Seller's Guide
Selling your home and not sure where to start? Don't worry. We're here to help. Our comprehensive guide aims to empower homeowners with the knowledge needed to navigate the complex world of real estate transactions.
Seller's Guide
Selling your home and not sure where to start? Don't worry. We're here to help. Our comprehensive guide aims to empower homeowners with the knowledge needed to navigate the complex world of real estate transactions.
Order of events
Sell first and begin your house hunting thereafter, or house hunt first and sell your house thereafter? Finding the answer to this dilemma will depend on your personal preferences and other external factors.
Selling first can increase the chances of locking down your dream home when you find it. However, it could also lead to a rushed decision to limit your time spent in a temporary housing solution.
Should you choose to buy first, you might carry the risk of losing the new home while you wait for the sale of the current home, or face the risk of having to pay off two bonds while you wait for the sale of your first home.
Asking price
This is the key to achieving full value. Homes that sit on the market for long periods of time lose their appeal and sellers are eventually forced to lower their initial asking prices anyway.
In many cases, sellers are eventually selling their homes for a lot less than what they would have received if the home was priced correctly at the start.
It is very difficult to accurately value your property without having the specific area knowledge, real estate experience and market savvy to set a realistic asking price. Working with a real estate agent will ensure that the asking price is correct from the outset.
Choose an agent
Selling a home can be an overwhelming experience. Having the right real estate professional by your side will not only save you time and make the process far easier, but it will also give you the best chance of selling your home in the fastest amount of time and at the highest possible value.
Marketing plan
Listing your home with an agent also means that you will have access to the agent's marketing power, along with access to their network and connections.
Speak to your chosen real estate professional to agree on what advertising platforms and marketing strategies will be used to find a buyer for your home.
Choose the best offer
Once the offers start rolling in, it is important to consider each one carefully before making a final decision. When reviewing an offer, there are some aspects to which you should pay particular attention, including the suspensive conditions, the buyer's deposit, the buyer's financing, the date of occupation, as well as the value of the offer.
Read the fine print
An offer to purchase (OTP) is a legally binding agreement that lays out the terms and conditions of the property transaction between the buyer and seller. As with any contract, an OTP serves to protect the parties involved in the transaction and ensure that nothing is left to interpretation.
Once the OTP has been concluded and signed by each party, it becomes the deed of sale on the property. Don't be scared to ask questions and ensure that you understand what you are signing.
Inspections
Sellers are contractually required to have all their compliance certificates in order for the property transfer process to go ahead.
Some of these certificates include an Electrical Compliance Certificate (ECOC), an Electrical Fence Certificate, a Gas Certificate, Beetle Certificate, and a Plumbing Certificate.
Note: the certificates required may vary depending on the features of the home and municipal by-laws.
Moving date
The move-in date will depend on the time it will take to register and transfer the property into the buyer's name before agreeing upon a moving date.
This process, which includes registering for the new owner's bond, cancelling the previous owner's bond, and registering the sale at the Deeds Office, can take anywhere around three months.
The move-in date is usually included in the OTP, but can be changed (if both parties agree to it) depending on how quickly the transfer process takes.
