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==Before you sell: what is your home worth and what should it sell for in today’s market?==
One way to find out is to get a professional appraisal. This will give you a value for your home based on what comparable homes in your area have sold for and on what it would cost to replace your home. The charge will vary with the appraiser , but is often between $200 and $750.
Another way to learn the value of your home is to contact several reputable real estate agents who do business in your area. They will look at your house and, for no charge, tell you what price they would list the house for and what they’d expect it to sell for. But Remember that realtors are not professional appraisersand it is often advisable to seek a professional appraiser’s opinion instead where greater certainty is desired. This, so there are limits on how however, will require that you can use their reportspay the appraiser a fee.
==Do you need a realtor?==
You may decide to try selling market and sell your house home by yourself but, especially in a difficult market, though most people prefer to have a professional do the job. If you decide to use a realtor, pick someone you trust and who you are comfortable with.
==Should you have a lawyer?==
Selling and buying a house is complicated. The and the potential for disaster is great – one great—one mistake could cost a lot. As well, there are risks or result in real estate, and when selling months or buyingyears of stressful litigation. Further, you should be careful. There there are many possible types of real estate fraud. To and to protect yourself, you should use hire a lawyer. Likewise, instead of trying to do it yourself. Consult you should consult a lawyer before you sign a listing agreement with a realtorto ensure the terms being sought by the realtor are accurate, fair, and legal.
==What is a listing agreement?==
It is the contract between you and your real estate agent with the terms for selling your house. Today, most listing agreements for residential sales are standard standardized forms from the local real estate board and are multiple listing agreements. A multiple listing agreement means your agent can advertise and show your home to realtors in their own agency plus realtors with other agencies. This allows many potential buyers to learn about your home. Many agents prefer that the agreement continue for a 3-month term, but you might want can also choose to list your home for a shorter timeperiod if you desire. If your house doesn’t sell within that time, you can always either extend the term of the listing agreement or change agents.
==What do you pay the agent?==
==Do you have to pay the commission even if the agent doesn’t sell your house?==
Normally, your agent is entitled to a commission when a buyer – who buyer—who is ready, willing, and able to buy your house – signs house—signs an offer to purchase, and you accept it. Sometimes, even if the transaction falls through, depending on the listing agreement, you may still have to pay a commission. You may also have to pay the commission if you sell the house yourself while the listing agreement is active, or even after the listing agreement has expired – if expired–if the agent had previously shown the house to the buyer or was the effective cause of the sale. For these reasons, it is helpful to consult a lawyer during the process of selling your home.
==Do you have a mortgage on your house?==
If you have a mortgage on your home, you will have to contact the bank or , credit union , or other lending institution that holds the mortgage – before you sign a listing agreement with a realtor – . This is done to find out certain important information, such as:
*How much do you owe on your mortgage?
*Can the buyer assume (or meaning take over) the mortgage? If so, will the buyer need to have a certain income to qualify?
*Can you pay off the mortgage? If so, is there a prepayment penalty? Sometimes a lending institution will waive the penalty if the buyer takes out a new mortgage with them, or if you take out a new mortgage with them.
*Get the answers to these questions in writing to avoid any unpleasant surprises later on.
==What happens after you sign the listing agreement?==
If someone offers to buy your home, your agent will bring you an offer to buy. It is usually written on a standard form provided by the local real estate board. Read all the fine print. Every word is important. You should have your lawyer check the offer before you sign it. Once you and the buyer sign the offer, it is a binding contract of purchase and sale.
Before you sign an offer, discuss with your agent anything in it that you don’t like and write in your own terms instead. It then goes back to the potential buyer as your counteroffer (it’s actually considered to be a new offeraltogether) and becomes the contract of purchase and sale if the buyer accepts your counteroffer.
==What Which things in the house are included in the sale?==When someone buys your house, all the things that are “fixtures” go along with it, unless you and the buyer agree otherwise. The definition of defining a fixture can be tricky. But difficult: generally, a fixture is anything that’s attached to the house so that to the point where its removal would damage the house or require some repair. The bathroom sink is an obvious example. So , as is the crystal chandelier in the dining room. As objects like chandeliers are sometimes items that home owners are interested in taking with them following the sale of their home, so if you want to take it with you, make sure is important that these fixtures are explicitly excluded from the contract with the buyer makes that clearof purchase and sale. Better yet, before you put the house up for sale, replace the chandelier with a simple, inexpensive fixturereplacement. The washer, dryer, fridge, and stove aren’t fixtures, but you may be able to use them as bargaining tools if the buyer wants them.
==What are “subject to” clauses?==
They are conditions that have to be met before the deal to buy your house proceeds. Common ones include the buyer getting financing (for example, a mortgage) and the house passing an engineering inspection. If you get an offer that is subject to the buyer getting financing or any other condition, make sure the buyer has only a short time to remove the condition. Your home may be off the market for the time it takes the buyer to remove the condition, so and you will likely want to keep it that period short.
As well, the “subject to” clause should be very specific. Don’t accept a general clause that says just , such as “subject to buyer obtaining satisfactory financing.” If the buyer changes their his or her mind, all they have the buyer has to do to get out of the deal is to say they he or she couldn’t get satisfactory financing. Instead, put details in the clause about the interest rate, the principal amount, monthly payments and so on, as well as the deadline for when the buyer must remove the clause. Again, a lawyer who practices real estate law can be helpful in this process.
==Summary==
First, get a realistic idea of your home’s market value. Then , then choose a realtor you trust. Read the fine print of your listing agreement and the offer to purchase very carefully. If you have any doubt, especially about the offer to purchase, have a lawyer check it over before you sign.
==More information==
For more information on house mortgages and financing, check script [[Mortgages and Financing a House Purchase (Script 408)|408]], called “Mortgages and Financing a House Purchase”. For more information about the contract of purchase and sale, check script [[Buying a House (Script 406)|406]], called “Buying a House”.
As well, read the booklet called “[http://www.recbc.ca/consumer/sellinghome.html Selling a Home in BC Information Booklet]” prepared by the Real Estate Council of British Columbia. For a free copy, call 604.683.9664 in Vancouver or toll-free 1.877.683.9664 elsewhere in BC. Or go to their website at [http://www.recbc.ca www.recbc.ca] and click on “Consumer Info” and then “Publications”.
[updated February 2013April 2015]