Process of selling real estate in the Halifax area
1) Decide upon a Realtor. We hope you will consider us for the job.
2) Decide on a listing price and terms:
A competitive a market analysis compares your home with similar houses in your area or comparable areas that have sold recently, are currently listed now for sale and houses that were listed and did not sell. The theory is that buyers will pay you a similar price for your home at this time that other buyers paid for similar houses. The theory generally works very well.
3 ) Discuss and sign the agency form "Working with an Agent":
Agency law is a very important part dealing with a Realtor to sell your home. You will have an agency relationship with your agent and you should be totally aware of what you should expect. The agent will explain to you this relationship and provide you with a brochure called " Working with an Agent". You will be asked to sign an acknowledgement that you have read and understood this pamphlet.
4 ) Sign a Sellers Brokerage Agreement ( previously called a Listing Agreement):
A Seller Brokerage Agreement is a contract between you and your agent giving exclusive rights to sell your home for a specific amount of time. This agreement sets out important terms such as listing price, length of listing agreement ( usually minimum of 90 days), commission rate, possession date, items included or excluded from the price such as wood stoves, fridges, stoves, curtains etc. and any other terms that might be discussed. The Seller Brokerage Agreement is a very important document. Have it explained completely to you. Note: We give sellers the option to withdraw their listing at anytime without any penalty if they are not totally satisfied.
5) Sign a Property Condition Disclosure Statement:
Upon listing you will be asked to complete a Property Condition Disclosure Statement or PCDS. This form has questions about the condition of the major structural elements of your home such as roof, foundation, electrical, plumbing, insulation etc. You will answer the questions and sign and date the bottom of the form. This form has become standard in Nova Scotia and it is advisable to complete it. However you have the option not to complete it if you so choose. This will bring suspicion upon your property however. Have your agent discuss this with you.
6 ) Provide Proof of Identification:
In June of 2008 the Federal Government, through an agency called Fintrac, made it a requirement for real estate brokerages to obtain proof of identification from sellers and buyers of property. You will need to show a government photo ID such as a driver's license, a health card, a passport or other approved document. Information such as name, birth date, etc are recorded by the agent on a form provided by Fintrac.
7) Marketing plan begins
Once all the paperwork is signed the agent then leaves and begins implementing the marketing plan that was discussed for your home.
Closing and Lawyer Costs for Selling a Home in Halifax
The legal and closing costs for a seller are considerably less than for a buyer. A seller will pay less than $1000 in legal fees to close a property. On top of that they may pay some small legal admin costs. They do have to pay real estate fees but that is not considered a closing cost.
© Copyright Sandy and Judy Hines. 2015