SELLING/BUYING YOUR HOME:

Part One: Selling your Home      Part Two: Buying a Home

Part One: Selling your Home

Maybe you're buying a home for the first time. Or maybe you're selling your old home to move up to something new. Whatever the reason, the buying and selling process is a big event. It's an intricate process involving many specialists. Debs team are specialized in making the transfer or purchase of your home as easy as possible.

We have our fingers on the pulse of the housing market and are in daily contact with clients interested in selling and or buying real estate.

We will look at your real estate needs; create an effective marketing and purchasing plan; protect your interests and to look after details, and all the while, you're an active partner in the process.

There's no great mystery to buying or selling a home: just a lot of hard work. We'll take some of the worry out of the process; and, at the same time, build your understanding of how as REALTORS perform a key service.

When you list your property with our team details automatically go into that board's MLS® catalogue or listing sheet. The Real Estate Boards maintain MLS® computer databases, accessible via PCs. We use these systems to conduct computer searches of properties for prospective buyers.

The Multiple Listing Service® has been called the strongest real estate marketing device in the world. For example, in 1995, 262,553 homes worth nearly $40 billion were sold through MLS® systems

How can the MLS® System Help Sell My Home?

Complete details of your home are sent to all the REALTORS in your area, usually within 48 hours, via modern technology; Your property gains more exposure, because it reaches the majority of the real estate professionals in your community; and, Through mls.ca, the national MLS® Internet website, participating local real estate boards can advertise their listings to potential buyers across the country and around the world.

Completing a Listing Agreement

What is a Listing Agreement?

• It is a contract between you and the brokerage company that the agent represents.
• It is a framework for subsequent forms and negotiations.
• It's important the agreement accurately reflects your property and clearly spells out the rights and obligations of all parties and what is included and what is not included in the deal.

The Fine Print

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.
• The compensation is set out (Generally, you pay this only upon closing or when the house changes hands).

The agreement also:

• Sets out the listing price.
• Describes the property you are selling - lot size, building size, building style and materials, floor areas, heating/cooling systems, room sizes and descriptions.

Here you 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. If necessary, what stays and what goes are listed under "inclusions" or "exclusions."

And finally, the agreement gives the financial details:

• Mortgage balance.
• Monthly payments.
• Due dates for all mortgages.
• Annual property taxes.
• Any easements, rights of way, liens or charges against the property.

Setting the Asking Price

Although you may have an idea of how much your house is worth, it's important to have your home valued and a comprehensive market evaluation will be prepared for you.

We are careful not to price yourself too high or too low. If it's too high, there's no sale; too low and you lose on your investment.

Marketing Your Home

Open Houses

There are two types:

An agent's open house, where we will have 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.

A public open house, where we will have potential buyers invited to walk through your home. It's an efficient way to show your home to many potential buyers at once. As your listing agent we will act as host, answering any questions.

We work together to pick the time and date for an open house. In order to give us access to your home, you may wish to keep a key at our office, or in a lockbox.

It's a good idea to:

Leave before the open house begins and to return after it ends; and put away any valuables in secure locations.

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.

Other Tools

As your agent we also have other tools at our disposal:

The "For Sale" sign on your front lawn. This is how most buyers find homes. Your lawn sign is a "silent salesperson," constantly telling everyone that your home is for sale.

Advertising your home in the real estate section of your local newspaper or in your local real estate board publication. Even though your home may not be shown in every issue, you can count on us as your agent to always suggest your property to buyers who are looking for a home like yours.

Renewing the Listing

Sometimes a home doesn't sell right away. Avoid the urge to pull your home off the market... be persistent! Generally, there are three reasons why a home may not sell as fast as others:

• Location.
• Condition.
• 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 that have sold. It may be time to adjust the price of your home.

The Offer

The offer outlines:

• How much the buyer is willing to pay.
• When the buyer would like to take possession.
• Any conditions attached to the offer.
• When the offer expires.
• As an act of good faith, the buyer will make a deposit with the offer. A good deposit will often show the buyer's sincerity.

Along with this, the buyer may:

• Attempt to "low ball" you, and submit an offer much lower than your asking price; or;
• Attach conditions to the offer.

You don't have to accept the offer. You may wish to make a counter offer that comes partway 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.

Closing the Sale

On or before closing day, this is what happens:

The lawyer or notary 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; and,

Your lawyer or notary will 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.

Finally, two things to remember:

· the capital gain from selling your home is tax exempt. This means the profits from selling your home are not taxable; and,

· protect your investment and the deal by keeping your insurance policies in force up until the date of closing.

Here, your responsibilities under the listing agreement end. You'll have paid your listing agent the agreed-upon compensation. Your lawyer or notary who can arrange the payment from the proceeds of the sale can do this.