The main steps for selling your house
Selling a home is a complex process. The best way to come out a winner in every way is to enlist the help of a broker, who will assist you and identify any problems along the way.
You can count on the extensive knowledge and skill of Bauhaus Realty team when it comes to verification, evaluations and marketing of your house or condo. Here is an overview of the steps involved.
A REAL ESTATE BROKER IS A VALUABLE ASSET FOR YOU AS A SELLER
Once you decide to sell, you will have to sign the mandatory Brokerage Contract – Sale published by the OACIQ, which will clearly establish the terms under which your broker will act as well as your rights and obligations.
In addition to being represented by a professional who will devote maximum time and effort to the sale of your property, you will have access to the protections available under the Real Estate Brokerage Act, which governs and oversees real estate brokerage in Québec.
The brokerage contract includes:
- a realistic asking price for your property, set with the help of your broker’s expertise;
- the obligations of your broker (such as presenting you with all promises to purchase he receives);
- your obligations (such as providing a certificate of location describing the current state of your property);
- the amount and terms of your broker’s commission
Commission: The broker’s remuneration is usually based on a percentage of the immovable’s selling price, but it can also be a lump sum or an hourly rate. It is normally paid at the signing of the deed of sale, unless you have agreed on another method with your broker. Your brokerage contract must also specify the percentage or the amount that your broker undertakes to share with any other broker collaborating in the transaction.
Marketing your home for sale: When you sign the brokerage contract is also when you will decide with your broker on the promotional activities he will use to encourage the sale of your property: type of advertising (periodicals, newspapers, websites, etc.), signs, open houses, etc. If your broker has access to it, he can list your property on Centris®, the only information dissemination service between real estate professionals in Québec. This service informs subscribing brokers of the presence of your property on the market. Since Centris® is also accessible to all potential buyers, it is an ideal way to showcase your property.
THE DECLARATIONS BY THE SELLER OF THE IMMOVABLE FORM
The mandatory form Declarations by the seller of the immovable is an added value for the protection of your interests: it covers many elements pertaining to your property, on which you can probably provide comprehensive information. By laying your cards on the table with this form, you minimize the risk of legal action down the road while allowing the prospective buyer to make an informed decision based on detailed information about your property
The OACIQ recommends that this form be completed by your broker, with your input. Your broker will help you determine what you need to declare about your property.
You must complete all sections with your broker by providing information about your property in good faith and to the best of your knowledge, including:
- year of construction and purchase;
- water infiltrations and soil contamination;
- presence of ochre deposits or pyrite;
- condition of the roof, plumbing, heating system, etc.
The complete Declarations by the seller of the immovable form will become an integral part of your brokerage contract, to which it must be annexed. If you refuse to complete it or sign it, the broker will simply not be able to represent you.
SHOWING YOUR HOME TO ITS BEST ADVANTAGE AND PREPARING THE HOUSE TO SELL
Part of the success in selling your home depends on the impression it will make on potential buyers when they visit it. Showing it off properly is of prime importance!
First, review some of the visual aspects of your home, both inside and out. If any work is required, perhaps you can do some of it yourself, such as painting or landscaping, and save some money. These improvements will greatly improve your chances of selling your home more quickly!
Your broker will help you with this exercise and will advise you on ways to create the ideal ambiance to welcome visitors to your home. He will also take photos that will make your home optimally attractive to potential buyers.
Some content of this article is courtesy of OACIQ