Selling your home can take some preparation and time. Here is an overview of some of the steps. We will go through these in more detail as needed, feel free to reach out at any time during the sales process if you have any questions or concerns.
GETTING READY TO PUT THE PROPERTY ON THE MARKET
- determining the listing price
- determining the appropriate timing to launch the listing
- determining if any repairs and/or staging are required
The listing agreement
Once you decide to put your property on the market and we determine the above steps, we will ask you to sign a seller representation agreement. This written service agreement is also often referred to as a listing contract. The agreement includes the details of the listing, including list price and goes over your responsibilities and obligations as well as ours. The contract is between you and our brokerage Century 21 Nordic Realty. We are representatives of the brokerage.
Scheduling photos/measurements
Around this time we will schedule professional photos and measurements.
Real property report
If you don’t have a current real property report, one should be ordered as soon as possible. We don’t need it to get the property on the market, but it may be required once we receive an offer and it will be needed for closing. (This is not required for conventional condos, but may be required for barehand condominiums.)
Local surveyors for real property reports
McElhanney
www.mcelhanney.com/locations/canmore-alberta/
Tel. 403-678-6363 (surveying)
canmore@mcelhanney.com
Condo documents
If your property is a condominium we will need condo documents for a potential buyer to review. If the property is professionally managed, we can likely get most or all documents from the property management company. If the property is self managed, we may need your help in acquiring the documents.
ONCE THE PROPERTY IS LISTED FOR SALE
Lockbox
We will put up a lockbox for showings. We use a digital lockbox system called Sentrilock. It keeps track of who has accessed the lockbox and for how long. Only other agents who booked showings and people we authorize access to (such as an appraiser or a home inspector) will be able to access the lockbox.
For sale sign
If possible we would like to put up a for sale sign. If you prefer not to have a sign up, please let us know. In certain condos or developments we are not permitted to put up a sign.
Realtor open house
In Canmore every Tuesday morning is realtor open house day, sometimes referred to as a broker’s open. That is the day agents put their new listings on tour for other agents to view the property in person. This will take place sometime between 10am and noon. We will confirm with you the day and time prior to the open house.
Marketing the property
Once we have photos, measurements and a signed listed agreement, we will now begin to market the property.
Showings to prospective buyers
We will confirm with you and/or your tenants dates and times for showings. All potential buyers will be accompanied by us or another licensed agent. It is best that whoever is occupying the home leaves for the duration of the showing.
ONCE WE RECEIVE AN OFFER
Negotiating an offer
When you receive an offer it will detail: the buyer’s name, price, inclusions/exclusions, any terms and conditions that may apply, the desired date of possession and the date/time the offer expires. The buyer should give a deposit with the offer as an act of good faith, the deposit will typically sit in the Century 21 Nordic Realty trust account.
You can respond to the offer in one of three ways: accept, reject or counter the offer. Typically this will all be done in writing. The seller and buyer may go back and forth several times to negotiate the final terms and conditions of the sale. Until the offer is accepted by both you and the buyer, either one of you can walk away from negotiations for any reason.
We will communicate with the buyer or their agent on your behalf during the negotiations. Don’t hesitate to ask questions during this process. Once the offer is agreed upon and signed off by you and the buyers, then it is a binding contract.
ONCE THE OFFER IS ACCEPTED
Condition period
During this period the majority of the work is in the buyer’s hands.
If the buyer is going to do a home inspection, they will typically hire a licensed inspector to go through the home. We will confirm with you the date and time prior to the inspection. Should they make any requests for any repairs after the inspection and should you agree to those repairs, those terms will need to be acknowledged by both you and the buyer in writing.
The buyer and their agent may ask for access to the property for other reasons during the condition period, such as taking measurements or taking through contractors for the purpose of getting quotes for example.
ONCE THE OFFER GOES FIRM
Waiving conditions
Once the buyers have completed their due diligence they will submit a waiver of conditions to firm up the sale. A second deposit may also be due at this time. At this point, any deposits we have are nonrefundable should the buyers not be able to close the purchase at possession.
If for some reason the buyer is not satisfied with their due diligence, they may walk away prior to the condition removal deadline and will submit a non-waiver. In this event, the initial deposit is fully refundable to the buyer.
Engaging a lawyer
If you haven’t already, this is the time when you will need to engage a lawyer to handle the closing. They don’t need to be based in Canmore, but need to be licensed in Alberta. If you don’t currently have a lawyer, we can make some recommendations.
Our office will transfer all relevant purchase documents to your lawyer as well as the buyer’s lawyer along with the balance of the deposit that has been held in our trust account.
You will need to meet with your lawyer prior to possession day in order to sign transfer documents and go through a few other steps. If you are out of town or travelling during this period, please let your lawyer know about this early in the process.
Utilities and Insurance
Any utility accounts or insurance you have on the property should remain in place until possession day.
Cleaning
It is not vital, but can be helpful to have the property professionally cleaned after you move out. At times the buyers may have this as a term in the contract, in which case we will need cleaning receipts prior to possession day.
POSSESSION DAY
Walk through
The contract states that the seller is to hand over possession of the property by noon on the date of the closing.
The buyers and their agent will likely request to do do a walk through prior to noon on possession day. This is standard practice and is likely to be in the purchase contract as well. The purpose of the walk through is to ensure that the property is in the same condition as when it was viewed. It is common for buyers to test appliances to check that everything is in normal working order. If there were any specific repairs that you agreed to complete prior to closing, they will check to see if the work was completed.
Key transfer
Once the buyers complete the walk through, they will contact their lawyer to give the go ahead to release funds. Once your lawyer receives the money, we will transfer the keys to the buyers and you no longer own the property.