impression to those who are viewing your property. Packing all toys and storing them temporarily, clothing kept in drawers or hung up in closets neatly so that your belongings aren’t falling on the floor, removing personal items like jewellery and pictures, and make quick repairs like paint touch ups and cleaning scuff marks off walls, baseboards, or doors. Cleaning from top to bottom includes cleaning floors, carpets, surfaces, windows, and most importantly deodorizing. If you are a smoker, try to avoid smoking in the home, if you have pets go above and beyond to deodorize. More often then not you will become immune to your pets particular odour, buyers will not be, and unflattering odour will deter buyers from exploring your property. Maximizing the buyers experience speaks volumes in marketing your property.
Buyers will inform their agents to draft a contract to present to me as your listing agent. I will bring and present you the offer and review the offer in the contract in detail. You may want to have your lawyer to review the offer as well.
Buyers will often have subject clauses and conditions that need to be removed before there is a binding contract. I will review and clarify what each these clauses mean. Typically, buyers will make an effort to clear subjects within a 7-day time frame.
Receiving the offer from a buyer can be for list price, above asking price, or in certain situations below list price. You do not have to accept their offer. You may negotiate by presenting the buyer with a counter offer. This will void the original offer, and begin a new conversation presenting new terms. The buyer may accept your terms, or continue the process by countering your counter offer. Negotiations would remain open until either party (buyer or seller) decides not to continue, meaning we have no agreement. If an agreement is reached, both parties sign the contract of purchase and sale, and the buyer would present a deposit to represent their intention of closing on the deal. Typically the deposit will be 5% of the purchase price. You now have a firm and binding contract.
Now that you have a firm and binding contract, the next step is to inform your bank/lender that you had borrowed from that your property has sold so that they can start a mortgage payout or penalty. Also, you may want to have your lawyer/notary look at your contract of purchase and sale and prepare your conveyance paperwork. I would be glad to help assist you in seeking the proper legal advice. Conveyance paperwork will need to be filed with your lawyer/notary. Your lawyer will:
- Outline funds to be credited to you
- Prepare a statement of adjustments
o Property Tax Credits or Debits
o Hold your deposit in trust
o Transfer Title fee
o Conveyance fees
o Organize the payout/penalty to the bank
o Commission payable to Listing Brokerage
- Transfer the title of the property from you to the buyer in BC Land Titles Office.
Congratulations!! You have now sold your home. The new owners will take possession, and your funds as stated on your statement of adjustments prepared by your lawyer/notary will be transferred to you.
This information you obtain at this site is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice regarding your own situation.
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