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SELLING YOUR HOME
 WHAT YOU SHOULD KNOW

Thinking about selling your Edmonton property? In most case it is one of the most valuable assets a person owns (aside from your family & pets). Many people rely on the equity in their home to support new endeavours in their lives and to help support retirement.

Selling your home can be a time consuming and stressful experience that involves large sums of money, stringent legal requirements and the potential for very costly errors. It is our job as professional REALTORS® to ensure we obtain the maximum amount of money for you in the least amount of time and with the best possible terms. Choosing a professional that thoroughly understands the Edmonton Real Estate market is key to your success.


Agent Prepare Paperwork Listing Offers
  • Choosing an Agent

    When selling your home you need a REALTOR® with experience in Edmonton Real Estate.

    Marketing is a key component when selling your home. When talking to a potential realtor, be sure to ask about the marketing plan for your home. Make sure the REALTOR® you choose has the time and attitude to serve your needs. It is important to pick a REALTOR® you are comfortable with and you are confident will look out for your interests.

  • Preparing Your Home

    If your home or property is ready for potential buyers it will sell sooner and for a better price. “Setting the Stage” might not increase the value of your home, but it will reduce the time it takes to sell your home.

    Be sure to declutter your space, and rent a storage unit (if needed) to remove as many items as possible. By now you’ve committed to a move, so get a head start.

    EVERY BUYER loves a clean house, so clean it yourself or hire a cleaner.

    Make any minor repairs you can, and finish all those little projects. Remember you get one chance to make a memorable first impression.

    The REALTOR® you choose should help guide you through this process, provide you with useful check-lists and refer you to the right people to take care of anything you cannot do yourself.

  • Paperwork & Responsibilities

    Contracts:

    When listing a home for sale, all parties on title need to sign a Brokerage Representation Agreement or “Listing Contract.” If there is only one person on title and they are legally married a “Dower Act” consent may apply.

    The Listing Contract is between “the seller” and the Brokerage ie:“Remax Excellence.” The REALTOR(s)® of the brokerage will be your representative(s) for the duration of the contract.

    The listing agreement provides a framework for subsequent forms and negotiations used during the selling process and will outline the following:

    • The length or duration of the agreement
    • Compensation or commissions paid to the Brokerage
    • The listing price and proposed possession date
    • Detailed and accurate description of the property
    • List of chattels that will remain with the property
    • Important information pertaining to the property

    In addition to the Listing Contract there are (Alberta Real Estate Association) and Fintrac (Federal personal information forms) that are also used when listing your home.

    Responsibilities:

    Sellers are required to answer certain disclosures about the property when listing it for sale. Buyers need to know about material facts pertaining to the property when purchasing and it is the seller’s obligation to disclose these facts. Intentionally withholding information can result in serious legal consequences. It is important that you understand and review the listing agreement, if you have any questions be sure to ask your REALTOR®.

    If you are a condo owner you are required to provide potential purchaser(s) with documentation about the Condo Corporation. These are referred to as the Condominium Documents. Your REALTOR® can help you obtain the appropriate documentation needed when you receive an offer. Note: Your Corporation will charge you a fee for these documents, so be sure to keep anything you receive from your Condo Corporation or Management Company working for the corporation.

    If you are a residential homeowner you are required to provide a current and compliant RPR or ‘Real Property Report’ when selling. This is a surveyed document that has been approved by the City/Town/or County. If you do not have a current or compliant RPR ask your REALTOR® about your options. Note: Obtaining a new RPR for your sale can cost up to $750 in certain areas.

  • Listing & Marketing

    Listing your home:

    Your experienced Edmonton REALTOR® has the expertise to assess the value of your property. Be sure your REALTOR® provides you with as much information as possible on recently SOLD homes in your area. Also important are currently listed properties and properties that have expired or failed to sell.

    Recent activity in the market reflects the market value of your property. This information helps you make informed decisions about listing price. Ensure your REALTOR® knows your if you are under certain time restraints or other issues. Rely on your REALTOR’s® guidance and expertise. We are professionals and are here to look out for your best interests.

    Everyone wants top dollar for their property, including your REALTOR®. However overpricing a home can often reflect negatively on the selling process. Overpricing a home will draw in low offers and can result in a longer time on the market, which can in turn result in a lower sale price.

    It is important to position your property appropriately in the market.  Potential buyers for your home will be provided a comparative market analysis of properties recently SOLD in your neighbourhood. It is your REALTORs® job to justify the highest possible list price for your home without negatively affecting the sale.

    Throughout the process, constantly compare your asking price against those of similar properties in your area. List prices are commonly adjusted, so you should review your selling strategy regularly with your listing REALTOR®.

    Marketing:

    Your REALTOR® will guide you in how to properly present your home for sale. First impressions are usually lasting ones, and our goal is to create a strong impact on potential buyers.

    There are small, low cost improvements that can help maximize the value of your home. We have experience in the market, and can offer suggestions to showcase the most attractive features of your property.

    We will tailor our marketing efforts to provide your real estate with the best exposure. Make sure you are aware of what marketing is being done to sell your home, besides the sign on the lawn. Insist on more than MLS or REALTOR.ca postings. Get the exposure you need to sell!

  • Offers, Pending, Sold

    Your REALTOR® is obligated to present all offers. Not all offers are going to be acceptable but we will do our best to negotiate the best terms. Sometimes your home may not sell right away. Avoid getting discouraged and stay persistent. There is a buyer for every home.

    All offers will outline in detail the following:

    • The purchase price and deposit amount(s)
    • A detailed list of all chattels the buyer(s) want included
    • Date of possession
    • Any conditions that may apply or be attached (i.e. Financing or Inspection)
    • Additional terms of sale (if any)
    • All parties involved in the purchase
    • Time frame in which the offer is valid for a response

    A deposit is made at the time of offer by the purchaser(s) as an act of good faith. You are not obligated to accept any initial offer. All parts of the offer are negotiable.

    Once all parties agree on the terms of the contract, and sign, the contact binding. If the offer has conditions, there will be a condition timeframe agreed to that will allow the terms to be met. Once all conditions have been met and removed in writing, the pending contract of sale is FIRM. Once a firm contract is in place your home is SOLD!

    Once the property is SOLD your listing Brokerage will convey all pertinent information to your lawyer. Your lawyer will also need a copy of your (RPR)Real Property Report that your REALTOR® discussed with you when listing your home. Shortly before the possession of your home takes place you will meet with your lawyer and sign legal sale documents and transfer of land. Your REALTOR® will instruct how keys will be released on the day of possession.

    If you have any further questions in regards to the selling process please don’t hesitate to contact Bowden Simpatico for more information.

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