January 24, 2014
Selling your property is a complicated process that involves a lot of paperwork. Before selling your property, it is important to understand what to expect throughout the entire process. This guide will give you basic tips on dealing with each step in the selling process.
Selling privately or at auction
While there is no right and wrong decision when it comes to choosing whether you will sell your property at auction or via private treaty, owners who would like to sell quickly may benefit from the structure of an auction. Provided everything goes according to plan, the property can be sold fairly quickly via auction, helping the sellers to avoid the stress of waiting for someone to make an offer on their property.
That said, selling at auction could potentially result in a low selling price. A private sale on the other hand, gives the seller the opportunity to evaluate offers before deciding whether to accept a certain price.
Deciding on the sale price
Real estate professionals typically assist sellers when it comes to setting a sale price, but owners can start to get an idea about how much their property is worth before putting their property up for sale. You can research sale prices in your area by searching for auction results and recent real estate transactions. Read the description of each property to determine if it is comparable to your property.
Title requisitions are questions that are asked about the property. Buyers are given the opportunity to ask these questions when a ‘Contract of Sale’ is signed. You'll need to provide the buyer with answers to these questions before the sale is complete.
Some buyers opt not to ask any questions. Buyers who opt out of a title requisition accept the property as is.
Closing and settlement
You'll get ready for settlement by making sure the paperwork is in order and your mortgage has been discharged. Discharge paperwork from the mortgage lender must be given to the buyer when you meet on settlement day.
The day of settlement is when you get together with the buyer to exchange all of the important legal paperwork associated with the sale. You should have a legal representative present at settlement to make sure that everything is covered. Your attorney will then notify the authorities that ownership has been transferred to the buyer.
Using an agent
Hiring a real estate professional to take care of the paperwork and negotiations during the selling process requires sellers to pay a fee. This fee is typically set as a percentage of the sale price of the home. However, you should ask agents to make sure that all services related to the sale of your property are included in the quoted rate.