Step by Step Guide to Selling

Step 1: REALTOR® Interview and the Comparative Market Analysis

When selling your home, it’s crucial to qualify and select the right REALTOR®. Interview a real estate agent and ask him/her questions to ensure the agent has your best interests at heart and can represent you effectively. Additionally, have your agent assess your home’s value through a Comparative Market Analysis (CMA), which compares your property to recently sold comparable homes in the area.

Step 2: Document & Material Preparation

Gather important documents and materials for the sale, such as an updated survey (Real Property Report or RPR), repair receipts, home warranty documents, permits, spare keys, manuals for appliances and etc… Your REALTOR® can assist you in obtaining the necessary items.

Step 3: Home Preparation

Consider making any major repairs before listing your home or offer a credit to buyers. Ensure your home is clean, well-maintained, and free of clutter. De-clutter rooms, remove personal items and excess furniture to enhance the appeal of your home.

Step 4: The Listing Documents

When signing the listing documents, understand that you’re entering into a legal contract. Your REALTOR® should explain each clause and its implications. Clarify the contract’s start and end dates, as well as your rights and responsibilities as a seller.

Step 5: Marketing

Work with your REALTOR® to highlight the features that initially attracted you to the home in the marketing materials. If you have suggestions for improvements or additional information, communicate them to your agent. Effective marketing focuses on conveying the value of the property to potential buyers.

Step 6: Showings

During showings, it’s best to vacate the property to provide a comfortable experience for potential buyers. If possible, arrange to be absent during showings. Flexibility is important, but communicate any specific times that don’t work for you to your REALTOR®.

Step 7: Strategy Assessment

After a couple of weeks on the market, review feedback to assess the effectiveness of the current marketing strategy. Adjustments may be necessary, such as changing marketing mediums, emphasizing different features, adjusting the price, or offering incentives. Your REALTOR® should proactively ensure your listing remains fresh and appealing.

Step 8: Offer & Negotiation

When an offer is made, your REALTOR® will set up a time to present it to you. You have the option of how you would like to receive the offer. Negotiations may follow, and finalizing the agreement will involve signing and initialing various documents. Successful negotiations aim for a mutually beneficial outcome.

Step 9: Conditions

It’s common for offers to include conditions, such as a home inspection or financing approval. During this period (usually 7-10 days), your home is considered “conditionally sold.” It’s important to provide buyers with a reasonable timeframe to meet their conditions while avoiding the need for extensions.

Step 10: Preparation for Possession

Once the conditions are removed and the deal becomes “firm,” you can prepare for possession. Schedule an appointment with your lawyer, fulfill any agreed-upon tasks outlined in the contract (e.g., painting, cleaning), and ensure everything is in order before the possession date.

Step 11: Closing and Possession

Typically, possession occurs at 12:00 pm (noon), unless otherwise agreed upon. It’s advisable to have your furniture moved out the day before as some buyers request a prepossession walkthrough. Keys are released at noon once the funds have been transferred to your lawyer. Your cheque will usually be ready a couple of days after possession, and any necessary money transfers related to buying a new home will be handled by the lawyers.

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Tatiana Chalamova

Realtor, Protecting Your Interests
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