We have Represented Over 15,000 clients and Recovered Millions of Dollars on Their Behalf.
ABOUT SELLING REAL ESTATE
There are many things to consider when selling your home. You have to learn the true market value of your property and determine your asking price. You must decide how you want to list your home and market to prospective buyers, how you want to accept payment, and prepare your home for viewing. Your real estate agent and lawyer can assist you with the entire process, consulting with you, negotiating for you, and protecting your rights. Every transaction is unique. Every offer is different. It's extremely important to obtain assistance from experienced professionals. Never make a decision or sign any papers without consulting your advisors.
PREPARING THE HOME
It is important to properly prepare your home prior to offering it for sale. Before listing, make an inspection of your property and note any items which should be repaired, replaced, cleaned or painted. All areas of the home and property should be easily accessible to potential buyers and their agents. Remove any items which could be blocking or hindering access. If there are areas where visitors could be injured, such as slippery or uneven floors, information should be provided to the visitors before entering and these areas should be clearly marked. obviously, the more attractive your home is to potential purchases, the greater the opportunity there is for a successful transaction. A little time, care and money invested in your home prior to listing can reap big rewards.
LEGAL FEES AND CLOSING COSTS
When buying a property, there are costs beyond the actual purchase price which will be incurred. These costs include lenders and notary fees, legal fees, utilities, taxes and insurance, and sometimes local municipalities will attach additional charges. These costs are usually divided between the buyer and seller. It is wise to determine these fees well in advance of your closing date, prior to arranging financing, to insure that you will have sufficient funds available. Your real estate agent and lawyer can assist you in determining the amount you will need to have on hand to cover these costs, and avoid any surprises.
LAND TRANSFER TAX AND GST
Land transfer tax is paid by the buyer. Whenever a property changes title in Ontario, this tax must be paid. Canadian residents and people lawfully admitted for residence in Canada pay a lower Land Transfer Tax than other individuals. GST applies to new home purchases only, but you may qualify for a GST rebate. Resale homes are sold without GST. However, realtors and other professionals must include GST on their services. These taxes should always be included when calculating costs when contemplating buying a home and arranging a mortgage.
DISCLOSURE
The Property Disclosure Statement is a written document created for the safety of all parties involved in a real estate transaction. It is a statement of the condition of the property being sold. The vendor is obligated to make the buyer aware of general and structural problems or concerns with the property that they know about. For example; if there is water damage or there was a problem with pests the vendor or owner must disclose this information. A disclosure statement can be a very useful bargaining tool for the buyer and the seller. For more detailed information on disclosure contact your real estate agent or a real estate lawyer.