KNOW EVERYTHING ABOUT SELLING YOUR PROPERTY
Pricing the Property
The market sets the price, not wishful thinking or any other factors. It’s a simple law of supply and demand, location, condition and property type.
Our job is to help you set a realistic price to match market conditions so your property sells in a reasonable amount of time for the best possible price. We use the historical sold information provided from several databases. Enabling us to produce a comprehensive analysis of what comparable properties have historically sold for . This process is known as a Comparative Market Analysis and it’s generally considered the most effective method of determining what potential buyers will be willing to pay for your property.
The CMA is divided into three categories:
1. Similar properties that have recently SOLD.
2. Similar properties that have currently been LISTED: – your competition in the market.
3. EXPIRED LISTINGS could be as a result of overpricing or other factors like location, layout, poor marketing etc.
Once we have a foundation from the CMA, we will make value (cost) adjustments to the comparable and or the subject. Adjustments for time, age of improvements, lot size, location, Community amenities and so on.This is a similar process that banks and lending institutions use in determining how much they will be willing to lend you for your home.
We will list your property at market value- why?
Potential buyers won’t look at over-priced property. Price your property right!
An unrealistic price will eventually develop a stigma and the property will lose its marketability. Today’s buyer is educated and they know the market very well. * When an educated buyer is ready to make an offer, they will have seen all of the existing properties for sale in your neighbourhood and will have a good idea of the inventory and prices. That’s why the first few weeks after listing are the most critical: the number of prepared buyers who will see your home will be at its peak. If the right buyer does not come forth we then wait for the next cycle of new buyers to your market area and or we adjust our price.
Marketing Plan
The marketing plan will give your property the maximum exposure to the target market.
I recommend that the property have a pre-sale property inspection from a qualified inspector so your properties condition is honestly disclosed to potential buyers. And any problems may be corrected.
Once on the market we will provide you with updates on activity of the listing and the comparative market. You will receive regular progress updates as to showings feedback and interest.
Several legal documents are used to put your property on the market. A listing agreement is a contract between you and my brokerage, DOSMAN REAL ESTATE SERVICES INC. It will Provide a framework for subsequent forms and negotiations, it spell out the rights and obligations of all parties, the length of the agreement, and the compensation (commission rate) and the listing price.
Sample Documents
There are many legal forms involved in the real estate transaction, to become familiar with the many forms; I have included them here for your review. Knowledge is key to a successful property sale .
Congrats – after all that preparation, paperwork and promotion, your property has sold. Once an offer is accepted and any conditions have been removed or waived, the deposit will be deposited into our safe, trust, insured bank account. Upon closing the trust deposit monies will be transferred over to your lawyers office less any real estate fee’s owing.
Here are four important things to take note of right away:
Your closing date, which is spelled out on the contract. This is the big day to plan around – if you can move out a day or two early to minimize your stress and any conflicts with the buyer’s schedule, that would be ideal!
The contract requisition date (AKA Title Search date). That is the last day that the Buyer’s lawyer has to search the title to make sure that everything is in order. If there are concerns they will need to be addressed prior to that day.
Access visits – the Buyer (accompanied by their agent) may be entitled to see the house again before closing, at mutually agreeable times – the specifics will be on a Schedule forming part of the offer (appearing near the end of the documentation). You’ll have to agree to these dates and times and you can reject them within reason if they conflict with your schedule – we try to get at least several days’ notice for you.
Appraisal – An appointment may be made by the Buyer’s bank or mortgage broker to appraise the property. I will inform you of their intent to inspect as soon as my office gets the request.
To facilitate the continuing appointments, we can discuss leaving a lockbox on your property for easy entry of approved parties.
Real Estate Lawyer
Here are twelve quick points on exactly what the lawyer will do for you:
1. Receive instructions from you about the sale of your property and discharge of your existing mortgage.
2. Review the executed offer.
3. Review and respond to the requests submitted by the buyers’ lawyer.
4. Prepare the Statement of Adjustments.
5. Prepare the draft of the Transfer/Deed.
6. Prepare all supporting sale documents.
7. Forward a request for a mortgage discharge statement for any mortgages registered on title.
8. Meet with you to execute all sale documentation and get your keys on closing.
9. Attend to the closing and affect the exchange of documents & monies.
10. Go to the registry office to discharge the executed Charge/Mortgage.
11. Deliver the balance of the sale proceeds (if any) to the real estate office.
12. Conduct all necessary correspondence and telephone conversations with any parties involved in this sale.
So what should you do to help your lawyer carry out these tasks? Here’s what your lawyer will ask for:
Helping the Buyer
Though the buyers are legally obligated to close the deal, it’s always nice to have a good relationship with them! This can mean being as flexible as you can when the buyers want to come in for one of their access visits.
