Selling a Home with Harvey Slade

The process of selling your home starts with Harvey taking a tour of your home with you and preparing a Comparative Market Analysis of your home for your consideration. Also, preparation of the home for the market will be discussed at this time and included in the CMA. Providing that you are satisfied with the aforementioned CMA, the next step is completing the Listing Agreement. It's a contract between you and Century 21 ABC, the company that Harvey represents. It is 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. Both you and the listing agent sign the listing agreement and each receive a copy. The agreement binds both parties to its terms and conditions.

Generally, in the agreement you appoint the brokerage company as your agent and give its representatives the authority to find a purchaser. The duration of the agreement is indicated, and the compensation is specified. The agreement also sets out the listing price, and accurately describes the property you are selling. That will include the lot size, building size, building style and materials, floor areas, heating/cooling systems, room sizes and descriptions.

This is when you must also decide what you are taking with you and what you are leaving with the house. Generally, unless stated otherwise, fixtures remain with the property, while chattels -- things which are movable -- aren't included in the sale or are negotiable. If necessary, what stays and what goes are listed under "inclusions" or "exclusions." It should also provide information about annual property taxes; and references for any easements, rights of way, liens or charges against the property. Finally, the Listing Agreement indicates the availability of a Property Condition Disclosure Statement. Harvey will discuss this document with you fully.

A big advantage of listing with Harvey Slade is that only a REALTOR is able to place your listing on the MLS^® or Multiple Listing Service ^®, which is the co-operative listing system operated by local real estate boards.

When your listing is placed on the Multiple Listing Service^®, the information about your property is shared with all other REALTORS accessing MLS^®, and all REALTORS have the opportunity to sell your property. This type of cooperative effort will result in Century 21 ABC offering compensation to the selling agent. Your property gains more exposure, because it reaches the majority of the real estate professionals in your community.

Through mls.ca, the national MLS^® Internet website, participating local real estate Boards can also advertise listings to potential buyers across Canada and around the world.

One major issue for anyone selling a property is how much to ask for. Although you may have an idea of how much your house is worth, it's important to have your home valued by a professional on its own merits.

 Harvey has the research and expertise (20+ years)  to provide a market assessment of what similar properties in your area have sold for. He can also provide information on market history, such as the number of properties sold in your community the previous month or year.

Harvey also has a number of marketing tools and options to promote your property. First is the mls.ca web site which attracts hundreds of thousands of unique visitors a month. It shows the details of your home to local, regional and national buyers looking for a property in your community. Other tools used by Harvey in his marketing efforts are local newspapers, real estate booklets, television, Penhorn Mall displays and the very popular Air Miles promotions. 

   In 2006 Harvey introduced  360° Virtual Tours as a standard option to all homeowners wishing to have this very attractive feature applied to their homes advertising at no extra cost to the homeowner. Be aware that over 80% of home buyers start their search on the internet and that number is increasing every day. Harvey has self trained himself to fully complete Virtual Tour Photography. His son’s company, Red Dragon Marketing, is the web hosting provider, thereby allowing Harvey full control of  all aspects of this remarkable technology. Buyers are directed to www.harveyslade.com through advertising and standard links at mls.ca, etc.

In order to give agents with pre-arranged appointments access to your home, you may wish to allow Harvey to provide an electronic lockbox for key storage.

Harvey may also recommend an Open House as a marketing strategy. There are two types: first is an agent's open house, where sales representatives from the listing company will be invited to view your house. If you have signed an MLS^® agreement, other REALTORS may also be invited. Remember, each of these REALTORS may have a prospective buyer.

The second type of open house is a public open house, where members of the public are invited to walk through your home and have a look. It's an efficient way to show your home to many potential buyers at once. The listing agent will act as host, answering any questions.

You and Harvey will pick the time and date for an open house. It's also a good idea to ensure that any valuables are put away in a safe location, then leave while the open house is underway.

Needless to say, clean counts with open houses. A general rule is that clean, uncluttered and well-lit spaces look larger and more attractive. People will naturally want to buy a house that is clean and well cared for.

Sometimes a home doesn't sell right away….be persistent! Generally, there are three reasons why a home may not sell as fast as others. First is location; second is condition; third is the asking price.

Naturally, you can't change your home's location, but you can fix 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. It may be time to adjust the price of your home.

Review your selling strategy regularly with Harvey: Is your house being shown regularly? Are you receiving the feedback from prospective buyers? Are you in touch with the marketplace? Is your property competing well? If not, what else can you do?

Once a buyer is found, you'll be receiving an offer that will detail how much, specify any conditions that may apply or be attached by the buyer, say when the buyer would like to take possession, and when 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 comes part-way to meeting the offer's conditions. 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 subject to the terms and conditions contained therein. Make sure you understand and agree to all of the terms in the document. You may want to have a condition in your offer providing that your lawyer review the agreement within a few days of acceptance and it’s content be to his/her satisfaction.

Before closing, especially if the buyer makes it a condition of sale, you may be asked to provide a current survey, if available, or a plot plan showing the location of the house is on the property owned by you and that there are no encroachments. You will also have to prove that you have 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, you may also be asked to provide a certificate for a well or septic system, stating the system meets local standards.

The buyer will most likely make the purchase conditional on an inspection by a qualified inspector and that inspection to be satisfactory to them.. Harvey advises all vendors not to consider the negotiations over until the inspection is completed and declared satisfactory by the buyer.

Then on or before closing day, lawyers representing you and the buyer will set up a trust account for the money coming from the sale and will pay off any mortgages you owe on the property. After these are paid, you will receive any money you have coming from the sale. You must deliver the property deed or transfer documents, mortgage details and keys to your lawyer. Your lawyer will register the mortgage discharge and transfer the deed at closing,

Your lawyer should also ensure that you receive compensation for prepaid expenses such as, property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank. Some lenders will make it possible for your mortgage to be portable, so you can take your mortgage with you when you move to your new home.

Here, your responsibilities under the listing agreement end. You'll have paid your listing agent the agreed-upon compensation. This can be done by your lawyer who can arrange the payment from the proceeds of the sale.

(Note: The comments contained in this document are for information purposes only and do not constitute legal advice.)