Selling A Home

Selling real estate requires specialized knowledge. This is why we recommend that you using the services of a licensed real estate brokerage to make sure that all the steps involved in selling real estate are completed in accordance with good trade practices.

Using the services of a licensee to assist you in selling your home does not absolve you from any responsibilities yourself. Here are the most important “homework” assignments for every seller:

Estimate your costs to sell

Before you make the final decision to sell your house, consider the costs you will incur before, during and after the process. In a real estate transaction, the seller can be responsible for the cost of certain expenses, such as remuneration (commission) for real estate professionals, buyouts on equipment, betterment charges and paying the portion of yearly property taxes and/or condo fees during the period of time you own the home, etc.. If you have an existing mortgage, you will most likely have to pay a pre-payment penalty for paying off your mortgage early. You may want to do household repairs, landscaping, or apply a fresh coat of paint to ensure you get the best price for your house, all of which are costs that are best to be budgeted for.

Get your finances in order

Check your credit report before you apply for a mortgage. Doing so gives you the chance to fix mistakes or correct bad credit behaviors so potential lenders will look at you more favorably.

Obtain mortgage pre-approval

Just because you qualified for a mortgage of a certain amount when you bought your current house, it does not mean you will automatically qualify for the same or greater amount money this time. Incomes, debt levels and credit reports all change. Regardless of whether you are upsizing or downsizing, it is important to make sure you can get the mortgage you want for your next home while you still have a home.

CHOOSING A LICENSEE

What do you need to consider when deciding on who will help you sell your home?

WORKING WITH YOUR LICENSEE

During the term of your agreement, the seller's licensee typically:

• assists in the preparation of real estate forms;
• prepares a competitive market analysis of the seller’s home or property;
• develops and executes effective marketing strategies for the seller, including helping to establish the asking price, staging and positioning of the property;
• informs the seller of what other properties have sold for in the same area;
• presents all offers and counter-offers, and counsels seller on what price to accept
• assist the Seller in negotiating favourable terms and conditions with a buyer;
• updates the seller on market conditions;
• monitors all dates, events, and requirements (fulfillment of conditions); and
• assists with any arising issues associated with conditions of the offer.

REMINDERS FOR SELLER'S LICENSEES

When working with a seller client, a licensee promotes the listing, seeks qualified buyers, and uses their professional negotiation skills to advance the seller’s interests. They are expected to:

• Ensure listing information is accurate; never rely on old listing cuts to create new ones
• Ensure PDS, if applicable is completed to the best of the seller’s ability and only by the seller
• Disclose stigmas when asked
• Disclose any known material defects
• Disclose their role as the seller’s licensee to all potential buyers
• Only accept or submit paperwork that can be read
• Deliver all offers and counter offers in a timely manner, even if the property is subject to an Agreement of Purchase and Sale
• Ensure paperwork is completed properly
• Ensure the documentation clearly reflects the seller’s wishes regarding chattels and leased equipment
• Put all offers in writing; Do not entertain verbal offers
• Advise their client to seek expert advice where needed
• Monitor all dates, events, and requirements (fulfillment of conditions)
• Keep seller informed

HOW TO DEAL WITH DISSATISFACTION WITH YOUR LICENSEE

You may find yourself dissatisfied with the service provided by, or actions of, your licensee. Often times when a misunderstanding arises between a licensee and a consumer it is worth attempting to resolve the issue amongst yourselves or by involving their broker. As your agreement is a contract is with the brokerage and not the individual licensee, brokers can assist in mediating disputes. Brokers are responsible for supervising the licensees within their brokerage, ensuring they comply with the Real Estate Trading Act, its Regulations and the Commission By-law, which includes inquiring into and dealing with inappropriate conduct. The Public Licensee Search is available to find contact info for all brokers.

Click HERE for more information about complaints, including how to file a complaint if you are unable to resolve the issue with your licensee or their broker.