The most important thing is to leave your home in a broom swept condition. Some agents will even put this into the offer because sometimes, people move out and leave a huge mess behind! Please plan ahead to have your home cleaned out before the buyers move in. Some often-overlooked areas are closets, backyards, crawlspaces, garages, and yes, the fridge!
You can help out by leaving the new buyers some names and phone numbers of services you use, such as your alarm system, auto mechanic, house cleaning, lawn/garden services – even your veterinarian and local dry cleaner. The buyers will be thrilled at your goodwill!
On a practical note, the buyers will definitely need things like your old warranty papers (for your roof, heating/cooling system, appliances etc.), contracts or receipts for work or services done on the property by you or by contractors within the last five years, and extra keys to doors, outside storage buildings, crawl spaces etc. Also garage door openers if that applies to you, as well as the security alarm code if you’ve kept the alarm system going for them to assume when you leave. It’s common to leave at the property all this paperwork You won’t need it anymore!
Closing Day
You should have met with your lawyer a couple of days in advance. Be sure to set this meeting up, if your lawyer hasn’t already contacted you (they can get really busy especially in popular moving months like June and July). At this meeting you will sign off the mortgage, the legal papers, and give a set of keys to your lawyer for the new buyers.
On the actual day of closing you will be notified later in the afternoon by the lawyer that it all happened. The property is officially closed when the money and keys change hands, and the buyers are registered on title.
Source treb/e.davis/orea
The market sets the price, not wishful thinking or any other factors. It’s a simple law of supply and demand, location, condition and property type.
Our job is to help you set a realistic price to match market conditions so your property sells in a reasonable amount of time for the best possible price. We use the historical sold information provided from several databases. Enabling us to produce a comprehensive analysis of what comparable properties have historically sold for . This process is known as a Comparative Market Analysis and it’s generally considered the most effective method of determining what potential buyers will be willing to pay for your property.
The CMA is divided into three categories:
1. Similar properties that have recently SOLD.
2. Similar properties that have currently been LISTED: – your competition in the market.
3. EXPIRED LISTINGS could be as a result of overpricing or other factors like location, layout, poor marketing etc.
Once we have a foundation from the CMA, we will make value (cost) adjustments to the comparable and or the subject. Adjustments for time, age of improvements, lot size, location, Community amenities and so on.This is a similar process that banks and lending institutions use in determining how much they will be willing to lend you for your home.
We will list your property at market value- why?
Potential buyers won’t look at over-priced property. Price your property right!
An unrealistic price will eventually develop a stigma and the property will lose its marketability. Today’s buyer is educated and they know the market very well. * When an educated buyer is ready to make an offer, they will have seen all of the existing properties for sale in your neighbourhood and will have a good idea of the inventory and prices. That’s why the first few weeks after listing are the most critical: the number of prepared buyers who will see your home will be at its peak. If the right buyer does not come forth we then wait for the next cycle of new buyers to your market area and or we adjust our price.
The marketing plan will give your property the maximum exposure to the target market.
- Feature sheet available, containing pertinent details about your property and neighbourhood
- Detailed professional floor plans that are both accurate and attractive
- Colour Photography .
- Accurate MLS listing information with pictures.
- Listed on MLS.CA and the powerful TREB MLS .
- Use of other social media, face book, twitter and others.
- Broker Reception– agents and public .
- Signage
I recommend that the property have a pre-sale property inspection from a qualified inspector so your properties condition is honestly disclosed to potential buyers. And any problems may be corrected.
Once on the market we will provide you with updates on activity of the listing and the comparative market. You will receive regular progress updates as to showings feedback and interest.
Several legal documents are used to put your property on the market. A listing agreement is a contract between you and my brokerage, DOSMAN REAL ESTATE SERVICES INC. It will Provide a framework for subsequent forms and negotiations, it spell out the rights and obligations of all parties, the length of the agreement, and the compensation (commission rate) and the listing price.
- The MLS data form is filled out with all the property details to be included. The MLS data form will accurately describe the property (including lot size, building size, style and materials, floor areas, heating/cooling systems, room sizes, and descriptions) Detail what is, and what is not, included in the sale (As a general rule, fixtures are included; chattels, things that are movable, are not. If necessary, list what stays and what go under inclusions or exclusions.) Provide information about annual property taxes, and note any easements, rights of way, liens, or charges against the property List all leased or rented items, such as a hot water tank or furnace…(Please see a sampling of the forms in pdf format.)
- Plan of survey or sketch – A survey of your property showing the lot size, location of buildings, and any encroachments from neighbouring properties. You should hopefully have this from when you bought your property.
- Property tax receipts – The listing agreement requires us to provide accurate tax information.
- Mortgage verification – Details about your mortgage provided by a mortgage lender upon your authorization – good to have especially if we’re offering your existing mortgage terms to the buyer, to sweeten the deal
- Deed or title search – A legal description of your property, and proof that you own it
- Other documentation – Annual heating bills, water and sewage costs, electricity bills, and recent expenditures on home improvements. Fintrac documents – I’ll need your personal information like date of birth and ID to verify for the new federal listing requirements.
