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"I have prepared this guide to help you through
the process of selling a home. It helps outline the steps
that you would follow leading up to the selling of your
home.
As a RE/MAX real estate professional, it is my job to act
like a 'project manager' in helping you with your real
estate transactions. From the very beginning when you decide
to sell until closing and even beyond, my role is to make
sure everything is being completed. I will guide you through
the various steps of the selling process to make sure everything
is being completed."
Click on any link below for information.
As a licensed real estate agent you should expect the
following from me:
- Know real estate values in your area and help
set an agreeable and competitive price for your
home
- Establish a marketing strategy for your home with
Re/Max, ensuring that your home is seen by many potential
buyers
- Take care of the many tasks involved in selling your
home to make sure it is as simple as possible for you
- As an experienced negotiator, I will work to get you
the best price possible
And, as a licensed Realtor with the Nova Scotia Association
of Realtors, you can expect:
Undivided loyalty- The agent must protect the principals
negotiating position at all times and disclose all known
facts which may affect or influence the principal’s decision.
To obey all lawful instructions- of the principal
An obligation
to keep the confidence of the principal
The exercise of
reasonable care and skill in performing all assigned duties
The
duty to account for all money and property placed in
an agent’s hands while acting for the principal (from
Working with a Real Estate Agent pamphlet)
Many homeowners have previously experienced the listing
process while others have never sold and are not familiar
with how it is done. At this stage, I will ask you some
questions and listen carefully to your answers. We could
go over your plans and determine what you can expect from
me and Re/Max and I would explain to you the process of
listing and selling your home.
You would want to know what you can expect from me as
a Realtor, what costs are involved in selling your home,
and what price you should get for your home.
Remember that there is no cost for
this service and commission is only on the sale and closing
of your home.
After reviewing with you the process of listing your
home and answering any questions you may have, we would
write up the listing agreement for your home with Re/Max.
With this I would complete the following:
Do a walk through of your home taking notes of all pertinent
points
Take key pictures, meeting with your approval, which
will help potential buyers see your home in a better light
when marketing
Measure each room accurately
Help you establish a price
comparable to other similar homes
Complete the necessary
forms with you
You would be looking for the highest possible price for
your property within a reasonable time frame. I have access
to historical MLS sales data which allows me to compare
your home with properties for sale now as well as properties
which have recently sold, and properties which have expired
to get a realistic market value for your home. This shows
a probable price range an informed buyer should pay.
You, the seller, ultimately sets the price for your home
keeping in mind that a CMA is not a guarantee of what a
buyer will pay.
There is no cost for the services of a Realtor until
the sale of your home takes place. The following is a summary
of the primary fees you would be responsible for at Closing.
Selling Your Home
Purchase
price of your home |
|
$ |
(credit) |
Real
Estate Commission on
|
$ |
|
|
+
HST on commission |
$ |
|
|
Existing
mortgage balance |
$ |
|
|
Penalty
to discharge existing
mortgage (if any) |
$ |
|
|
Legal
fees (should obtain a
few quotes) |
$ |
|
|
Total
Expenses |
$ |
(-)
$ |
(debit) |
| |
|
$ |
(credit) |
Adjustments(expenses
you have prepaid before closing day are prorated with
buyer reimbursing you for costs you have incurred)
Fuel
oil tank (have receipts) |
$ |
$ |
(credit) |
Municipal
taxes |
$ |
|
|
Water |
$ |
|
|
Lease(s) |
$ |
|
|
Any
other adjustments |
$ |
|
|
Total
Adjustments |
$ |
$ |
(credit) |
| |
|
(adjustment) |
|
Net
to Seller |
|
$ |
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Having the following documents on hand will help greatly
in completing the listing agreement and eventually in selling
your home.
Survey or location certificate or plot plan (each is different
with the survey being the most complete)
Deed- shows ownership
of one or more people
Latest assessment
Other helpful information to complete the Purchase and
Sales Agreement and Closing of your property could include:
Yearly
heating, power, water costs, etc. (would be available for
serious buyers)
Any recent home renovations
Any rental equipment
Age of roof, furnace, oil tank
Well water and septic system
location, when last inspected
When you have decided to sell your home, keep in mind
that to prospective buyers, first impressions are lasting
ones. When going through a house, people generally get
a feeling for it either negative or positive. You don’t
get a second chance to make a first impression. Give your
property that small investment in time and money.
