You decided to sell your property. First, it’s a good idea to sit down, clarify your reasons and establish a basic schedule for the sales process.
When should I sell? You must immediately set your sales schedule. If you need to sell quickly, choosing the right broker can speed up the process. The latter is equipped to analyze the market as well as to establish an action plan to achieve all your objectives. If there is no urgent need to sell, you can thoroughly review the current market conditions with a broker to identify the most favorable time to sell. You will also have more flexibility when setting the price if you are not in a hurry.
What does the market look like? When working with a broker, you can be sure that you will have access to the knowledge, expertise and negotiation skills.An expert keeps you up to date on what’s happening in the market and helps you accurately assess a property. He also supports you in the search for funding, and the terms and conditions of competing properties.
"*" indicates required fields
The seller can do a lot to increase the appeal of his property and create a lasting impact on potential buyers.
What to do to prepare?
Here are a few things to keep in mind when Listing your property for sale:
1. Appearance of the property. Keep your landscape pristine and add creative touches to your yard, like colorful annuals. This is a detail that can create an immediate impact on passers-by and potential buyers.
2. Property repairs. Simple improvements such as window repair, polishing door handles and a new coat of paint in the most frequently used rooms will instantly brighten the property.
3. Cleanliness and home staging. Keep your property clean, well-lit and pleasantly fragrant. Pay attention to details: store the cat litter, have your carpets cleaned, store all the loose items, hide the elements of everyday life like a laundry basket, etc. Your broker will analyze the property before it goes on sale to see how you can improve home staging to maximize your chances of selling. Success is in the details!
4. Going through the legal procedures involved in disclosures is an art! A good agent helps you develop a thorough disclosure statement that benefits you and the buyer and suggests improvement measures before putting your property on the market.
5. Showtime. Presenting your property to potential buyers is a performance in itself! An experienced real estate broker is usually excellent to show off to visitors. They feel more comfortable discussing the property with the broker if the owner is not there. In addition, the broker will know what information will be most useful to represent your interests when discussing with potential buyers.
The price is not always suitable. “The higher the price, the better the offer”: don’t be fooled by this popular idea. Price is not always the determining factor when accepting an offer, for several important reasons. The initial offer is generally not final, and there are several terms and conditions that can influence the outcome of a price. You can trust our professionals to help you carefully evaluate each proposal without compromising your market position.
Negotiate the right way. A broker, particularly a broker who is a member of the Bar, takes the ethical responsibility of negotiating contract clauses fairly, . It’s their responsibility to find a win-win agreement that benefits all parties involved. You may even need to process multiple offers before choosing the most appropriate one; your agent will ensure a thorough and objective evaluation of each offer to help you make the right choice.
Offer to purchase. An effective promise to purchase is a legal agreement between a potential buyer and the seller of the property.
It’s essential to understand that a compliant agreement is a legal agreement between a potential buyer and the seller of the property.
Some important tips to keep in mind to streamline the process:
- Keep written records of everything. For the sake of transparency and clarity, it will be extremely useful to transcribe all verbal agreements, including counter-offers and addenda, and convert them into written agreements to be signed by both parties. An agent helps you write all the documents for your purchase and makes sure you have copies of everything.
- Stick to the calendar. Now that you have chosen your offer, the buyer and the seller have a calendar to mark every step of the closing process of the deed of sale. Compliance with the deadlines will ensure that negotiations are conducted more smoothly so that each party involved does not breach its agreements. During the process, the agent keeps you informed of developments, so the client is always ready for the next step.
This is when a notary is selected. This agent will hold the escrow deposit and will search for the full history of the property to ensure that the title is free of all charges on the closing date and that all new charges are correctly added to the title. Some properties are subject to restrictions that limit various activities such as construction or parking restrictions. There may be registered easements and encroachments, which limit the rights to use your property.
Inspections. Once the offer is accepted by the seller, the buyer can ask a licensed real estate inspector to inspect the property within the time limits agreed in the current promise to purchase. He may choose to have the property inspected by different building inspectors, if he wishes to obtain professional advice from inspectors specialized in a specific field (for example, roof, HVAC, structure). If it’s a commercial property, the buyer may have to perform an environmental audit if lending institution requires it.
Depending on the outcome of these inspections, three things can happen:
- Either each condition is successfully fulfilled and the contingencies are removed, thus bringing you closer to the conclusion of the sale;
- Either the buyer, after reviewing the property and the documents, requests a renegotiation of the terms of the promise to purchase (usually the price).
- The buyer may also withdraw if he’s not satisfied with the results.
Assessment and Loan. If the promise to purchase is subordinated to financing, the property will be evaluated by an approved appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm that its investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage, construction costs, recent sales of comparable properties, operating revenues, etc. The loan will run smoothly and on time. This step is crucial, several transactions fall through because the applicant or the property is denied funding.
How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we guarantee our expertise and total commitment to every customer, no matter what their situation is.
Closing day.If you have gone so far, it means it’s almost time to congratulate you!
Be prepared.Your broker is ready to help you in the event of an unexpected problem, even at this last step. If something breaks down in the property or if the buyers’ loan does not arrive in time, there is no need to worry. Your KW Connexion broker is used to dealing with these issues and will be able to deal with them effectively and stress free.
Closing.The notary provides all parties with a settlement declaration, which summarizes and details the financial transactions concluded during the process. The buyer or buyers sign this declaration, then the seller signs, and finally the notary, which certifies the accuracy. If you are unable to attend, arrangements can be made depending on the circumstances. If you receive funds from the transaction, you can choose to have the funds transferred electronically to an account at your financial institution, or to have a cheque issued to you at the conclusion. The seller must arrange to obtain all the keys to the property and any other important information for the new buyer so that the new buyer can receive these items at that time.