So you’re ready to sell your property
Step 1 | Contact a real estate agent
A real estate agent represents you and your interests in the sale of your property. They’ll determine the market value of the property, show it to prospective buyers, and provide constant updates on feedback and interest.. When an offer is made, they’ll guide you through that process as well.
Step 2 | Sign a listing agreement
When you’ve decided to sell your property, your realtor will give you a price for your property based on the market value. You can accept that or list it at your own price. This will all be agreed upon in the listing agreement. You can only list your property with one realtor and this contract allows them to work on your behalf.
Step 3 | Prepare your property
Now that you’ve listed your property, people are going to want to come see it. Before any showings, your realtor will visit the property to take measurements and photos for the listing. This is where you need to demonstrate the best things about the property; the unique things that will help it sell. If your realtor has any advice, you should take it to heart. They’ve done this many times.
The best homes to show are the ones that are clean and uncluttered. A buyer needs to be able to see what they can do with the space, not what you’ve done with the space. If your walls aren’t neutral colours, consider painting them before listing. Painting isn’t a big deal, but a lot of buyers prefer homes that are move-in ready.
Step 4 | Speak to your mortgage company
Schedule a meeting with your mortgagor to determine the buyout value of your mortgage. This is the balance remaining. Anything above that, minus fees, will go to you after the sale. This also lets them know that you’re in the process of selling.
So you’ve found the perfect buyer
Step 1 | Accept the offer
Once the buyer has made an offer that you agree with, feel free to accept it! Make note of anything they’ve identified in the conditions and make arrangements to do them. If you’re agreeing to their request that you remove the carpets, have the carpets removed. Come to an agreement on a closing date.
Step 2 | Contact your lawyer
Now you need to speak with your lawyer about the legal aspects of the sale. The lawyer will handle the title transfer and financial aspects of the sale, similarly to when you bought the property.
Step 3 | The little stuff
Now it’s time to make some arrangements and get things in place. If you’re moving out of the property, you should find alternative housing. If you’re buying this house while selling your own, you can make the purchase of another property a condition on the sale of yours so you don’t end up with nowhere to go. If you need to hire movers or a storage unit, this is the time to make those arrangements as you need to be out of the property by closing. Call your utility companies and have your services cancelled or moved for the closing date as well.
Step 4 | Arrange for cleaning
Make arrangements to have the property cleaned from top to bottom. It’s the right thing to do.
Step 5 | Cancel your insurance
Since you won’t own the property any longer, you won’t have an interest in it any longer. Call your insurance provider and have the insurance removed on the closing date, not before.
Step 6 | Sign the paperwork
Now that everything is in place for the sale, you can visit your lawyer again, sign the final paperwork, and surrender your keys.