On the closing date, your lawyer receives and distributes the proceeds of the sale, refunds your mortgage and other expenses and gives you a cheque on the net proceeds. Congratulations! You should be glad that all your work was worth it. We hope that these ten steps have helped to make things easier. You`ve probably already used the proceeds of your sale to buy your nearest property. A very smart move, indeed, because, as you know, residential property is one of the best long-term investments you would ever make. In real estate, timing is not everything, but it affects the selling price of your home. Let`s see if the timing can be done for you. A sales and sale contract is a written contract between a seller and a buyer for the purchase and sale of a particular property. In the agreement, the buyer agrees to purchase the property at a specified price, provided a number of conditions are met. The process begins when the buyer makes an irrevocable offer for a certain period of time. In the absence of counter-offers, the contract becomes a legally binding agreement if the offer is accepted by the seller within the time allotted by the buyer.
On that date, the contract cannot be terminated unless the buyer and seller agree. Source: OREA (Ontario Real Estate Association) www.howrealtorshelp.ca Some repairs are absolutely necessary, such as a roof leak or a basement. Nothing kills a sale faster than signs of water damage. If there is an uncertain electrical problem, you must also remedy it, for the sake of the sale and the safety of the buyer (not to mention yours). State report. Is this a buyer`s or seller`s market? If there are a lot of people looking for houses, but not a lot for sale, it is called the “sellers market” because the seller has something that everyone wants. If there are more homes for sale and there are not many people buying them, it is called the “buyer market” because buyers have more power of choice. A REALTOR® is the best person to discuss it. Business offer to buy: As a general rule, prefer yourself, as this means that the buyer is willing to buy the house unconditionally. Most standard form agreements start with some basic information about the buyer, seller and property in question. There will also be an area to record the purchase price offered by the buyer and the down payment that the buyer pays to the seller`s real estate agent, relying on the seller. The exact date and time at which the offer is open (and irrevocable) are also indicated.
It`s usually a few hours or a few days. If the offer to purchase the property is not accepted by the seller before that date, it becomes invalid. Traditional media. Your REALTOR® can choose one or the other of the following: Small ads in the newspaper (often with a photo), ads in REALTOR® magazines, real estate offers on cable TV and good old-fashioned post. Neighbourhood posters are still incredibly effective.