Here are the most frequently asked questions we’ve received about selling real estate.
Comparables are properties similar to the home you’re selling. We’ll look at specific details: the buy-sell history, availability of similar properties and whether or not there are competing bids. This gives us an accurate feel for neighbourhood pricing and its current market value.
- Price: This is what the buyer is offering to pay.
- Deposit: This is the amount of money that demonstrates the buyer’s good faith to conclude the deal. It can be all or part of their down payment.
- Closing Date: This is the date when money changes hands and the buyer takes possession.
- Conditions: Freehold and condominium conditions vary. They also vary by individual property and are put in place to protect your interests. Typical conditions include the necessity of a home inspection, status certificate, and financing specifics.
Pre-sale home inspections are becoming more and more common. They help prevent conditional offers where buyers pay for their own inspection. You hire a professional to inspect your home and provide a detailed summary of its condition, including all major interior and exterior systems. A pre-sale home inspection report provides reassurance to the buyer and may speed up and simplify the transaction.
The status certificate is a document dealing with the financial status of a unit and of the condo corporation. Its main focus is to inform you, the prospective owner, of the fees, of any large increase that is going to come into effect, of any special assessment that is being contemplated by the board, and any arrears or liens that a particular suite might have. In addition, it contains the condo declaration, by-laws, budget, reserve fund, insurance, management contract, rules, minutes of the last annual general meeting, and mention of any lawsuit involving the corporation. This certificate can run into one hundred pages.
The seller is typically responsible for ordering the status certificate and will have ten business days to provide the document to the buyer’s representative. Once received, the buyer’s lawyer will have three days to review it. Your lawyer will then report on the findings. If all is in good standing, i.e. the building reserve fund is strong, there are no assessments planned and the building is in good health overall, the lawyer will advise you to proceed with the deal.
Waivers remove conditions from the offer, making it firm and binding. Fulfillment of conditions can include arranging financing, requesting a status certificate, or booking a home inspection.
An open house is part of the marketing strategy. It generates interest in the property, and we recommend it for one reason: deals happen as a direct result of open houses.
A lawyer’s role is to represent your interests and process the legal documentation required. Feld Kalia has served several of our clients and they specialize in residential and commercial real estate. They offer all-inclusive fees and are there to guide you through the closing process. Visit their website at www.feldkalia.com for more information. You may–of course–choose your own lawyer.
Of course–send us an email and we would be happy to provide you with some options.