[Talk] You and the law
So you've decided to put your home up for sale. Perhaps your family is
expanding and you need a bigger house than your current two-bedroom bunglaw.
Or
maybe you want to downsize for financial reasons or because your children have
all left home.
Of course, one of the first things you need to know is how much your
home would likely sell for. You could get a professional apprasial based on
comparable sales in your neighbourhood and the cost to replace your home.
But most people simply ask two or three reputable realtors to come and
evaluate their home. A real estate agent will typically give you a written
valuation for free.
If you have a mortage, you'll want to contact the bank and find out
how much you still owe. Ask too if a buyer can assume your mortage or whether
you have to pay a penalty if you pay the mortage off in full. Most banks will
waive any penalty if the buyer assumes your mortage or if you can take out a
new mortage with them or transfer the existing mortage to your new home.
Assuming you want a realtor to sell your home - rather than trying to
sell it yourself - choose one you feel comfortable working with. He or she
will
typically ask you to sign a standard multiple listing agreement, provided by
your local real estate board, meaning that your home gets the broadest
exposure
The agreement itself specifies the terms on which you are willing to
sell your house. Your agent might want a term of six months, but you can
request a shorter period. If your house hasn't sold by then, you can always
extend the term of the agreement or find a new agent.
Amongst other terms, the listing agreement sets out the amount of the
commission your agent will get, usually 7% on the first $100,000 of the sale
price plus 3.5% on the balance.
Read the fine print in the listing agreement so you know the basis on
which your agent will be paid. For example, if you sell the house yourself
while the listing agreement is in effect, your agent may still be entitled to
a commission if this is a term of the agreement. Also, most listing agreement
state that a commission is still payable if you sell your home after the
listing has expired if the efforts of the realtor contributed to the
purchaser's decision to buy your property.
When you get an offer, read that over very carefully. If you're not
satisfied with it, make a counter-offer.
Also feel free to change any terms. For instance, if the offer says"
subject to the purchaser obtaining satisfactory financing", cross that out and
have the buyer specify a satisfactory amount for the mortage, interst rate,
monthly payments and so on. Otherwise, the buyer can back out of the deal on
the excuse that he or she couldn't get "satisfactory" financing. And make sure
the buyer has limited time within which to remove the financing and other
conditions. While the buyer is checking the conditions out,your home will be
off the market.
If you're unsure about any terms, have your lawyer review the offer or
counter-offer before you sign. Once you and the buyer both sign the offer, it
becomes a binding contract of purchase and sale(subject to the purchaser
satisfying any conditions they have included).
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