Completion is when the transaction is registered electronically by the Buyer and Seller’s lawyer. Check with your lawyer to determine anticipated closing time.
Faulkner Real Estate will help you ensure your property is accurately represented and the required disclosures are made to your Buyer.
Realtors are required to seek and disclose all material facts and latent defects relating to a property that are known or ought to be know.
A material fact is something which
A latent defect is a defect which is not apparent and may not be discoverable, even by a home inspector or other expert, and could be deemed to be a serious risk to the health and safety of those who live in the home.
Our Realtors will discuss a variety of disclosure options Sellers may consider including the use of the Seller Property Information Statement provided by the Ontario Real Estate Association. It is important to retain evidence that the Buyer has received the disclosures.
You have described a potential latent defect that may only become apparent under certain conditions. Your improvements may or may not have solved the problem. Since moisture infiltration can result in toxic mold or structural damage and affect the health of the occupants it should be disclosed.
While it is an honour to be asked to be an executor, you may be unsure about your role and responsibilities. Administering another person’s assets, particularly when they include real estate, may be very challenging.
Executors are advised to choose an estate lawyer and a realtor who will bring the necessary knowledge and experience to the table. Because executors are accountable to beneficiaries and to creditors, it may be prudent to keep detailed records of the advice received in case they are called upon someday to justify their actions.
One of the trickiest parts of selling an estate home is deciding when to list the property. Bear in mind that, in most cases, executors are not able to transfer the title of the home to a new buyer. In addition, they will not have access to the estate funds needed to prepare the home for sale before probate is granted by the courts.
To complete the probate application, the value of the home at the date of death is required. Determining the value of an older Glebe home is no easy task when look-alike homes can vary in value by hundreds of thousands of dollars. It will benefit executors to hire an experienced realtor who has intimate market knowledge of the most recent comparable sales and who does not overlook the possibility that, depending on the zoning, lot size and location, the lot may be worth more than the house on the lot. A formal appraisal from an accredited appraiser may be a worthwhile investment.
If the home is listed before probate, the agreement of purchase and sale will commonly provide that the closing date will be a certain number of days following the date probate is granted. In Ottawa, the anticipated approval time for probate is 6-10 weeks but this could extend into years if a notice of objection is filed, requiring the matter to go to court.
Executors will want to know what effect the uncertainty of the closing date may have on buyer interest and the final sale price. The answer may depend on market conditions and the underlying motivation of each buyer. Buyers who intend on flipping the property for profit often care less about the closing date than buyers trying to secure a home to enjoy. Although the homeseeker is likely to pay substantially more than the flipper, they may not move forward with an offer because of their inability to line up the closing date with the sale of their current home or to schedule contractors to complete improvements needed before taking possession.
It is possible to fashion an agreement of purchase and sale that allows the buyer to take possession of the home prior to the transfer of title, but there are risks involved for both the buyer and the estate. What if the buyer’s financial or personal situation changes, and they are no longer willing or able to close or maintain possession of the home or what if they affect changes that devalue the property? It is easy to see how important it is that the listing brokerage avoids a conflict of interest and does not represent the interests of both the buyer and the estate. It is equally as important for buyer and seller to have independent legal counsel.
Executors, often trusted friends or loved ones, may accept their role out of an act of kindness, bringing peace to the appointor who is confident that their wishes will be fulfilled. If guided by the right professionals, the experience can go smoothly and be wonderfully rewarding.
For referrals, please contact Judy Faulkner email@example.com
Executors of an estate have been entrusted with a considerable responsibility and Faulkner Real Estate has the experience to help.
It is of utmost importance for Executors to align themselves with a Brokerage who will represent the estate’s best interests with no conflicting interests.
When a Brokerage represents both buyer and seller during negotiations there is a conflict of interest (also known as Multiple Representation or Double Ending) and the Realtors involved are not permitted to provide opinions or advice to either party.
Faulkner Real Estate offers a unique business model to ensure the Seller’s interests are not compromised. Furthermore, our buyer clients respect our position and agree to give up their client status should they be offering on a Faulkner Real Estate listing.
