If you live in Canada and want to sell your house but have been thinking about the best way to do it, give some thought to selling house privately.
From the unreasonable commissions charged to the bureaucratic labyrinth that stands in the way, you don’t stand to gain much by going the traditional way, that is, by employing the services of a real estate agent.
According to recent data, real estate fees and commissions rose by 79% in 2021 and are expected to grow in the future. In Alberta, you need to pay the realtor 7% on the first 100,000$CAD and 3% on the remaining price of the house. Hence, the best way for you is to sell your property privately. However, before you do that, it’s better to be well-informed about a few things.
Find out if you need a lawyer while selling your house privately
It is vital to know whether you can finalize the sale of a property in Canada only with the involvement of a lawyer. Selling a house has various legal aspects attached to it, and you will need the resources and expertise to help you with the process. For example, in the province of Ontario and Calgary city, you will have to hire a lawyer while finalizing a sale.
Arrive at a price only after thorough research
Since you will be selling your house yourself, you will have to research the market thoroughly before determining the final price of your home. One of the ways of doing this is checking the neighbourhood and community where similar sales are taking place.
Find out about the real estate market in your area before deciding how much you want for your house. Another non-conventional way is looking for houses that have not been sold for a long time and avoiding the same pricing mistakes.
Ensure that your property is in top-notch shape
Your house will leave a lasting impression on the buyers if they find it in excellent condition. Some ways of doing this are decluttering, cleaning the yard, applying a fresh coat of paint, ensuring that the kitchen, cupboards, and other areas are organized, and keeping everything looking fresh and tidy.
You should also ensure that you are available for private showings, including Saturdays and Sundays.
Things to consider while receiving offers
Sooner or later, you will start receiving offers. It is advisable not to accept one in a hurry. Take your time, as you will be making one of the most important decisions of your life.
Also, while going through an offer, you should remember a few things like the down payment amount, closing date, inclusions and exclusions, and the offer acceptance date.
What to do after you have accepted the offer?
Since you will be hiring a lawyer to do your paperwork and attend to all the legalities involved, there are some things you should remember yourself.
After reaching an agreement, exchange your and the buyer’s lawyers’ names and contact information. Get the sales and purchase agreement details prepared by the buyer’s lawyer and show them to yours. If your lawyer is satisfied with the points mentioned, then you can go ahead.
Selling your house privately in Canada is not that complicated or daunting. After you become familiar with the process and remember some things like the ones mentioned above, you can become a confident seller in your own right.