Selling a Home

Tips to help with the process

1. The listing agreement

The listing agreement is a contract that provides forms and negotiations related to the sale of your property. The contract is between you and your agent's brokerage company. It is important that the agreement clearly outlines the rights and obligations of you and your agent and that it is an accurate representation of your property details. The listing agreement will outline: the compensation for your real estate agent; the duration of the contract; the listing price of the property; mortgage details; an accurate description of the property; the amount of annual property taxes; and any easements, rights of way, liens or charges against the property. Ask your listing real estate agent about disclosure — the seller's obligation to disclose any relevant facts about the property for sale.

2. Determining the listing price

You may have an idea of how much your house is worth but it's important to have a professional value your home. You should be cautious about not pricing your property too high or too low. If it's too high, it will be difficult or impossible to sell and if it is too low then you will sacrifice a portion of your investment. A real estate agent can review the prices at which similar properties in your area have sold, and thus they can help you determine an appropriate listing price. An agent can also provide market history including the number of properties sold in your neighbourhood recently.

3. Marketing your property

If your listing is on the MLS system, then all other agent members can find and view information about your property, and have the opportunity to sell your property. This increases the exposure of your property. Your real estate agent may also recommend hosting open houses — an efficient way to show your home to many potential buyers at once.

4. Waiting for the right buyer

Sometimes a home takes time to sell, remember to be patient and persistent. There are three common reasons that a home may not sell quickly: location, condition, and asking price. You cannot change the location of your property but you can improve the condition of your home and you can adjust your price. While your property is listed, you should be continuously comparing your asking price to similar properties in your neighbourhood.

5. Accepting an offer

When you receive an offer it will detail: the buyer's price, any conditions that may apply, the desired date of possession and the date the offer expires. The buyer will give a deposit with the offer as an act of good faith. You are able to make a counter offer if you are not happy with the offer from the buyer. Once the offer is agreed upon and signed off by all parties then it is a binding contract.

6. Possible requests from the buyer

Before closing, the buyer may ask you to provide a current survey, the title to the property, a certificate for a well or septic system, and access to the property for a home inspection.