Selling Checklist
Our Realtors will guide you.
Before the Sale
- Compile pertinent information about your property for Faulkner Real Estate to review. This can include: survey, joint use, encroachment or association agreements, list of upgrades, utility costs, leases and a recent Status Certificate Package for Condominium properties.
- Discuss benefits of a obtaining a pre-listing inspection with our Realtor
- Obtain a mortgage verification from your lender which includes details of penalties you will incur in the event of a sale and whether the mortgage can be assumed by a Buyer.
- If any owners expect to be unavailable for signing your Realtor will provide options for you to consider, including Power of Attorney or Esigning using a computer or portable device.
After the Sale
- After the sale review ‘to do’ list with your lawyer to ensure nothing is missed and you are not duplicating efforts.
- Review your Agreement of Purchase and Sale to determine what chattels are included and excluded from the sale and whether you have agreed to leave additional documents for the buyer eg. warranty documents and architectural plans.
- Notify Canada Post to forward your mail
- Arrange to have gas, water, and electric meters read on the day you leave and have the final bills forwarded to your new address and Disconnect telephone, internet and cable tv.
- If your home is heated with oil you will be expected to leave a full tank of oil on closing unless otherwise agreed. Provide the cost of the tank of oil to your lawyer and the buyer will credit you on closing.
- If the buyer has agreed to assume any rental agreements eg. alarm monitoring, hot water tank, furnace, arrange for a transfer of the rental agreement to the purchaser.
- Disconnect your telephone, cable TV, internet, and water softener.
- Leave all your keys, garage and alarm codes for the Buyer.
- Leave your home empty and broom swept, unless otherwise described in your Agreement.
QWhat time does the Seller have to be out of the house on closing date?
Completion is when the transaction is registered electronically by the Buyer and Seller’s lawyer. Check with your lawyer to determine anticipated closing time.
Disclosures
Avoid litigation.
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
- could affect a ‘reasonable person’s decision’ to purchase or sell a property,
- may influence what price to offer or to list at; or
- may influence what conditions are attached to any agreements of purchase and sale.
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.
QA few years ago there was a quick spring thaw and there was moisture in our basement. We followed through with recommendations to improve the grading around our home and add eavestroughing. We haven’t seen any moisture since. Do we still have to disclose what happened?
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.
Estate Sales
Protect the estate from conflict of interest.
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.
Executor’s Checklist for Real Estate>
Selling Costs
Not all brokerages are the same.
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.
QIs a Buyer’s Realtor obligated to inform their buyer clients of properties that meet their search criteria even if the Listing Brokerage is offering a commission that is lower than expected?
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.
Preparing to Sell
We will Ease the Stress
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.
Home Staging
Staging with Digitial Imaging
Digital staging allows for an easy transformation of spaces without the need to rent furnishings or accessories.
Enhance curb appeal
- Well lit, house numbers easy to read.
- Railings, walkway, safe and clear.
- Weed and mow the lawn, trim shrubs, remove debris
- Functional locking system
- Replace old mailbox if unattractive
- Paint where needed
- Clear eavestroughing.
Create an inviting ambience and protect your privacy
- Organize and declutter but maintain a ‘lived-in’ feel.
- Fresh flowers and live plants.
- Odourless. Avoid cooking with spices, clean litter box regularly
Setting Your List Price
Your strongest marketing tool.
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.
What Sellers need to know.
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.
QDo Appraisals or MPAC assessments give a reasonable indication of a home’s value?
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.
Choosing a Marketing Strategy
Reaching Buyers
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:
- Target marketing through social media
- International website exposure
- Prominent advertising in community magazines and newspapers,
- Distinctive For Sale sign
- Just Listed card to target buyer audience
- Customized, full colour, illustrated brochure, video tours
- Open Houses for realtors and public
- Full colour ad in the Saturday edition of the Citizen, front page of Life section
Negotiating a Sale
Our advice has value.
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.
Multiple offers / Bidding Wars
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:
- the number of offers that have been received,
- whether any of the buyers are being represented by the seller’s brokerage,
- and whether there is a commission advantage for any buyer.
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.
What Our Clients Are Saying…
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
Clearing Contents.
Faulkner Real Estate can connect you with trusted associates to help you with this seemingly daunting task.
Where to start?
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.
ReStore
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.
Canadian Diabetes
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.