You may want to do a few renovations to make your property
more presentable and certainly to increase its market value.
But the money invested in improving your home will not
always translate into an equivalent return in the selling
price of your home.
However, renovations do not have to be extensive or expensive
and doing some cosmetic work can help increase the price
of your home.
These are a few simple improvements to help:
A good cleaning, especially an early garage sale to
dispose of everything you’ve gathered over the years
Fresh coat
of paint will greatly improve and brighten your home (use
neutral colors)
Kitchen and bathroom improvements if needed
Furnace/heating
system, oil tank, if needed
Maintaining lawn and yard area
Maintaining well and septic
system
Your lawyer will estimate the legal fees and disbursements
when your file is opened. Should there be any complications
with your sale regarding the title, survey, septic, or
other problem, your lawyer will advise you immediately
of any increase in fees or disbursements.
It’s a good idea to shop around even when it comes to
retaining a lawyer. You can check with a few lawyers, especially
for the costs involved when selling your home.
When you go to your lawyer’s office to sign the documentation
prior to the closing, bring along at least one key to the
property. You may wish to bring all keys but if you need
to use one, leave it in the kitchen on leaving.
The process of selling your home starts with the listing
agreement. It is a contract between you and Re/Max, of
whom I represent. It is a framework for other forms including
the PCDS (property condition disclosure statement), Addendum
(describes the property), and Working with a Real Estate
Agent pamphlet.
I will review the listing agreement with you and help
you fill it out.
Contained in the listing agreement are the following:
You appoint Re/Max as your agent and gives representatives
as myself the authority to find a purchaser.
The duration
of the agreement (minimum of 90 days for MLS purposes )
and the commission is specified
The agreement also sets
out the listing price and accurately describes the property
you are selling. This would include the lot size, building
size, floor area, heating systems, room sizes, and descriptions.
You decide what you are taking with you and what you
are leaving with the property. Generally, unless stated,
fixtures remain with the property while chattels (things
which are movable) aren’t included in the sale. You may
decide to leave some appliances, for example, as part
of the bargain to help close the deal. If necessary,
what stays and what goes are listed under inclusions
and exclusions.
You may
put conditions in the agreement such as time you need to
find suitable accommodations after selling the property.
Your property is not something you sell every day. A
house is very complex to market and the process needs to
be well organized. To do the job properly, a plan is needed.
I will prepare a personalized plan for you containing
all activities intended to market your property. Your property
will be aggressively promoted through advertising publications,
the MLS, mls.ca , Re/Max web page, other Re/Max offices,
our inventory of clients, etc.
When your listing is placed on the Multiple Listing Service,
the information about your property is shared with all
other Realtors accessing MLS and all Realtors have the
opportunity to see your property. Your property gains more
exposure because it reaches the majority of the real estate
professionals in your community. With the mls.ca, the national
mls internet website, Re/Max can also advertise your listing
to thousands of visitors a month. It shows the details
of your home to local, regional, and national buyers looking
for a property in your community.
So what you can expect from me in marketing your property:
All showings by myself or other agents would be checked
by myself and then I would inform you
Usually give 24 hours notice to you or you decide what is
best for you
Follow-ups after each showing would be discussed
with you
Making sure your home is constantly visible so potential
buyers who are searching for homes, sees yours
Call you on
a regular basis for any updates
Once a buyer is found, you’ll be receiving an Offer that
will detail the offered price, any conditions that may
apply, when the buyer would like to take possession, and
when the offer expires. As an act of good faith, the buyer
will make a deposit if the Offer is accepted by you.
You don’t have to accept the offer if it is not the asking
price. You may wish to make a counter-offer that comes
part way to meeting the offer's conditions. This is an
important stage and my negotiations on your part are very
important.
After acceptance of the Offer, all forms would be sent
to the lawyers involved and you would be given copies.
Now it is a matter of the process being completed. My job
is to make sure this is taking place smoothly.
