And the role your real estate lawyer plays to ensure it goes off without a hitch.
Are you looking to sell your home in Durham Region? If you are unsure where to begin when it comes to selling your property in Port Perry (Scugog), Uxbridge and the rest of the Durham Region, this is the article for you. We’ve broken the selling process into four phases, so you know exactly what to expect when selling your home.
Phase 1: Marketing
The very first step of selling your home in Durham Region is determining the optimal time to do so. For some, you may not have this luxury; you need to move for work, for financial reasons or because you already bought another home.
If you are able to sell on your own timeline, we recommend meeting with a real estate agent as soon as possible. A real estate agent has the industry expertise needed to determine the best time to sell your home. Depending on if it’s a seller’s market and there’s a lack of inventory, it could be more advantageous to get your home on the market sooner rather than later. In a seller’s market, it is easier to control pricing and terms.
In many ways, the time of year and type of property will also have a say on your selling timeline. For example, fewer people like to move around the winter holidays and homes tend to show better in the summer and fall.
After this first step, your real estate agent will work with you to build a marketing plan for your property. This could include everything from getting the home stage and scheduling photography/videography, to planning an open house.
Phase 2: Offer Stage
Once your home is on the market, it’s time to get ready to review offers. In some cases, your real estate agent may strategically hold off on accepting any offers until a certain date in hopes of receiving multiple offers, which could create a bidding war. Offers are typically received through your real estate agent; however, if an offer is received privately, it is even more important to meet with a real estate lawyer to ensure your best interest is protected. To learn more about private sales, click here.
When offers are received, an offer review meeting with your real estate lawyer is recommended to ensure the title is ready to sell as well as you are aware of the risks involved in your sale. At this stage, title issues are identified. As a seller, you want to be weary about giving representations and warranties about your property unless you know that they are 100 percent true–any doubt, do not agree or speak with your lawyer about the risks of agreeing to the clause. If you are not the only owner of the property, as is the case with most properties, have it stated “To the best of the seller’s knowledge” for the time that you owned the property.
Another common misconception is that if there is no condition on financing, then the offer was a cash deal. However, when it gets closer to closing, often the buyer ends up obtaining financing and may require an extension to the closing date. It is difficult to confirm that you have received a cash deal, however, the larger the deposit the more likely the buyer has the funds to close a cash deal.
Phase 3: Pre-Closing Stage
During the next phase of selling your home in Durham Region, a Client Service Representative of our firm will reach out to collect information: line of credit information, tax information, title documents, surveys, a water test, warranty, full sets of keys, bank information for sales funds and depending on the contract there may be other documents required. For example, if appliances are rented, the rental information will be needed. Similarly, depending on how property is heated, the rental agreements that need to be assumed will be required for the pre-closing stage. To learn more about the title issues that you may face as a seller, click here.
During this stage, you will be required to set up an appointment (whether in person at our Port Perry location or virtual through our Contactless Closing) to prepare closing documentation.
Phase 4: Closing Day
On your closing day the buyer’s lawyer, along with the banks, will be contacted to confirm funds have been received. Once the funds and documentation is confirmed (and any missing documents are requested), there will be a release of the transfer for registration with the buyer and then all funds and keys can be released.
Clients commonly ask when will their deal close? The closing occurs as soon as the above is completed at which time your Client Representative will call and advise you of your successful closing. This means your deal could be closed before noon on closing day, or if the buyer’s lawyer does not deposit funds until later in the day then it could be closer to 5 o’clock. Every transaction is different, however, with the guidance of your Client Representative we will keep you informed every step of the way.
At Titlers Professional Corporation, we utilize Our Unique Process alongside our Client Service Representatives to ensure you are fully informed from offer stage through to closing day–all of which can be done in the comfort of your own home through Contactless Closing. To learn more about the experience working with our team, click here for Client Testimonials. If you’re looking to buy a home in Durham Region, check out the steps and timeline you should expect here.