Selling a House In Toronto

October 18, 2010

Selling a house can be a rewarding and challenging experience. This is especially true to those that are selling their house for the first time and do not have the necessary skills and know-how about the legal aspects or how they should approach the incoming demands. Despite the challenges selling a house in Toronto can be relatively easy if you follow the steps below.

Price Determination

Before you advertise your house, you will have to know how much you are willing to sell it for. You will get many offers and this is part of the reason why having a certain limit will allow you to maintain focus and not get tossed and distracted from your financial aim. Study the housing market in your neighborhood to see how you can price your house according to the houses that you are able to see from the free MLS listing online. Look at features such as: number of bed rooms, bathrooms, types of kitchen, yard space, and finishes to set a reference line on which you will sell your house. If you are selling a commercial office then you will look at the area that is covered, special installations, finishes, floor number and much more.

Hire  a Realtor

If you do not have any knowledge about selling a house and would not know where to start to prepare legal documents or how to go about interviewing potential buyers then it is best to hire a Realtor. A Realtor will help you to place your house in the MLS listing, guide you about pricing, interview potential buyers, answer any question that you have about your transaction and ultimately close the transaction. In other words, he or she will be responsible for ensuring that the real estate transaction runs smoothly. You will need to present the following documents:

  • Records of Tax Assessments and Tax Payments
  • Financial Records
  • Property Listing

Prepare Your House

If you are selling an old house then ask a Interior Decorator/Realtor  in the area to give you his or her opinion about the latest trends that people are looking for in houses. Chances are you will have to make adjustments to the kitchen, bathroom, living area ans back yard to transform your home into some where that is warm and inviting. A warm and inviting home with functional features are the characteristics that people are looking for when they buy a house. Look at your house  from across the street and ask yourself: would I buy this house if I were looking for somewhere? Make the necessary renovations to give your house a new look and feel that is according to trend and what is present in your neighborhood.

Advertise Your House

If you decide to skip the services of a Realtor in Toronto then you will have to advertise your house yourself. You will have to establish a marketing strategy that allows you to reach an interested public with the house that you want to sell. Advertising can be done either offline or online and you will also have to keep check of each method to see if it was worthwhile to use it. This information will be useful if you decide to cut advertising costs and want to know which advertising method has been least effective in getting people to know about the fact that you are selling a house.

Interview Potential Buyers

You will get demands when you are selling a house and you will have to be prepared to entertain the many people that will come in and out to see what you are offering. When you believe that you have found a potential buyer, then spend the time to interview him or her and conduct the necessary checks to find out more information about his or her financial capability to purchase the house that you are selling.

Close the Transaction

When you are ready to close the sale then you will have to have the following documents ready:

  • Records of Tax Assessments and Tax Payments
  • Financial Records
  • Legal Property Description
  • Property Listing
  • Homeowners By-Laws (if applicable)
  • Copy of Transfer/Deed
  • Current year’s realty tax bills
  • Details of any existing mortgages

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