Sell Your Home in Canada

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Geraldine Santiago. Sell Your Home in Canada

SELL YOUR HOME IN CANADA

Introduction

1. What Type of Market Is It?

Buyer’s Market

Seller’s Market

Balanced Market

When Is the Best Time to Sell?

2. Who Will Buy Your Home?

Table 1 — Types of Buyers and How to Target Them

3. Knowing Your Home Is the Key

Types of Homes

Title and Ownership

Co-ownership

Joint tenancy

Tenancy in common

Strata title

Co-operative

Timeshares

Freehold

Leasehold

Positive and Negative Aspects of Your Property

Selling the Neighbourhood and the Community

Selling a Condo

Selling a Rental Property

Selling an Older Home

4. Gathering Data and Legal Documentation

Title Search

Survey Certificate

New Home Warranty Information

Property Condition Disclosure Statement (PCDS)

Oil Tank Removal

Zoning Information

City Assessment

Restrictions

Other Information for Strata Property

Other Documentation

Measuring Your Property

Pre-Sale Building Inspection

Table 2 — Provincial Associations of Home and Property Inspections

Checklist 1 — Documents and Information

5. Selling Your Home: What Is It Worth?

Why Are You Selling?

What Is Your Home Worth?

What is a comparative market analysis (CMA)?

Increasing or decreasing your price

Pricing land only

Renovation value

What If You Have a Mortgage?

Getting a new mortgage

Bridge loans

Portable mortgage

Vendor take-back mortgage

Assumable mortgage

6. Selling on Your Own or with a Real Estate Agent

What Are the Costs of Selling a Property?

Do You Have What It Takes to Sell Your Own Home?

What Are the Pitfalls of Selling without an Agent?

What Are the Benefits of Going with an Agent?

Should you get a full-service agent or do you want to be involved?

Choosing the right agent for you

What about a team of agents?

Types of listings

Open listing

Exclusive listing

Multiple listing service (MLS)

The listing agreement

Responsibilities of listing agents

Legal and professional requirements for agents

The Agent’s Commission

Full commission on a quick sale

How can you save on commission?

Bonuses and other incentives for agents

What Is the MLS System and What Can It Do for Sellers?

7. Marketing Your Home

What Do You Do to Market a Property?

Print advertising and websites

Signage and tools of the trade

Marketing to friends, relatives, and neighbours

Advertising

8. Showing Your Home

Protecting Yourself and Your Family

Showcasing Made Simple

Showing a Rental Property

Showing a Vacation Home

Open Houses and Agent Tours

9. The Offer

The Buyer

Separating qualified buyers from the lookers

Who can be legally bound by a contract?

When You Receive an Offer

Condition precedents

Time clauses

Financing

When You Receive Multiple Offers, Low-ball Offers, or Agent Offers

Competing offers, multiple offers, and back-up offers

Identical or nearly identical offers

Low-ball offers

Offers from salespeople to purchase for themselves

Negotiating a Sale

What to negotiate

Selling your furniture

When You Reach an Agreement

Deposits and down payments

What if the building does not pass inspection?

Showing after accepting an offer

When Condition Precedents Are Met

Checklist 2 — The Contract

10. Closing, Completion, and Possession

The Closing Procedure

What Happens at Completion?

Completion must be done on a weekday

Hiccups at completion

Possession

When do you hand over the keys?

What should you leave behind on possession day?

What should you not leave behind?

Doing a walk-through with the buyer or buyer’s agent

A special touch

Checklist 3 — Service Arrangements

Conclusion

Appendix 1 — Real Estate Associations and Boards

Canadian Real Estate Association (CREA)

Saskatchewan Real Estate Commission

Real Estate Council of Alberta

Real Estate Council of British Columbia

Provincial Associations and Boards. Alberta

British Columbia

Manitoba

New Brunswick

Newfoundland and Labrador

Nova Scotia

Northwest Territories

Ontario

Prince Edward Island

Quebec

Saskatchewan

Yukon

Appendix 2 — Resource List for Oil Tank Safety

Appendix 3 — Provincial Ministries and Departments of Housing

Appendix 4 — Canadian Associations of Home and Property Inspectors

Glossary

Acknowledgements

About the Author

Notice to Readers

Self-Counsel Press thanks you for purchasing this ebook

Contents

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If you are thinking of selling your home, there are many things you need to do before a “For Sale” sign goes up. Whether you are planning to sell your home on your own or with an agent, it will take a lot of co-ordination, organization, and work. Part 1 of this book covers the first things you need to do:

• Determine what kind of market you will be selling in: Is it a buyer’s or seller’s market or is it balanced? (See Chapter 1.)

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Selling your home can be an empowering experience, but it is important to understand how to do it properly to gain the best value for your home. Gaining knowledge about selling your home can help you make the right decisions and reduce the stress that may come with selling your home. Visit real estate websites, read books about selling a home, and attend seminars; get as much information as you can about the processes and costs of selling your home before you get into the real estate market.

This book is intended to help home sellers become familiar with the many processes involved in selling a home. I hope this book will give you confidence in your own choices and decisions and make your selling experience a pleasant one!

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