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What forms are needed when buying or selling a home?

What forms are needed when buying or selling a home?

When it comes to buying or selling a home, there are a few important documents that will come into play during the process. Some of these forms include pre-written clauses that your realtor will discuss and explain to you. Due to the nature of these contracts, be sure to read them thoroughly and always, always ask for clarification if needed.

Seller Representation Agreement (Listing Agreement): The listing agreement serves a number of functions. It establishes the relationship between the brokerage (and real estate representative) and the seller, it outlines specifics about the property for sale and it explains the services that will be performed and remuneration agreed upon. A Data Input Form will also be completed, describing the property in more depth i.e. legal description, age, room dimensions, zoning, etc.

Seller Property Information Statement (SPIS): Completing this form is optional for sellers. This form expands on information already provided about the property for sale, including items like restrictive covenants, known easements, details about past renovations, moisture issues, etc. If a SPIS has been provided by the seller, the salesperson should inform potential buyers of its existence. It is important to note that the SPIS is not a warranty or guarantee for buyers and should not replace a home inspection.

Buyer Representation Agreement: This agreement is an authority granted by a buyer to a real estate brokerage to act on his or her behalf during the purchase of a property. It outlines and explains the responsibilities of both parties and the commission arrangement. While a realtor in Ontario is required to complete the agreement and submit it to the buyer before any offer is made, the buyer is under no obligation to sign it.

Agreement of Purchase and Sale: An agreement of purchase and sale is like a conversation in writing that expresses the buyer’s wish to purchase a property and the proposed terms of sale. It only becomes legally binding when everything is mutually agreed upon and signed by both parties. Commonly referred to as an offer, this document summarizes the terms that the buyer is seeking. Items always covered in the agreement of purchase and sale will be deposit amount and sale price, conditions, chattels and fixtures, completion (closing) date, etc.

While the exact forms may vary from city to city across the province, the fundamental concept behind each is the same.

10 tips for selling your home in the New Year

10 tips for selling your home in the New Year

Welcome to 2017! Now that the holiday season is behind us, you might be thinking ahead to a spring sale. How exciting! When it comes to real estate, making a great first impression is key, so it’s never too soon to start preparing your home for the market. A few basic elements can help you sell your home faster. Here are 10 tips for making your home more attractive to potential buyers, before and after it’s listed.

 

1. Ensure everything from the sidewalk to the backyard is as clean, tidy and clutter-free as possible. Begin packing away personal items. Most buyers will make a decision whether to look at your home based on a few online photos, so wow them from the get-go!

2. Make sure your house smells as clean as it looks.

3. Consider making an appointment with a home staging consultant.

4. Complete any necessary repairs and repaint high traffic areas as needed. Things like broken faucets, missing light fixtures or holes in the drywall will give the impression your home is not well cared for.

5. If you’re swamped with work, kids and other responsibilities, hire a cleaning agency for a few months to make sure that your house is sparkling and ready for every showing.

6. Be reasonable when deciding on your price. Trust your realtor’s judgment and the comparables.

7. Once your home is listed and on MLS, check your online ad for any errors.

8. Do your best to work with prospective buyers. If they want to come and view your house at 8 a.m., make it happen!

9. Be flexible if a realtor shows up with prospective buyers and no appointment. Mistakes and miscommunication sometimes happen and buyers will understand if a few things are out of place.

10. Finally, make sure you are ready to purchase your new home! Get pre-approved and start looking at homes on the market in your price range. If an offer comes in with a short closing date, you’ll want to be ready move forward.

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