What should you know to sell your own home in Canada
A home sale is not easy, but if you do your homework well and take the help of a reputed real estate association CREA, then the entire process becomes a cakewalk for you. Selling your home can be done in two ways. You may either wish to sell it privately without a real estate agent’s help and thus save on commission. Or you may hire a real estate professional to sell your house for you.
Here we first discuss the steps you need to follow to select the best Canadian real estate agent and then go about with your home sale.
Research and meet the real estate agents face to face
If you do not plan to sell a home privately and wish to take the services provided by real estate agent, you must at least interview three agents to identify the quality of the brokers. It will ensure that you get the right agent to do the deal for you. Meeting a few agents lets you also gauge their quality of services. Please do not choose a real estate agent as per his commission value. You need to hire professionals who are members of CREA and are experienced in their field.
The Canadian Real Estate Association (CREA) is the largest single industry association, including real estate brokers, salespersons, and agents. CREA is the trade association of the real estate market in Canada. The committee ensures that the ethical standards of the industry are maintained.
Get into an agreement
Once you decide on the real estate agent, it is time to sign a seller’s agreement. You will have to sign a legal document. The members of CREA already will have the relevant documents. Ensure that you get it checked by your lawyer and then go ahead and sign the agreement contract.
Get your home ready to market it
The real estate agent will work along with you to set the price for your home. He will also meet the potential buyer and complete the sale. He will also guide you on how to make your home ready for it to be marketable. They may again ask for staging and get professional photography of your home.
On the other hand, if you are making the sale by owner, you need to make sure that your house should be fixed and the home repair work is done to be displayed to the potential buyers. Detailed photos and videos of your home give the potential buyers confidence that you have nothing to hide.
Listing the home on MLS
Once the home is ready to be viewed by the prospective buyers, the real estate agent puts it on MLS multiple listing service. This lets the buyers see your property listed in the market. Ensure that your house is ready for the show before listing on the trademarks MLS multiple listing. Apart from this, the real estate agent will also market your home through various other marketing channels.
Showing and open house
Homebuyers would want to look at your home. You can schedule open houses and shows. The house must be kept ready for showing and that you declutter and depersonalize your home before the CREA and brokers who come with their buyers to show them your home.
Receive the offers
You may get several offers based on your sale price and when they identify your home’s quality. You may not be sure about the offers. Your real estate agent will walk you through these details and ensure that you are satisfied with the offer before you go ahead and accept it.
Accepting the offer and moving out
You have now accepted the offer, and you have sold your home too. Now the paperwork has to be done, which will also be taken care of by your lawyer and your mortgage broker. Make sure that you have taken enough time to move out. If there was something included in the offer, then ensure that you do not move it.
Closing the deal
On the final day of the sale closing, you need to meet the lawyer and sign all the paperwork. The house key needs to be given to the lawyer, who will then give it to the new homeowner. Your house is now legally passed on to the buyer.
Selling your home privately
If you choose to sell your home yourself without hiring a real estate agent, you would have to go through all these stages mentioned above. The only difference is that you would solely be responsible for setting a price, market, and negotiating and closing the deal with the broker. If you are experienced and know how to market your house, it pays to do it privately and save on the commission cost you need to pay to the real estate agent.