Your Beginner Guide to Home Selling

Posted by Justin Havre on Friday, March 9th, 2018 at 10:22am.

Home Selling BasicsStarting 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.

Prepare for Costs

To sell a home in Canada, a seller will need to commission legal services to prepare certain documents. This usually includes a statement of adjustment, which is a declaration for the buyer regarding the current state of the property taxes on the home. For example, if the seller paid for a year's worth of property taxes in January and sells the home in June, the buyer is required to reimburse the seller for the amount of property tax between June and the end of the year. If the seller has a collateral hold on their home through their mortgage, they will also need to pay the mortgage discharge fee to release the hold. In these cases, fees may vary depending on the lender.

Find an Agent

Today it is easy for sellers to dismiss a real estate agent as little more than fluff, especially considering how much easier it is to find information and how automated financial transactions can be. The invention of the internet had a huge impact on the state of so many professions, but it hasn't eliminated the need for real estate agents.

Selling a home takes skill, time, and specialized knowledge, and it's rare to find a seller that has all three resources at their disposal, especially not when they're usually trying to find another place to live. A real estate agent brings a level of expertise that allows them to not only show people a home, but to also advise on every other step of the way.

Set a Price

Sellers should decide how willing they are to invest in the sale of their home. Staging a home, making cosmetic improvements, and even professional cleaning fees will all cost a seller some serious cash. However, sellers also need to remember that prices for a home are mostly determined by how much a buyer is willing to pay for the home, unfortunately not how much the seller has cared for the home. Even the most well-cared-for of homes may not command an attractive price if it is located in an undesirable area.

Sellers need to price a home low enough to attract buyers, but high enough so the price doesn't serve as an anchor for underbids. Again, an agent can help advise a seller on how to select a number that can get the ball rolling. Once that's done, the West Terrace home should be showcased on a Multiple Listing Site or on Centris to give the home more exposure.

Gather the Paperwork

Sellers need to prepare themselves for certain conditions or contingencies placed on a home sale per the buyer's request. While it's up to each seller to accept the terms or not, sellers should still be ready to prove any claims they make about the home. This generally includes the deed for the home, the title, property tax information and receipts, active warranty information on the home, survey data, and renovation documentation. Sellers may also want to consider doing a preemptive inspection by an unbiased third party, so they can show buyers the results. This is an extra expense, but can often reassure nervous buyers about the physical structure of their potential new home.

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