Complete Guide for Sellers
Acceptance of an offer
Upon accepting an offer from the buyers, the seller should be aware of what will happen next. If the offer is subject to a building inspection the buyer will pay for it and arrange to walk thru the house with the inspector, at that time the seller should not be home. Depending on what the inspection reveals the buyers may request a reduction in price to compensate for the imminent repairs, at that point the seller may wish to re-negotiate the price of the offer or have the repairs properly looked after. It is the responsibility of the seller to keep their property in good between the time of the acceptance of the offer and the move out day.
On completion day legal ownership will be transferred to the buyer of your property. Money for the sale will be received by your lawyer/notary from the buyer’s lawyer or notary and a statement of adjustments will be provided to you by your lawyer or notary. This statement of adjustments lists all costs payable at completion, including legal fees and taxes. The funds will be used to discharge your mortgage, if you have one, with the balance of the proceeds transferred to you in the form of a bank draft.
Finally, the big day is here, you are moved out, you close the door for the last time and walk to your future. On this day the buyers receive the keys to your home and start their new life. We at Suzy Hahn and Associates will co-ordinate the key transfer for you. Kindly leave all the appliance manuals, garbage day and re-cycling day schedules, all keys and garage door openers on the kicthen counter for the buyers please.
Adjustment costs are any prepaid costs paid by the seller that are to be reimbursed when the buyer takes possession of the home. Adjustment costs may include property taxes, utilities, strata fees and service contracts.
The seller is responsible for several expenses including real estate commission, mortgage penalty and discharge fees if applicable, legal fees and any taxes
Hire a lawyer
Once you hire a notary and or a lawyer to assist you with your transaction, they will prepare and process the documents required for sale of real estate property. Legal fees can be around 1% of the purchase price but generally they average around $750 and up, plus taxes and disbursements.
Your lawyer or notary will arrange for the transfer of money from the buyer’s lender and ensure that your mortgage is discharged. He or she will also prepare a Statement of Adjustments which itemizes the costs payable at completion. Finally, disbursement costs such as faxes, phone calls and mailing fees will be itemized and vary from approximately $250 (total) and up.
During a sale of a condominium a minimum two years worth of documentation regarding your Strata Corporation has to be provided to the buyers for their approval.
Planning your move
There are number of moving checklists and guides on how to prepare for the move and we will be happy to provide them for you.