Executors will be issued a Certificate of Appointment of Estate Trustee from the court which allows them to manage the deceased’s finances and the sale of the property.
Probate is the process which validates the deceased’s Will in court. The time needed can vary depending upon the complexity of the Will. Faulkner Real Estate will list a property before probate is granted, however title of the property can not be transferred to the buyer until probate is obtained.
From its inception, Faulkner Real Estate has been an industry leader encouraging competitive pricing for services. We recognize that properties in many segments of our market enjoy ‘seller market conditions’. Low availability of good properties while buyer demand is high often results in quick sales. This reality should be taken under consideration when discussing compensation for our services.
In December 2013 the Government of Ontario provided real estate brokerages more flexibility when negotiating compensation for services with consumers. Under the new rules brokerages can be paid a flat fee for services rendered whether or not there is a sale, a percentage of the sales price, or a combination of both.
To date there is little evidence that the new rules have resulted in any benefits to consumers. Faulkner Real Estate invites fair and reasonable compensation considering client loyalty, time, money and effort involved in transactions.
Realtors are obligated to inform their clients of properties that meet their search criteria regardless of the amount of commission or other remuneration by the Listing Brokerage.
Faulkner Real Estate will identify the profile of the most likely Buyer for the property before making recommendations to our sellers. Our Realtors understand buyer preferences and will guide sellers as they make informed decisions.
If sellers know that the buyer willing to pay the most for your property is likely to substantially renovate or is interested in the land only, a seller will be less inclined to make improvements before the sale. On the other hand, if the best buyer is seeking to make this their home, they will respond well to modifications eliciting a positive emotional response.
Faulkner Real Estate has developed relationships with reliable associates available to Sellers needing help decluttering, cleaning, repairs and landscaping.
Digital staging allows for an easy transformation of spaces without the need to rent furnishings or accessories.
Our Realtors will discuss current market conditions and explain to sellers how their property compares to those that have recently sold, expired, and currently offered for sale. This is known as the Comparative Market Analysis approach.
A list price is a marketing tool and does not reflect the home’s value or the seller’s expectations. Sellers may choose to set the list price below what they will accept in hopes of generating more interest and potentially multiple offers. Conversely, others may choose to set the list price higher than what they will accept to allow room for negotiations. There is more than one way to achieve a goal. Faulkner Real Estate will outline the pros and cons for each approach and support the seller’s decision.
If your property is well situated within one of Ottawa’s most sought after communities, the highest price may come from a buyer seeking the land for development. Faulkner Real Estate will investigate the zoning of the property to determine what possibilities are available to buyers.
Finding relevant sales can be challenging in communities where sales volumes are low and homes are unique. Faulkner Real Estate has the knowledge needed to draw upon a broad base of information to help sellers understand the bigger picture.
We listen carefully to our sellers to understand their specific circumstances, expectations and goals before recommending a marketing strategy.
Our research indicates that ⅔ homes sold in the hot urban communities sell for prices significantly higher or lower than MPAC assessed value.
Appraisals are not likely better indicators of value as the Appraisers have rarely experienced the homes they are using as comparables. They rely mostly on published information and photos that highlight only positive aspects of the home. You can’t judge a house by its cover.
Past sales of comparable homes may not matter to keen, qualified buyers who are in a bidding war.
Faulkner Real Estate will identify the ideal ‘target audience’ of potential buyers for your property and select the most effective marketing mediums to reach them.
Marketing requires thoughtful preparation. It is in the best interests of Sellers that Faulkner Real Estate cooperates with all Realtors and for marketing to be in place before your home is available for viewing. The more lead time the better, as some publication deadlines are weeks in advance. Buyers become frustrated when properties sell before the property is widely exposed to the market. Equally, sellers are disheartened to learn buyers who might have paid more didn’t have a chance to view the home.
