Your Mississauga Real Estate Expert Selling your home is complex and one of the BIG TICKET financial transactions you DECIDE ABOUT in your lifetime. A professional REALTOR® will save you time, energy and money. Your relationship with your REALTOR® and the agency relationship is between you, the client, and the company with which your REALTOR® is licensed. It is a requirement for REALTORS® to disclose to clients the representation you will be receiving. This disclosure is usually done with the aid of a brochure entitled Working with a Real Estate Agent. Signing the brochure does not obligate you in any way. As a seller, your REALTOR® will: - Provide you with comparative market analysis and help you to understand your home's market value.
- List your house through the Multiple Listing Service (MLS®), a database of properties for sale that more than 40000 REALTORS® can access and find your home for their Buyers.
- Advertise your home, Conduct open houses and show your home.
- Advise you on offers you receive.
- Negotiate the sales agreement.
HOW YOU CAN FIND A REALTOR - Get referrals from your family or friends.
- Contact a local real estate office.
- Go to open houses in your area to meet some local REALTORS®.
- Check For Sale signs in neighbourhoods to get names of local agents.
- Check the Yellow Pages in the phone book.:
when choosing a Realtor, look for an agent who: - Understands economic trends and the market.
- Knows your local area.
- Listens attentively and instils confidence.
- Provides you with a evaluation of your property.
- Knows how to use current technology to advertise your property
Listing Presentation Without any obligation to hiring a Realtor, you can ask a REALTOR® to come to your house to give a "listing presentation." The REALTOR® will present his or her qualifications, explain how they will market your home, and most importantly provide you with a comparative market analysis (CMA). The CMA details information on past sales in your neighbourhood, homes that didn't sell and homes that are currently for sale. The REALTOR® will use the CMA, market statistics and his or her knowledge of the neighbourhood to help you set a price for your home. The REALTOR® can also prepare an estimate of the net proceeds you will receive when your home sells. This is based on the suggested sale price of your property and any financing you have in place. Listing Agreement Once you have selected a Realtor, you will need to sign a listing contract in order for your REALTOR® to list your property for sale on the Multiple Listing Service (MLS®), a central database of properties for sale that is available to REALTORS®. The contract will contain: - The price of the property.
- The address and legal description of the property.
- The existing financing arrangements.
- A list of items (known as fixtures) that will not be included in the sale, i.e., a light fixture.
- The commission amount.
- The expiry date of the listing contract.
Your REALTOR® will also get you to fill out a Property Disclosure Statement, a form where you indicate the condition of your property. Buying a Home in Mississauga or in Greater Toronto Area Offer to Purchase When someone offers to buy your home, they will prepare a written offer on a standard form known as the Agreement of Purchase and Sale. Your REALTOR® must present you with all written offers and if you receive several at one time, you are under no obligation to accept one over the other. When you receive an offer, you can accept it, refuse it, or make a counter-offer to the buyers, with the changes you want. An offer usually contains subject clauses that the buyer needs to remove by a specific date. A subject clause is a special condition that must be met before the sale can take place. For example, a buyer may want to have a certified home inspection done before they commit to the sale. Once the subjects are removed and you've signed the offer, it becomes legally binding. Completion The Contract of Purchase and Sale will specify a completion day for the sale. On this day, legal ownership of the home will transfer from you to the buyer. Before the completion day you should hire a lawyer or notary public to handle the completion procedures. Your REALTOR® will be able to recommend some lawyers or notaries. The lawyer/notary will: - Ensure that your mortgage has been properly discharged.
- Arrange for you to sign papers transferring title.
- Confirm that all payments you are responsible for have been made.
- Give you a cheque for the balance.
Completion Cost Although you will receive a payment upon the sale of your home, there are still some costs you need to be prepared to pay. They include: - The REALTOR®'s commission.
- Legal fees.
- Any penalties for paying off your mortgage early.
- GST on the commission and legal fees.
- Your portion of the property taxes.
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