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.

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. Brokers have a responsibility to:

• supervise licensees and to ensure they comply with the Real Estate Trading Act, its Regulations and the Commission Bylaw; and
• inquire into and deal with inappropriate conduct.

To determine the broker of a particular real estate brokerage, click on ‘Search for Licensee’ on our homepage.

Consumers may also wish to contact the Commission’s Compliance Investigator at 902-468-3511 (ext. 312) or 1-800-310-1015 (toll free) for advice on whether a complaint should be filed with the Commission.