Faulkner Real Estate will help Sellers choose between a number of traditional and digital marketing options including:
Most segments of the urban market have been enjoying ‘seller market conditions’ since the late 1990s. Sellers should be prepared for competing offers and forewarned of the possibility and consequences of their listing brokerage representing both the seller and one or more buyers while negotiating.
All agency relationships are between the consumer and the Brokerage, not the individual Realtors. Multiple Representation, also known as Double Ending, is commonly practiced in Ontario.
Faulkner Real Estate firmly believes the seller’s representation should never be compromised, and have established solutions to ensure that the seller’s best interests are always a priority.
When the listing brokerage represents both buyer and seller there is a conflict of interest. Your Realtor can not provide advice which favours one client over another. This means the sellers, paying commission, are not privy to their Realtor’s advice and are essentially paying for services which are compromised.
To ensure sellers benefit by our savvy negotiating skills, Faulkner Real Estate advises sellers not to consent to multiple representation. Buyers represented by Faulkner Real Estate respect our position and have agreed to give up their client status should they be offering on a Faulkner Real Estate listing.
Our Realtors are renowned for bringing a calm presence to an otherwise emotionally situation.
When sellers receive more than one offer, Realtors are obligated to disclose to everyone who has submitted an offer:
Realtors can not share terms of any offers, even if directed to do so by the Seller.
Finessing multiple offers to the seller’s benefit is our forte. Sellers can be confident that Faulkner Real Estate will give you them the advice they expect when they need it.
Faulkner Real Estate, I would like to thank you again for your efforts, patience and professional approach to the sale of our house. We never felt pushed for decisions, and your sensitive diplomacy throughout, in particular at the final stages was exceptional. Your orchestration and delicate personal touch added artistry to the process.
We just found out that Faulkner Real Estate is donating profits from your fees on winter sales to benefit the homeless. You are a very special company and we are honoured to know you.
Heinz and Maria Burgsthaler
Label items you want to keep, sell, auction, safely dispose of or give away. Many charitable organizations collect items to benefit those less fortunate. In some cases the organization will arrange for pick up of items and provide a tax receipt.
Helping with Furniture
Helping With Furniture (HWF) is an award-winning registered charity that provides gently-used furniture and household goods to families and individuals in distress, to help them start new lives in Ottawa. These include refugees, recent immigrants, people relocating from shelters or leaving abusive situations, and people struggling with mental illness or at risk of homelessness.
Matthew House Ottawa: Furniture Bank
Provides furniture free of charge to low-income individuals and families, including refugees.
The ReStore is a retail store concept that accepts donations of new and gently used items and salvageable building materials donated by manufacturers, stores, contractors and individuals. Items can include new and gently used furniture, building materials, appliances, cabinetry, sinks, countertops, household and décor items.
Wanted: Kitchenware, Home Decor, small electronics including cell phones, laptops, cameras, CDs, VHS tapes, flat screens tvs, sporting goods, toys, games, luggage, hand tools, clothing, shoes, boots, bags, sleeping bags, bedding and bath items
Dress for Success
Wanted: professional attire. Their mission is to promote the economic independence of disadvantaged women by providing professional attire and the career development tools to help them thrive in work and life.
The Snowsuit Fund
The Snowsuit Fund is an Ottawa-based charity that raises funds for the purchase and distribution of snowsuits to needy children, 15 years and under, in our community. We are just one social organization working to deal with the consequences of poverty in our region.
St Joe’s Women’s Centre
Founded in 1984 to provide daytime shelter for Ottawa’s homeless women. Wanted: women’s clothing, books for children and adults, bedding, towels, kitchen utensils
Friends of The Ottawa Library
The Friends of the Ottawa Public Library (FOPLA) is a fundraising group that work to support and promote the services of the Ottawa Public Library. Run by dedicated volunteers, FOPLA helps the Ottawa Public Library meet its goal of creating a strong library community in Ottawa.
St John’s Church, The Shop
A community thrift shop located at 275 Elgin Street (the south side of St John’s Church) is accepting donations of clothing, household goods, and specialty items. Funds raised to help to finance community outreach programs.