Selling a Property

🏡 1. Decide to Sell

• Determine why and when you want to sell

• Consider market conditions (ask a professional)

📋 2. Hire a Real Estate Agent

• Sign a Listing Agreement (typically a REALTOR® uses an OREA Form)

• The agent will help with pricing, marketing, negotiations, and legal compliance

🧾 3. Prepare the Property

• Clean, declutter, and stage the home if necessary

• Make necessary repairs or upgrades to increase appeal

• Get a pre-listing home inspection (optional but can help avoid surprises)

💰 4. Set a Listing Price

• Based on a Comparative Market Analysis (CMA) completed by your agent

• Price affects how quickly the home sells and how many offers you get

🛠️ 5. Market the Property

• MLS listing, photos, video tours, open houses, social media

• Agent handles most of this if you're not selling privately

✍️ 6. Receive Offers & Negotiate

• Buyer submits an Agreement of Purchase and Sale (APS)

• You can accept, reject, or sign back with changes (counter-offer)

🔎 7. Fulfill Conditions

• Common conditions: home inspection, financing, sale of buyer’s home

• Conditions have a deadline (usually 5–10 business days)

• If conditions are met, the deal becomes firm

🧑‍⚖️ 8. Hire a Real Estate Lawyer

• They review the offer, handle title transfer, mortgage discharge, and legal closing

• They also handle adjustments (e.g. property taxes, utilities)

📦 9. Closing Day

• Buyer’s funds are transferred to your lawyer

• You hand over keys, and the title is legally transferred

• Lawyer pays off your mortgage and other closing costs, and you receive the net proceeds

💸 10. Post-Sale

• Cancel utilities, forward your mail, notify service providers

• Report the sale on your taxes (especially for non-principal residences)

⚠️ Key Considerations:

• Capital Gains Tax: Only applicable on investment or secondary properties

• HST: Usually not applicable on resale homes, but check if you made substantial renovations

• Disclosure: You must disclose known defects (latent defects)