Selling Your House

SELLING YOUR HOME

• You appoint the brokerage company as your agent and give its representatives the authority to find a purchaser
• The duration of the agreement is indicated
• The compensation is set out (Generally, you pay this only upon closing or when the house changes hands)
• The agreement also:
• Sets out the listing price
•  Describes the property you are selling - lot size, building size, building style and materials, floor areas, heating/cooling systems, room sizes and descriptions
• Here you decide what you are taking with you and what you are leaving with the house. Generally, unless stated otherwise, fixtures remain with the property, while chattels -- things which are movable -- aren’t included in the sale. If necessary, what stays and what goes are listed under "inclusions" or "exclusions."
  And finally, the agreement gives the financial details:
•   Mortgage balance
•   Monthly payments
•   Due dates for all mortgages
•   Annual property taxes
•   Any easements, rights of way, liens or charges against the property

•   An agent’s open house, where Brokers from the listing company will be invited to view your house. If you have signed an MLS® agreement, other REALTORS may also be invited. Remember, each of these REALTORS may have a prospective buyer.
•  A public open house, where members of the public are invited to walk through your home and have a look. It’s an efficient way to show your home to many potential buyers at once. The listing agent will act as host, answering any questions.
• You and your listing agent will pick the time and date for an open house. In order to give the agent access to your home, you may wish to keep a key at his or her office, or in a lockbox. It’s a good idea to:
•  Leave before the open house begins and to return after it ends
• Put away any valuables in secure locations
• But you may wish to stay behind. If you do stay, be sure to:
• Keep out of the way
• Don’t make excuses -- this only draws attention to the house’s faults
• Turn off any TVs or radios to let the agent and the buyer talk in peace
• If you have a dog, put it outside or otherwise restrain it... pets intimidate some people
• Politely direct to the listing agent anyone wishing to discuss with you terms or price
• Needless to say, clean counts with open houses. A general rule is that clean, uncluttered and well-lit spaces look larger and more attractive. People will naturally want to buy a house that is clean and well cared for.

•  Location
•  Condition
•  Price

• How much the buyer is willing to pay;
• When the buyer would like to take possession;
• Any conditions attached to the offer; and,
• When the offer expires.
• As an act of good faith, the buyer will make a deposit with the offer. A good deposit will often show the buyer’s sincerity.
• Along with this, the buyer may:
•  Attempt to "low ball" you, and submit an offer much lower than your asking price
•  Attach conditions to the offer
• You don’t have to accept the offer. You may wish to make a counter offer that comes partway to meeting the offer’s conditions. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale.

•   Provide a current survey, or a "real property report," showing the location of the house is on the property owned by you and that there are no encroachments
•   Prove that you have title to the property (the buyer’s lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions)
•   Provide a health inspection certificate, if there is a septic system, stating the system meets local standards
• The buyer may also make the purchase conditional on an inspection by a qualified engineer. You may be asked by the buyer to cover this cost.

•  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. After these are paid, you will receive any money you have coming from the sale
•  You must deliver the property deed or transfer documents, mortgage details and keys to your lawyer. Your lawyer will register the mortgage discharge and transfer the deed at closing
•  Your lawyer will ensure that you receive compensation for prepaid expenses such as, property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank
• Some lenders will make it possible for your mortgage to be portable, so you can take your mortgage with you when you move to your new home.
• Finally, two things to remember:
• The capital gain from selling your home is tax exempt. This means the profits from selling your home are not taxable.
• Protect your investment and the deal by keeping your insurance policies in force up until the date of closing.
• Here, your responsibilities under the listing agreement end. You’ll have paid your listing agent the agreed-upon compensation. This can be done by your lawyer who can arrange the payment from the proceeds of the sale.