Updated: Feb 17, 2021
Do you want to know how to sell a Canadian house? Just read these tips! Selling a house in Canada is a legal act for the transfer of property rights from the seller to the buyer. In Ontario, property registration is carried out by the Ministry of Consumer and Business Services' Real Property Registration Branch (www.cbs.gov.on.ca), also known as the Land Registry Office.
Determining the price
The most difficult part of selling a house is the determination of the listing price and the most important element of the entire sales strategy. The correct definition of the listing price is the starting point for the property's successful sale. And this parameter 's wrong definition can be a major cause of failure.
In the majority of cases, the value of the property is overestimated by some sellers. This is understandable, because there is also a personal value, in addition to the total market value of their property.
Preparing your house
Start preparing your house by fixing and repairing needs to be done and how to decorate the living and the outside areas. You have to remember that the most important thing is the first impression that your house makes on a potential buyer. Therefore, in your house or apartment, it is necessary to wash it thoroughly and make some repairs so that it looks good.
Do not also forget the issue of serious repairs or upgrades of your home or apartment with caution. An investment may not help you sell your property more quickly, and will not raise its price so that you can win from it.
As long as no one knows you're selling your property, no one is going to buy it. Therefore, an active advertising campaign is one of the main objectives of selling houses. Determine the range of possible purchasers. You need to decide what social group your house would be interested in purchasing. Young professionals and immigrant newcomers who have the funds to buy low-cost housing are more likely to be attracted.
Prepare materials for promotion. It is only half of the battle to send the message to potential buyers about selling a house. You should get the message to them and, above all, impress them.
Negotiations with the buyer
Firstly, an offer is prepared by the buyer. It is prepared in the form of a Purchase and Sale Agreement, wherein the buyer raises the price at which he intends to buy the property and specifies the conditions. You can accept the offer, reject it completely or keep on going to negotiate a price and conditions.
The buyer comes to decide what to accept and what not to embrace. The buyer also can either agree or abandon the idea of purchasing with your updated terms and price, or he could just adjust the contract and offer new terms.
Once terms are agreed to by the parties, they conclude a transaction. The acceptance of the offer shall be concluded in the contract with the exact time and location, up to a minute, and shall be signed in its final form by the party which accepted the terms.
The period of time between the date of the contract and the formal transfer of the rights varies between 60 and 90 days (until the closing date of the deal) and is determined by mutual agreement between the seller and the buyer. During this period, the seller and the buyer must fulfill the agreed conditions, carry out the necessary controls and prepare legal documents.
Once all the terms of the agreement are fulfilled, the lawyers of the parties register the transaction with the Land Registry Office on the closing date and issue a Deed-an agreement that transfers ownership. The buyer becomes the owner of the property after registration of the deed, and the seller receives the amount of money specified in the contract.
As you can see, a huge undertaking involving the largest financial and life decisions you will ever make is selling a home in Canada. Think about whether this is the right time for you to sell? Know what to look for and understand the ins and outs of contract negotiation, in order to choose wisely and secure a good deal today.