The Process of Buying Property

Kitchen and Bathroom

Put extra emphasis on your kitchen and bathroom. Replace moldy shower curtains and clean mold and mildew off of bathroom tiles. Caulk if necessary. Repair leaky faucets and replace cracked toilet seats. Ensure that the toilet flushes properly. Make certain that the drains are unclogged. Everything should sparkle — faucets, floors, counters, mirrors. What can be cleaned should be!

In the kitchen, clean the stove and refrigerator organize the cupboards and wash the floor. Make certain your appliances work. Wipe the walls, touch-up paint or re-stick wall paper if necessary. Clean the sink and ensure that it drains properly and the faucet doesn’t leak. (When your home is shown, make sure there are no dirty dishes in the sink and don’t forget to take out garbage!)

Floors and Stairs

Check your floors and stairs for anything that needs to be repaired or replaced. You are able to remove and replace damaged tiles individually, and there are plenty of DIY fixes available at your local hardware store.

Doors and Windows

Exterior windows and doors quickly get a weathered look from exposure to the Canadian climate. Consider repainting any surfaces that appear faded or damaged. Also, review your interior window trim to see if a quick coat of paint can resolve any scuffs and smudges.

Basement

If your basement is finished, tidy it in the same manner as the rest of your home. An unfinished basement is an opportunity for you to showcase the potential your home has to a potential buyer. If you currently use your basement as a storage area, organize any clutter and store boxes neatly to best showcase your home.

Clutter

An organized and clean home will appear larger. Ensure that clutter is not just hidden, but organized is the best approach. Buyers will look in drawers, cabinets and closets. Hiding the clutter in those places will make them seem smaller and overcrowded.

What Your RE/MAX Agent Will Do For You

Before photographs are taken of your home your RE/MAX agent may give an impartial analysis of you home. This will include a detail on how your home relates to “competing” homes on the market while considering current design and trends that attract buyers.

To assist in selling your home your agent will market your home using a variety of tools. The Multiple Listing Service (MLS®) is the primary tool for all real estate agents. This service allows for your home to be marketed on a wide number of sites including remax.ca. The MLS® allows all buyers to view your listings, as well as other agents who are trying to match buyers with homes. Your agent may also choose to supplement internet marketing with classic newspaper advertising, and of course a For Sale sign outside your home.

Arrange Showings

Your agent may arrange an open house to showcase your home on a single day. This allows for multiple potential buyers to view your home in a short period of time. Your agent will act as their guide through the home while informing them about the neighbourhood, and attributes of your home.

Potential buyers can arrange a viewing with their buyer agent. The buyer agent will arrange a time with your agent, who will confirm the time with you. These kinds of arrangements may give you a little time to tidy your home. Keep in mind you can always reschedule and suggest a better time to have your agent show your home.

Discuss with your RE/MAX agent your minimum conditions, acceptable closing dates, and the lowest price you’ll accept from a potential buyer. Let your agent know of any additional items that you are willing to offer as leveraging power. With this information your agent can work with the potential buyers’s agent to create an offer that will be acceptable to you.

The Seller’s Viewpoint

Buyers interested in your home will submit an offer to your RE/MAX agent through their agent. Your agent will review the offer with you to ensure that you understand all the conditions. Before you accept or sign back the offer, you may wish to clarify the offer with your RE/MAX agent and if you have any further concerns you can have the agreement reviewed by a lawyer.

Your offer will contain:

The names of the potential purchaser
Your name
A description of the property
The conditions they wish to attach to the purchase
- Closing date
- Home inspection
An irrevocable date
Possible mortgage details

Remember that the offer you receive will also include funds that you are to pay for such as your lawyer, real estate agent comission, the balance of your mortgage and outstanding taxes. Some utilities and taxes will have been prepaid, meaning you’ll have some additional funds.

Your Lawyer

Here’s what your lawyer will do to assist you in making the sale of you home hassle-free:

Review the purchase agreement
Prepare transfer of title documents and inform the purchaser’s lawyer
Review mortgage transactions
Close the transaction
Pay the appropriate commissions
Pay outstanding claims against the property
Arrange for the mortgage to be paid (if necessary)
Forward the balance of the money from the sale to you
A complete statement reporting all transactions

Evaluating the Offer

Decide on the lowest acceptable price before you receive the first offer. When you receive the offer you will be able to take into consideration the price, as well as the other terms that the purchaser is requesting. Carefully look over all terms and conditions with your agent to ensure that the offer is understood. Any questions about the proposed offer can be clarified through your agent.

Accepting the OfferOnce you’re satisfied with the terms and conditions of the offer, you can accept it. The purchaser will pay a deposit to solidify the agreement. The deposit will be held and when the deal is closed it will be applied to the commission owed.

Congratulations! The closing of your home means that you’ll be busy packing up your belongings and ensuring that you have all your arrangements made to move into your new home. Anything you agreed to sell in the offer you accepted must be left behind in the same condition at the time of sale.

If there is any major change in the state of the home or other items agreed upon, you are responsible to tell the purchaser, at which point the purchaser may walk away from the deal and have the deposit returned. The purchaser may also choose to close and collect any insurance proceeds. In the event of this, don’t make any repairs without knowing what the purchaser would like to do.

The Closing

Once the agreement is signed you and the purchaser are under legal obligation to close. If you decided not to sell your home, the purchaser has the right to sue.

If the purchaser decides to walk away from the deal, you can claim the purchaser’s deposit or sue for damages.

Chances are you’ve already bought your new home, or are in the process of looking for one. If you need assistance with the home buying process, check out the Buyer’s Guide for more details on finding the best home for you!

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For more information contact:

RE/MAX P.A. Realty

2730A-2nd Ave W

Prince Albert, SK S6V5E6

306-763-1133

by RE/MAX Realty Guide

The Process of Buying Property

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