GIACOMO LUPPINO, BROKER
905-574-4600

Information for Sellers


Market Analysis

Local market conditions will have an impact on the amount you can get for your home – and on how quickly you can sell it.

  • Buyer's market – More homes on the market than buyers. Lots of competition from other sellers. Prices drop. Houses take longer to sell.
  • Seller's market – Lots of buyers. Not that many houses for sale. Prices increase. Homes sell quickly (just the market you want).
  • Balanced market – Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices are generally stable.

Preparing

How should I prepare to sell my home?
An attractive, well-maintained home sells quicker and for a higher price. When you prepare your home for sale, take a critical look at the exterior and interior of your property.

Interior Preparation

What should I do to the interior of my property, before I list it for sale?
Every room should look as spacious, bright, and warm as possible.
  • Wash walls, ceilings, and trim. Consider painting with light, neutral colours. Repair cracks.
  • Tighten loose knobs, towel racks, switch plates, and outlet covers.
  • Fix tight doors and windows, squeaky floorboards, and loose stair banisters.
  • Clean and repair caulking around tubs and sinks. Fix leaky faucets; remove water stains.
  • Clean and organize the basement and attic. (This is a good opportunity to throw out all the bits and pieces you don't want to move.)
  • Organize closets. Get rid of the clutter. Limit the number of items stored overhead or on the floor.
  • Clean out kitchen cabinets, and remove clutter from countertops.
  • Clean drapes, blinds, and curtains. Shampoo carpets, and wax floors.
  • Now's a good time to spray for bugs.
  • Arrange furniture to make rooms appear as spacious as possible.
  • Remove any items you're taking with you, such as chandeliers and mirrors.

Curb Appeal

How important is the exterior look of my property?

First impressions really do count. If the impact of your curb appeal is strong, people will want to see what is inside.

  • Cut the lawn.
  • Cut and trim the shrubs.
  • Remove dead tree limbs and other yard debris.
  • Brighten up the garden with fresh shrubs and flowers.
  • Get rid of the clutter. Put away toys and gardening equipment.
  • Touch up peeling paint on doors, siding, and trim.
  • Repair and paint the fence.
  • Fix damaged roof shingles and flashing.
  • Clean windows, replace broken panes, and fix torn screens.
  • Clean gutters and downspouts.
  • Wash the driveway and sidewalk. Patch cracks or holes.
  • Clean up the garage and shed.
  • Have the gas grill ready for use.
  • Make sure outside lights and doorbells work.



Importance of Pricing

Why is listing my property at market value so important?

A realistic competitive price means:

  1. Your property will sell faster. People don't bother looking at over-priced homes.
  2. Your home doesn't lose its "marketability."
  3. Offers are higher when a property is closer to market value.
  4. A well-priced property can generate competing offers.
  5. Realtors will be more willing to present your property to buyers (and be more enthusiastic when they do so).


Listing Agreement

What is involved with the signing of a listing agreement?
The listing agreement is a contract between you and your REALTOR®'s brokerage company. It will:

  • Provide a framework for subsequent forms and negotiations
  • Clearly spell out the rights and obligations of all parties, the length of the agreement, and the compensation
  • Set the listing price, and accurately describe the property (including lot size, building size, style and materials, floor areas, heating/cooling systems, room sizes, and descriptions)
  • Detail what is, and what is not, included in the sale (As a general rule, fixtures are included; chattels, things which are movable, are not. If necessary, list what stays and what goes under inclusions or exclusions.)
  • Provide information about annual property taxes, and note any easements, rights of way, liens, or charges against the property

The agreement binds both parties to its terms and conditions. You and the listing REALTOR® sign the listing agreement and each of you receives a copy.

Your Royal LePage REALTOR® may also ask for:

  • Plan of survey or location certificate – A survey of your property showing the lot size, location of buildings, and any encroachments from neighbouring properties. Some jurisdictions need this to complete the sale of your home. Your lawyer may recommend a survey, especially if significant changes have been made to your property.
  • Property tax receipts – Most listing agreements include information about current annual property tax assessments.
  • Mortgage verification – Details about your mortgage provided by a mortgage lender upon your authorization.
  • Deed or title search – A legal description of your property, and proof that you own it.
  • Other documentation Annual heating bills, water and sewage costs, electricity bills, and recent expenditures on home improvements. Many provinces also require a signed property condition disclosure statement.


Receiving an Offer

How does my Royal LePage Sales Representative help me manage my offers?

A buyer interested in purchasing your property will make an offer and, as an act of good faith, put down a deposit.

The buyer's REALTOR® communicates the offer, sometimes known as an Offer to Purchase (a legal document specifying the offers terms and conditions) to you or your representative. The offer states how much the buyer is willing to pay and details the conditions.

The offer can be firm or conditional.

Firm Offer to Purchase: Usually preferable to the seller, because it means that the buyer will purchase the home without any conditions. If the offer is accepted, the house is sold.

Conditional Offer to Purchase: Means the buyer has placed one or more conditions on the purchase, such as subject to home inspection, subject to financing, or subject to the sale of buyer's existing home. The home is not sold until all the conditions have been met. The seller can accept the offer, reject the offer, or make a counter offer.

Acceptance: The seller agrees to all the terms and conditions exactly as set forth in the Offer to Purchase.

Rejection: The seller does not agree with any of the terms and conditions set forth in the Offer to Purchase.

Counter offer: The seller agrees with some of the terms and conditions of the offer, but not all of them. The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions. When the buyer receives the counter offer, he or she can accept the new terms and conditions or reject them.

A signed offer is a binding contract. Make sure you understand and agree to all of the terms before you sign. You may want to have a lawyer review the offer first.

 

Closing
How does my REALTOR® help me close the sale on my property?
Your Royal LePage REALTOR® will supervise every step of the closing process to make sure that closing is as smooth as possible.

Closing may require:

  • Professional house inspection to assess the condition of the property
  • Professional appraisal by the buyer’s mortgage company to determine the true value of the property
  • Search of the title by the buyer's lawyer

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