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Selling your home, it’s not an easy decision to make. No matter what your reasons for selling your home are, understanding the local housing market, and the seasonal trends can impact your goals. We’ll help you navigate the path to a successful choice. 

Listing Your Home

The first step toward putting your home up for sale is to meet with your REALTOR® at your home. This meeting is referred to as the “listing appointment”. Beforehand, it’s also important to understand “who’s who” and how brokers may co-operate to sell your home.

Listing Broker

An individual real estate broker whom the seller hires to represent themselves through a contract called a “listing agreement”. The listing Sales Representative is associated with the listing broker. The listing broker is directly paid the listing commission and then splits the commission with the listing Sales Representative.

Selling Broker

An individual who produces a buyer for the property and divides the commission with a listing broker. Such a transaction is considered a “cooperative” sale because the house is listed by one broker and a buyer is provided by a second broker. If the listing broker also produces the buyer, then the listing broker receives both listing and selling sides of the commission.

A Little Homework

Before the listing appointment, both the home seller and the listing Sales Representative have some homework to do. While the home seller collects a list of documents requested by the Sales Representative, the listing Sales Representative studies recent area sales of homes comparable to the seller’s, and also comparable homes currently for sale.

Property Profile Folder

To enable the listing Sales Representative to prepare a ‘Highlight Sheet’ on the property, the home seller needs to provide several documents and information specific to the location and jurisdiction. This ‘Highlight Sheet’ is often left in the home for the convenience of prospective selling Sales Representatives. Because the list is long, you can understand why it’s best to collect the papers before the listing appointment. These materials may include:

Pay-Off Notice

A letter signed by the home seller and mailed to the lender by the listing broker to notify the lender of the intention to pay off the mortgage to minimize prepayment of interest penalties to the seller. (Home seller should provide the broker with the lender’s address, loan balance, assume ability, years remaining on present mortgage, PITI. and the interest rate, if possible.)

Septic and Well Inspection

If the property is on septic/well, current inspections by local health authorities are required while the home is occupied. The listing Sales Representative will usually arrange for an inspection after the contract is approved.

Order Lender Appraisal

Lenders usually require an appraisal to assure that the property is adequate collateral for a loan. An appraisal may be ordered before (paid by seller), but is more often done after an “offer to purchase” is accepted (paid by buyer).

Assessments/Easements

The listing Sales Representative will ask the home seller if any tax assessments or easements exist on the property that must be paid or included in the purchase contract and passed on with the land when sold.

Property Taxes/Condominium Fees

The home seller provides a record of property tax or condominium fee payments which the buyer will reimburse on a prorate share to the home seller at settlement.

Inspections

Many lenders of new mortgages may require an inspection certificate that shows the house is free of major defects.

The home seller should also provide a record of the past 12 months’ utility bills, including gas, electric, sewer, water, and trash where applicable. Most buyers will want to know the history of utility costs.

Helpful Documents

If possible, the home seller should provide the listing Sales Representative with the deed, house location survey, condominium bylaws or homeowners association documents, subdivision map, house floor plan, previous title search abstracts, legal description of the property (subdivision, section, and lot), warranties on major systems or Home Owners Warranty, if still in effect, and copy of homeowners insurance policy for endorsement in the purchase contract.

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What to Expect From Your REALTOR

REALTORS® helps you get the most for your home and they remove stress and confusion from the process. Here are just some of the advantages. Remember, Selling a home is a business decision, and there is no room for emotions or subjective pricing.

Your REALTOR® Explains the Process

A REALTOR® will not take it for granted that you know all the ins and outs of the buying process. Instead, he or she will provide you with a detailed explanation of what to expect so you are fully informed throughout this complex decision-making process.

REALTORS® Assess Your Needs

One of the first questions a REALTOR® will ask is, ‘Why are you moving?’ A REALTOR® will also explore any time constraints you might have (perhaps imposed by the need to relocate for employment), your financial situation, and any future plans.  They need a detailed picture of your wants and needs in order to serve you better.

A Plan to Find Your Dream Home

A REALTOR® will help you recognize what you’re looking for in a new home. An outdoor pool? A double-car garage? A fenced-in yard? A particular building design? What about the neighborhood? Proximity to schools or work? A REALTOR® will compare your needs, wants, and budget with what is available on the market and make recommendations that save you time and effort.

Your Agent will also accompany you to view houses and help you assess their suitability and price. As an expert on a property, a REALTOR® can provide facts on the neighborhood, the cost of utilities, the condition of the home’s features, and so on. In other words, he or she will work with you to achieve your dream.

Access to Properties for Sale

Multiple Listing Service® or MLS® is an exclusive service accessible only through a REALTOR® and it can be a valuable home-searching tool. Through MLS®, the details of a wide variety of listed properties are made available to the REALTOR® you work with. That can save you a tremendous amount of time and effort in your pursuit of the right home.

REALTORS® are Skilled Negotiators

REALTORS® are experienced in arranging fair deals. Your Agent will assist in negotiating an offer, acting as a mediator to resolve potential conflicts between you and the seller, and draw up a legally binding agreement.

Honesty and Integrity

Most real estate professionals in Ontario are members of the Ontario Real Estate Association (OREA) and only members of OREA can call themselves REALTORS®. When you work with a REALTOR®, you can expect not only strict adherence to provincial laws but also adherence to a Code of Ethics. And that code is very important to you because it assures you will receive the highest level of service, honesty, and integrity.

Legal know-how? The know-how.

A mishandled document can ruin a sale, or lead to legal action. Your REALTOR® has the experience to recognize potential problems early and the resources to help you find solutions and get the process back on track quickly.

Negotiation Skills – To keep the deal on track.

REALTORS® are indispensable when it comes to bargaining with sellers. Tempers can flare and heels can dig on. Your REALTOR® is an expert at smoothing things out.

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our value

The REALTOR Commitment

You’re trusting a REALTOR® with your most valuable possession, your home. REALTORS® takes this responsibility very seriously. Here’s what we promise you.

Your REALTOR® is highly trained.

REALTOR® training is so rigorous that candidates often fail the pre-registration courses. Those who do pass must master a long, diverse list of subjects ranging from housing construction to family law.

Your REALTOR® is continuously trained.

We keep pace with the times. All Licensed REALTORS® must take continuing education courses to make sure their knowledge on subjects like legal issues and technology are up to date.

Your REALTOR® does everything by the book.

A licensed REALTOR® must be registered under provincial laws that govern exactly how real estate can and cannot be traded. These regulations are your legal guarantee of professional behavior.

Your REALTOR® is an ethical businessperson.

REALTORS® must adhere to the extensive Code of Ethics of the Canadian Real Estate Association. Several provinces have additional Codes of Ethics governing the behavior of real estate professionals. Your interests must always be put first.

Your dealings with a REALTOR® are insured.

For your peace of mind, provincial regulators sponsor consumer protection programs that may require, for instance, that REALTORS® maintain Errors and Omissions Insurance. Often deposits consumers make in real estate transactions are also insured under these programs.

Opportunity for recourse.

Should you have concerns about the professional behavior of a REALTOR®, provincial regulators and your local real estate board or association take these matters very seriously and work quickly to resolve any issues.

Your REALTOR ® has access to the real estate board’s Multiple Listing Service (MLS).

The MLS system is the single most powerful tool for buying and selling a home. It is a complex information-sharing and cooperative marketing network created by REALTORS® to help consumers buy and sell homes.

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