Selling
Selling your home can take some work and time. Here are some tips to help with the process.
1. The listing agreement
The listing agreement is a contract that outlines the forms and negotiations related to the sale of your property. It is important that the agreement clearly outlines the rights and obligations of you and your agent and accurately represents your property details.
The listing agreement will outline:
- The compensation for your real estate agent
- The duration of the contract
- The listing price of the property
- Mortgage details and monthly payments
- An accurate description of the property
- Annual property taxes
- Any easements, liens or charges against the property
Ask your listing agent about disclosure. Sellers must disclose relevant facts that could affect the sale price or influence a buyer's decision. Accurate disclosures can help avoid post-sale disputes and legal consequences.
2. Determining the listing price
You may have an idea of how much your house is worth, but it's important to have a professional value your home. Pricing too high can make it difficult to sell, while pricing too low can sacrifice part of your investment. An agent can review comparable sales and provide market history to help determine an appropriate listing price.
3. Marketing your property
MLS Listing
An MLS listing allows agent members to find and view your property, increasing its exposure and the opportunity to attract buyers.
Open Houses
Open houses efficiently show your home to many potential buyers. Your agent will host and answer questions during the event.
4. Waiting for the right buyer
Sometimes a home takes time to sell. The three common reasons are location, condition and asking price. While your property is listed, regularly review your marketing strategy and compare your asking price with similar properties.
- The number of showings
- Feedback from showings
- Marketplace updates
- Your property compared to the competition
5. Accepting an offer
An offer details the buyer's price, conditions, desired possession date and expiry. You may make a counteroffer, and once all parties agree and sign, it becomes a binding contract. Ensure you understand all terms and consider having your lawyer review the offer.
6. Possible requests from the buyer
Before closing, the buyer may request:
- A current survey
- The title to the property
- Well or septic system certificates
- Access for a home inspection