(The comments contained on this page are for informational purposes only and do not constitute legal advice.)
1. Choosing a REALTOR®
Selling your home isn’t a simple procedure. It involves large sums of money, stringent legal requirements and the potential for costly mistakes. That’s why you need the 23 years of local real estate experience Enzo DiPietro offers.
2. The Listing Agreement
A Listing Agreement is a contract between you and Enzo DiPietro’s brokerage company, RE/MAX Real Estate (Central). It provides a framework for subsequent forms and negotiations. It’s important the agreement accurately reflects your property details and clearly spells out the rights and obligations of all parties.
Generally, in the agreement you appoint RE/MAX Real Estate (Central) as the Brokerage Company and Enzo DiPietro as your Designated Agent and give them the authority to find a purchaser for your home. The Listing Agreement will outline many items but below are just a few of the main ones:
- The duration of the agreement;
- Enzo DiPietro’s compensation
- The listing price and an accurate description of the property;
- Inclusions and exclusions of attached and unattached goods;
- Information about annual property taxes; and
- Any easements, rights of way, liens or charges against the property.
Enzo DiPietro can advise you about the Seller’s obligation to disclose facts about properties for sale. The Buyers will need to know material facts about the property; that is, anything that could materially affect the sale price or influence a buyer’s decision to buy it. A major cause of post-sale disputes and lawsuits relate to defects and disclosure, but most disputes can be avoided if proper disclosures are made. Intentionally withholding information about a property when selling it can have serious legal consequences.
3. Setting Your Price
How much should you ask for? Although you may have an idea of how much your house is worth, it’s important to have your home valued on its own merits by a professional. Be careful not to price your property too high or too low. If it’s too high, there’s no sale; too low and you lose on your investment.
Enzo DiPietro has the information and expertise to assess at what prices similar properties in your area have sold, and may be able to help you in this regard. He can also provide information on market history, such as the number of properties sold in your community the previous month or year.
4. Listing and Marketing Your Property
Enzo DiPietro will place your listing on a Calgary Real Estate Board’s MLS® System. Through CREB’s MLS® System, all other REALTORS® that are members of that board can find and view information about your property, and all have the opportunity to sell your property. Your property gains more exposure, because it reaches the majority of the real estate professionals in your community. And through REALTOR.ca, the national property website that gets more than a million unique visitors per month, your property is advertised to potential buyers across Canada and around the world.
Enzo DiPietro can offer two types of open houses. First is an agent’s open house, where sales representatives from the listing company will be invited to view your house. Each of these REALTORS® may have a prospective buyer.
The second type of is a public open house, where members of the public are invited to walk view your home. It’s an efficient way to show your home to many potential buyers at once. Your agent will act as host, answering any questions.
5. Waiting for the Right Opportunity
Sometimes a home doesn’t sell right away. Avoid the urge to pull your home off the market. Be persistent! Generally, there are three reasons why a home may not sell as fast as others: location; condition; and asking price.
Obviously, you can’t change your home’s location. However, you can improve the condition of your home and you can, of course, adjust your price. Throughout the listing process, you need to be constantly comparing your asking price against those of similar properties in your area. Enzo DiPietro will review the selling strategy regularly with you in an attempt to answer the following questions:
- Is your house being shown regularly?
- Are you receiving the good or bad feedback from prospective buyers?
- Are you in touch with the marketplace?
- Is your property competing well? If not, what else can you do?
6. Accepting an Offer
Once a buyer is found, you’ll receive an offer that will:
- Detail the buyer’s price
- Specify any conditions that may apply or be attached
- State desired date of possession
- The date the offer expires
As an act of good faith, the buyer will make a deposit with the offer. You don’t have to accept the offer as is. You may wish to make a counter offer that meets the original offer partway. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale.
The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document. Enzo DiPietro will help you through this process.
After the sale has closed and possession has been given to the new owners, your lawyer will pay out any existing mortgages or registrations on title as well as the real estate compensation and other miscellaneous disbursements. Your lawyer will then forward you the balance of the money from the sale.
Other Possible Requirements
Below are some other items you may be asked to provide in order to complete the sale.
- A current survey, or a “real property report,” showing that the house sits on the property that you own; that is, that there aren’t any encroachments onto other properties.
- Title to the property (the buyer’s lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions)
- Especially in rural areas, a certificate for a well or septic system, stating the system meets local standards
- Access to the property by a qualified engineer or inspector