Home-Selling Checklist

Home selling in Canada can sometimes be just as challenging as home buying. Amidst rapidly shifting market dynamics, it can be difficult to predict the best time to enter the marketplace. Before deciding how to adapt to market volatility, the first step is to master the simple steps that come with selling your house, and becoming familiar with the process from start to finish. In this guide, we outline the steps to take before selling a home, and what not to fix when selling a house.

What Paperwork Do You Need to Sell Your Home?

Unfortunately, the Canadian home sale process does come with a stack of paperwork. One option is to work with a realtor. While realtors charge about 2-6% commission on the sale of the home, they can take a lot of the paperwork off your hands, in addition to the other marketing advantages they can provide.

If you are looking to sell your own home , you can still find success in the market, but it will be especially important that you understand how to complete the necessary paperwork involved. Some documents you may need include: the deed, mortgage discharge form, property tax receipts, survey plans, renovation contracts, inspection reports, and more.

Another very critical document in Ontario is called the purchase and sale agreement. This document is created by the buyer and submitted to you, but both you and the buyer will need to sign off on this document before the sale can be finalized. While purchase and sales agreements can differ slightly, all must include the following elements:

• Sale Price and Closing Date: at this stage of the sale, both you and the buyer should have agreed on a sale price + closing date, and the P&S agreement should outline both in writing. Make sure that your sale price covers all financial needs, while also accounting for market demand.
• Deposit: the buyer has the opportunity to outline what deposit they plan on putting down. A larger deposit may sometimes be used to incentivize sellers to speed up the process.
• Legal Description of the Property and Inclusions: All legal identifiers of the property (address, etc.) should be outlined at this point. There should also be clear terms around what is and is not included in the sale of the home (appliances, fixtures, etc.)

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How to Prepare Your Home for Sale

In the process of selling your home, you will likely have to stage it for a number of showings. The first step is to clear and de-clutter all personal belongings from the staged room. Clean the walls, floors, and furniture to look as appealing as possible. Keep the layout of the room as simple as possible, to make it look spacious, but you can add appeal through small accents and accessories to frame your major furniture pieces or appliances (e.g. throw pillows on the couch). You should also consider what kind of lighting is best for each room, and change the lightbulbs if needed. If you are not sure how to best stage your home, consider hiring a third-party team to stage it for you, or check out our guide on how to best prepare for an upcoming home staging.

Step-By-Step Guide to Selling Your House

Every sale process will be unique, but here is a sample set of steps that you could follow:

1. Decide to Sell: the first step is to make the decision to sell your house.
2. Find a Realtor: if you choose to work with a realtor, you should find them before proceeding with the next few steps.
3. Consult a Broker: If you are selling your house in order to move to a new one, working with a Clover Mortgage broker can help you better understand your options, and more smoothly transition from property to property.
4. Establish a Price: when setting a price, consider your property type, market rates, and financial goals.
5. Prepare the Property: if there are any major cleanups / minor renovations required , this is the time to get them done. Make sure you address any pressing issues with the home, and move out some of your clutter if needed to better show off your home’s appliances / amenities.
6. List the Property: Have your realtor officially list the property for sale!
7. Stagings and Showings: At this stage, you will want to stage certain rooms of your home to look as appealing as possible. Prepare for an onslaught of showings to try and win over prospective buyers.
8. Negotiations: Once you begin receiving offers, you can negotiate with prospective buyers to try and secure the most favourable deal.
9. Contract and Paperwork: At this point, you will have selected a buyer and pushed forward with the purchase and sale agreement.
10. Conditional Period: Once the contract has been signed, there will be a pre-determined period during which all “conditions” of the contract must be met. This can include inspections, renovations, and more.
11. Closing: Transfer of ownership (and funds) is completed!

Conclusion

If you are looking to sell your house, consulting with a Clover Mortgage broker can help ease the process. Whether you are looking to port your mortgage, move to a new neighbourhood, or downsize into a rental, Clover Mortgage can help provide personalized advice to help you achieve your financial and real estate goals. Contact us to book a free consultation today.

FAQ

What is the Best Time to Sell a Home?

The best time to sell a home is usually in spring or early summer when buyer demand is highest, although early autumn can also be a good time to sell. During a "seller's market" or when interest rates are low, selling can yield better results. While winter is typically slower, markets vary, so consulting a local real estate agent for specific trends is wise.

How Long Do Most Houses Take to Sell?

Most houses take 30 to 60 days to sell in a balanced market, but this varies by season, location, and price. Homes in high-demand areas or underpriced properties may sell within days, while luxury or rural homes can take months. A local real estate agent is a better source for specific timelines given the current market conditions.

What Takes the Longest When Selling a House?

The most time-consuming parts of selling a house are usually finding the right buyer, inspection and appraisal, and handling mortgage approvals, which often delay closing timeliness. Other issues that can slow down a property sale include market conditions. Changes in demand and inventory can make it suddenly easier or harder to sell your house than the week prior. The condition of the property (in terms of repairs or updates needed) can also play a part.