Sample Documents
There are many legal forms involved in the real estate transaction, to become familiar with the many forms; I have included them here for your review. Knowledge is key to a successful property sale .
- Listing Agreement Authority to Offer for Sale
- Agreement of Purchase and Sale
- Confirmation of Co-operation and Representation
- A Firm Deal
Congrats – after all that preparation, paperwork and promotion, your property has sold. Once an offer is accepted and any conditions have been removed or waived, the deposit will be deposited into our safe, trust, insured bank account. Upon closing the trust deposit monies will be transferred over to your lawyers office less any real estate fee’s owing.
Here are four important things to take note of right away:
Your closing date, which is spelled out on the contract. This is the big day to plan around – if you can move out a day or two early to minimize your stress and any conflicts with the buyer’s schedule, that would be ideal!
The contract requisition date (AKA Title Search date). That is the last day that the Buyer’s lawyer has to search the title to make sure that everything is in order. If there are concerns they will need to be addressed prior to that day.
Access visits – the Buyer (accompanied by their agent) may be entitled to see the house again before closing, at mutually agreeable times – the specifics will be on a Schedule forming part of the offer (appearing near the end of the documentation). You’ll have to agree to these dates and times and you can reject them within reason if they conflict with your schedule – we try to get at least several days’ notice for you.
Appraisal – An appointment may be made by the Buyer’s bank or mortgage broker to appraise the property. I will inform you of their intent to inspect as soon as my office gets the request.
To facilitate the continuing appointments, we can discuss leaving a lockbox on your property for easy entry of approved parties.
Real Estate Lawyer
Here are twelve quick points on exactly what the lawyer will do for you:
1. Receive instructions from you about the sale of your property and discharge of your existing mortgage.
2. Review the executed offer.
3. Review and respond to the requests submitted by the buyers’ lawyer.
4. Prepare the Statement of Adjustments.
5. Prepare the draft of the Transfer/Deed.
6. Prepare all supporting sale documents.
7. Forward a request for a mortgage discharge statement for any mortgages registered on title.
8. Meet with you to execute all sale documentation and get your keys on closing.
9. Attend to the closing and affect the exchange of documents & monies.
10. Go to the registry office to discharge the executed Charge/Mortgage.
11. Deliver the balance of the sale proceeds (if any) to the real estate office.
12. Conduct all necessary correspondence and telephone conversations with any parties involved in this sale.
So what should you do to help your lawyer carry out these tasks? Here’s what your lawyer will ask for:
- The property Survey if available
- Your Deed or Transfer of Land document
- If you’re selling a condo unit, the address & phone number of the Condominium Corporation
- The keys to the property
- The Agreement of Purchase and Sale
- Your forwarding address, if known
- Contact info for the buyer’s lawyer
- Your bank, financing & mortgage information (Mortgage reference number)
- Power of Attorney, if applicable
- Copies of your most recent: property tax bill, water bill, cable bill, electricity bill, gas bill. NOTE: If home is oil-heated, you will be required to fill the tank as of closing date (you will be credited for this on the closing adjustments)
Helping the Buyer
Though the buyers are legally obligated to close the deal, it’s always nice to have a good relationship with them! This can mean being as flexible as you can when the buyers want to come in for one of their access visits.
The most important thing is to leave your home in a broom swept condition. Some agents will even put this into the offer because sometimes, people move out and leave a huge mess behind! Please plan ahead to have your home cleaned out before the buyers move in. Some often-overlooked areas are closets, backyards, crawlspaces, garages, and yes, the fridge!
You can help out by leaving the new buyers some names and phone numbers of services you use, such as your alarm system, auto mechanic, house cleaning, lawn/garden services – even your veterinarian and local dry cleaner. The buyers will be thrilled at your goodwill!
On a practical note, the buyers will definitely need things like your old warranty papers (for your roof, heating/cooling system, appliances etc.), contracts or receipts for work or services done on the property by you or by contractors within the last five years, and extra keys to doors, outside storage buildings, crawl spaces etc. Also garage door openers if that applies to you, as well as the security alarm code if you’ve kept the alarm system going for them to assume when you leave. It’s common to leave at the property all this paperwork You won’t need it anymore!
Closing Day
You should have met with your lawyer a couple of days in advance. Be sure to set this meeting up, if your lawyer hasn’t already contacted you (they can get really busy especially in popular moving months like June and July). At this meeting you will sign off the mortgage, the legal papers, and give a set of keys to your lawyer for the new buyers.
On the actual day of closing you will be notified later in the afternoon by the lawyer that it all happened. The property is officially closed when the money and keys change hands, and the buyers are registered on title.