Selling Process
If you’re considering selling your home, you might be wondering how to get started. This guide outlines all the necessary steps you need to take, from finding the right REALTOR® to completing the sale. Let this article be your comprehensive resource as you prepare to sell your real estate. Here’s a detailed breakdown of each step in the process:
**Why Use a REALTOR®?**
A REALTOR® is more than just a licensed or registered broker or real estate agent. They are members of the Canadian Real Estate Association (CREA) and adhere to the REALTOR® Code of Ethics, which sets high standards for professionalism and expertise. Working with a REALTOR® provides access to essential data and tools, such as the MLS® Home Price Index (HPI), exclusive to REALTORS®. They can assist you in various ways, including appraising your home, determining an appropriate asking price, marketing your property, hosting viewings, negotiating offers, and connecting you with industry professionals.
**Setting the Right Asking Price**
A REALTOR® is your local real estate expert who can help you set the right asking price for your property. They have a deep understanding of your local market and can analyze industry trends to ensure your pricing strategy aligns with current conditions. Using tools like the MLS® HPI, REALTORS® can guide you in pricing your home appropriately.
**Preparing Your Property and Finances**
Investing in home renovations can enhance your home’s value if you have the time and resources. Your REALTOR® can provide advice on which improvements are worth considering. Additionally, consider a pre-listing home inspection to identify and address any necessary fixes that could affect your home’s sale.
**Financial Considerations**
Selling a home involves financial considerations, such as discharging your mortgage. Depending on your mortgage type, you may need to pay a penalty if it’s a closed mortgage. Portable mortgages allow you to transfer your mortgage to a new home without penalties. Be aware of capital gains tax if applicable. Always consult with a financial advisor before making significant financial decisions.
**Signing a Listing Agreement**
Signing a listing agreement formally authorizes your REALTOR® to start the process of selling your home. This agreement defines your relationship, provides detailed information about your property, and serves as the basis for drafting offers. It includes key details like the price, real estate commission, property description, legal information, financial information, and completion date.
**Marketing Your Home**
Before marketing your home, ensure it’s in its best possible condition. Tasks like painting, decluttering, cleaning, improving curb appeal, and staging can make your home more appealing to potential buyers. Your REALTOR® will employ various marketing tactics, including professional photography and videography, social media promotion, virtual and 3D tours, listing on REALTOR.ca, traditional marketing, networking within the real estate community, and open houses for both REALTORS® and buyers.
**Receiving an Offer**
Negotiating the purchase price can be challenging, and your REALTOR® is there to help you navigate this process. Consult with a lawyer to handle the legal documents involved in the sale. When you receive an offer, your REALTOR® can advise you on whether to accept, reject, or provide a counteroffer based on the offer’s merits, price, closing date, and conditions.
**Closing the Sale**
Once negotiations are successful, it’s time for the closing process. Your lawyer and REALTOR® will handle complex legal tasks. Sellers should fulfill any conditions specified in the agreement, coordinate with utility providers, inform insurers, arrange for a moving company, update their address, and coordinate key exchange.
**How Your Lawyer Helps with Closing**
Your lawyer plays a critical role in the closing process. They obtain mortgage statements, handle mortgage discharges, liaise with lending institutions, manage paperwork, and distribute proceeds from the sale, among other tasks.
**Moving Out**
If you’re moving, start packing early, label boxes by room, and consider hiring professionals to assist with the move. Notify utility companies, inform your insurer, and send change-of-address notices. Coordinate with your REALTOR® for the key exchange.
By following these steps and working closely with your REALTOR® and lawyer, you can smoothly navigate the process of selling your home and achieve a successful sale.