First, you need to decide whether or not this is what you want to do. If you’re reading this article, then chances are that it is. You need to understand that selling your home isn’t as simple as finding a buyer and getting a check. There will be stressful contract negotiations, issues with mortgage lenders, inspectors and realtors entering your home, and a mountain of forms to fill out, like the RP584 that requires a title company like MacGregor Abstract.
Step one: Define the goal
The first step in selling your home is to think about why you would like to sell. Is it because you’ve outgrown the space and need more room? Are you moving somewhere else? Or perhaps your children have grown up and moved out, so no longer need such a big house? Think about all of these things before getting started.
Once you know why you want to sell, there’s lots of work ahead! But don’t worry-it’s certainly not as daunting as choosing a real estate agent! The next section will cover exactly what is involved in the process of selling your home.
Step two: Determine the value of your property
This is a very important step! The first thing that you should find out is what will happen to your home if it doesn’t sell. In some cases, homes go directly onto the market for sale. In others, owners rent their property until they are able to make a decision about whether or not they want to sell. Avoid this situation by getting an estimate from a qualified appraiser right away. This will save you money and hassle in the long run because it puts everything into perspective before you even begin talking about selling with real estate agents. Keep in mind that estimating the price of a home takes time and effort-not all values can be expressed pure number crunching alone. A real estate agent will help you with this process for free.
Next, meet with at least three real estate agents. This is the best way to get an unbiased look at your property. If you are currently working with an agent, make sure to bring them along-they will probably have their own feedback for you. Ask each of them what they would price the house at and why, then compare it against your estimated value which you got from your appraiser. This step lets you see how valuable certain features may be to buyers–the larger the number of people who take interest in your home, the better chance you have of selling it quickly and for a good price.
Once you accept an offer on your home, you will need to work with a real estate attorney. They will sit with you to go over the closing costs, the terms of the offer, and any other issues that may arise. It is important to remember that there are no “form” offers or agreements-every home sale is different and requires unique decisions based on your own situation. The attorney you choose should be able to guide you through what has changed from previous sales in your neighborhood, as well as give advice about how best to protect yourself throughout the process.
Once everything has been signed by both parties, the house actually goes under contract which means it cannot be sold again until either 1) an inspection is performed and anything unsound has been fixed 2) the contingency period expires (which varies for each transaction).
Once the closing date is set, your house will go under a possession permit which means that only you and authorized persons may enter until the transfer of ownership has been completed. This period can vary from one province to another but it is typically about three days. During this time there are still some things left to take care of such as getting rid of excess material or cleaning up after yourself so that your new owner does not have to do it for you. In addition, all existing agreements with other utilities should be put in their name as soon as possible because if something happens while they move in, you would be held responsible otherwise.