Selling Toronto properties is a major decision that requires strategic execution by a dedicated agent.
Here is a 6-Step Guide on what to expect when listing your home.
1. The Listing Agreement
The listing agreement is a contract between you and your agent’s brokerage that provides the information related to the sale of your home. It is important that it clearly outlines the responsibilities and obligations of you and your agent and that it is an accurate representation of the property.
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 of the property, including the mortgage balance, mortgage monthly payments and mortgage due date,
- An accurate description of the property,
- The amount of annual property taxes,
- Any easements, rights of way, liens or charges against the property.
Be sure to ask your agent about disclosure. Disclosure is the seller’s obligation to disclose any relevant facts about property for sale. When selling a property, purposefully withholding information can have significant legal consequences.
2. Determining The Price
You may have an idea of how much your house for sale in Ontario is worth but it’s important to have a professional value your home to avoid pricing your property too high or too low. If it’s too high, it will be difficult to sell and if it is too low then you will sacrifice a portion of your investment.
A Toronto real estate agent can review the prices at which similar properties in your area have sold, and thus they can help you determine an appropriate listing price. An agent can also provide market history including the number of properties sold in your neighborhood recently.
3. Getting The Word Out
There are numerous ways to market your home. A qualified agent will make sure that it is attracting the right buyers by utilizing modern and traditional outlets with a personalized approach.
These outlets may include but are not limited to the following:
- The MLS system – where other agents can find and view information about your property, and have the opportunity to sell it.
- Open Houses – where other agents or the public will be invited to view your home.
- Social Media – where your home is promoted online on popular platforms.
4. Waiting For The Right Buyer
Sometimes a home takes time to sell, remember to be patient and persistent. There are 3 common reasons that a home may not sell quickly: location, condition, and asking price.
You can’t change the location of your property but you can improve the condition of your home and adjust the price. While your property is listed, you should be continuously comparing your asking price to similar properties in your neighbourhood. On a regular basis, review your marketing strategy with your agent. Your agent should provide you with updates on the following items while your property is listed.
- The number of showings.
- Feedback from showings.
- Updates on the marketplace.
- Your property compared to the competition.
5. Accepting An Offer
When you receive an offer it will detail the buyer’s price, any conditions that may apply, the desired date of possession and the date the offer expires.
The buyer will give a deposit with the offer as an act of good faith. You are able to make a counteroffer if you are not happy with the offer from the buyer. The seller and buyer may go back and forth to negotiate the final terms and conditions of the sale.
Once the offer is agreed upon and signed by all parties, then it is a binding contract to ensure that you understand and agree to all of the terms in the offer.
You may also want your lawyer to review the offer before you sign it. Your lawyer should make sure that compensation is received for any prepaid expenses such as utility bills or property taxes. Once these expenses are paid, then you will receive the money from the sale.
6. Possible Buyer Requests
Before closing, the buyer may ask you to provide the following:
- A current survey that shows that the house sits on the property that you own.
- The title to the property.
- A certificate for a well or septic system, stating that the system meets standards.
- Access to the property for a home inspection.
If you’re looking for a dedicated expert to help sell your home, look no further. Contact me today and let’s get started!