Before closing day, the lawyers representing you and
the buyer will set up a trust account for the money coming
from the sale and will pay off any mortgages you owe on
the property and real estate commission and other fees.(
See Selling Your Home) After these are paid you will receive
all money you have coming from the sale including any adjustments
you had to pay out.
Your lawyer will be given your property deed, any transfer
documents, your mortgage documents, etc. Your lawyer will
register the mortgage, discharge and transfer the deed
at Closing. Your lawyer will also ensure that you receive
compensation for prepaid expenses such as property taxes,
heating, electrical bills, etc.
So therefore, at Closing:
You receive money coming to you from the sale of your property
after paying any mortgages and expenses
Expenses including real estate commission and lawyer fees
Your
lawyer will ensure you receive compensation for prepaid
expenses such as property taxes, electrical, heating, etc.
It takes years to gather a home full of belongings but
only a matter of days to pack them all into boxes. Packing
up and moving need organization and planning. Most home
sales take about a month to complete so getting started
will make the whole process easier on you.
Some things to consider:
- Reserve a rental truck or
make arrangements with a professional
moving company well in advance
and be aware of busy periods.
Check out a few companies and
have a quote in writing
- Check your homeowner’s insurance to ensure your belongings
are covered during the move
- Have a yard sale or give not needed items to charity
- Ask your doctor and dentist for records, prescription
history
- Have a list of important companies that send you mail
on a regular basis with change of address. Arrange with
post office to have mail forwarded to your new address
- Have inventory of your important belongings, in case
you need to file an insurance claim
- Notify your cable, telephone, electrical, etc. of
your move for a cut-off date and final billing
- Change the address on your driver’s license effective
the day you move and start packing early!
Land Registration Act (LRA)
The government of Nova Scotia has enacted new legislation
and acquired new technology to modernize our 250-year-old
Registry of Deeds system. The Lands Registration Act moves
Nova Scotia from and antiquated, name-based system, to
a system that guarantees ownership and provides access
to land related information for subscribers through an
internet browser.
Basically, this system is indexed to the land parcel
with a number instead of to a person’s name. Conversion
to the new system will eliminate the requirement to search
historic title records, removing a significant cost and
time delay for future property transactions.
The government is guaranteeing ownership to the land
but boundaries and location information are not guaranteed
by the system.
Surveyors and lawyers will certify the description to
the parcel of land and an authorized lawyer to oversee
the review of the historic records( 40 years ) to certify
title and register the parcel which will trigger the conversion
of the parcel to the new system.
For owners of property contemplating selling, they would
usually be responsible to have this migration done as part
of the Purchase and Sales Agreement, if it has not already
been done.
For further information and a host of pamphlets on the
subject, you can contact Service Nova Scotia at 1-800-518-4640
or web page at
www.servicens.ca/property/landreg
Buying conditional to selling own home
You own a home now but you want to move to another location.
Should you sell your home first before you buy your next
home?
Selling your existing home before buying another has
its advantages. By selling first, you know how much money
you’ll be getting on closing, which helps you establish
a price range for the new home. But you have found a home
you like now and it may be gone before you close on your
property. You might end up settling for something that
isn’t quite what you want.
One way of co-ordinating your buying and selling of a
home is to make your offer conditional on selling your
current home. With a conditional-on-sale offer, the offer
becomes firm and binding only if you sign an offer to sell
your home within a specified period of time, maybe three
months. If it doesn’t happen, then the offer is null and
void and you don’t have to do anything more.
The seller might not want to accept a conditional-on-sale
offer but if they are unsure of selling their home in a
time frame they want or the market is slow, they might
consider it.
Sellers can protect themselves (I’m sure you can appreciate
this) by accepting a conditional offer but allows them
to continue listing their house for sale during the conditional
period. If the seller has an offer, you have first opportunity
to waive the condition of selling your home and going ahead
to buy the home you want. If market conditions are good
and you feel you can sell your home in a short time, you
could go ahead and purchase this home while still marketing
your original home. If you have a mortgage, you might consider ‘bridging’,
something which would be explained to you in detail by
your lender.
At any rate, if the seller receives another offer, you
will get first choice on the property, even though you
may not have sold your property. You may be given 48 hours
to decide and if you don’t want to go ahead with the transaction,
your original offer would be null and void and the seller
can go ahead with the new offer.
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