Home sale paperwork will depend heavily on the province of the home, but it doesn't hurt to become familiar with the general rules before gathering up the documents in preparation of selling a home. Home sale paperwork used to be fairly minimal. However, the number of disputes and confusion that stemmed from a lack of data triggered a more rigorous process for organizing the information. The perk of taking the time to understand the principles behind paperwork is that it can make the escrow period fly by if sellers take the time to do the legwork.
Documents for the Buyer
A thorough buyer is going to want to know what the seller paid in property taxes last year, the expiration date of the warranty, and how much was spent on electricity.
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Vacation homes aren't treated the same as a primary residence when it comes to selling, which means owners may need to do a bit more research than they had initially planned. The tax breaks are very few and far between because the home is technically considered a luxury good. See how capital gains and depreciation can work either for or against a seller and what a seller can do to either reduce or delay the amount they have to pay.
Starting from scratch when selling a home can be daunting, and unfortunately, the overwhelming feelings aren't entirely imaginary. Mistakes may not only cost a seller money on the final price of their home sale, they may even lead to a lengthy legal battle over control of the property. Follow this short guide before putting a home up for sale in Canada.