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Jim Pauls Real Estate Ltd |
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Brokerage |
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Using a REALTOR® will bring a lot of experience and knowledge to your selling or buying process as well as negotiating skills and an ongoing education program that keeps them up to date on the latest trends, skills, and responsibilities to the Seller or Buyer. A REALTOR® will explain exactly what you can expect form the buying and/or selling process, from start to finish. REALTORS® know the ever-changing market. They know what the house down the street sold for, how long it was on the market and how it compares to your property. They know whether the market is hot for sellers or for buyers. A REALTOR® also has the access to the best tool of all - the Multiple Listing Service (MLS) which lists the properties currently for sale in your area. They will also use other tools to market your property - placing your property on the internet for wider exposure, advertising in local papers and magazines, and holding open houses. The of the most important responsibility of a REALTOR® is to negotiate to obtain you the best possible deal while at the same time offering advice and a realistic perspective. |
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First things first. How much do you realistically expect to get for your property? You must consider things such as the conditions and age of your home, whether or not it needs to be updated, the size of your property, and the current value for homes in your neighbourhood. What have other homes in your neighbourhood been selling for? Are there a lot of homes for sale in your neighbourhood and what price range are they at? All of these factors will help you determine what you can hope to receive for your home. It is very important to be careful when pricing your home. If you price it too high, you are taking a risk of it sitting on the market for a long period of time. When this happens people start to think something is wrong with that particular property. Listing your home for what it is realistically worth will generate genuine interest and my lead to multiple offers. In most cases when a home is priced well, it sells fast and for top dollar. We at Jim Pauls Real Estate will help you determine what your home is worth. We watch the market everyday and have lots of knowledgeable experience in pricing your home. |
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It is very important to look at your home through the eyes of a potential buyer. What needs to be done? There are many number of things that you could do to your home that don’t cost much, but will greatly increase your chances at a quick and painless sale. You must first look at the big things like electrical, roofing, plumbing etc. Are they all in good condition? These are key elements that purchasers look for when buying a home. You also must consider the costs involved in fixing up your home. Will you recover your costs or will it end up costing you money? We at Jim Pauls Real Estate can help you evaluate what should be done and what should be left alone. |
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As the seller you are in control. Your Realtor will present you with the offer from the potential buyer. As the seller, you have the choice to accept, decline or counter the offer. By countering the offer you are basically asking them to keep the negotiations open with you. When faced with multiple offers, you choose the offer that you would like to work with. You may choose to accept a lower offer that comes in firm (without conditions) over accepting a higher offer that is conditional on the sale of a buyer’s home. It is ultimately your decision, but your REALTOR® can guide you in making the best possible choice for you. |
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Now you have accepted an offer on your property and have set a closing date. The buyer may have decided to have a home inspection done (which would be inserted in the offer). In this case, a certified home inspector (hired by the buyer) will come into your home and check things like the electrical, plumbing, roof etc. to make the buyer aware of any potential problems with the house. The buyer’s mortgage company may send out an appraiser to ensure that the value of the house is worth the mortgage that they are granting. The buyer’s lawyer will want to conduct a title search to ensure that the property is legally yours to sell. When you work with a REALTOR®, he/she will take care of all of this for you to ensure the smoothest transition possible. A few days before your property closes you will go to your lawyer and sign the papers and give him your keys. |
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Although closing details vary from area to area, there are three basic steps that are always taken. You, as the seller, prove you have marketable title, the buyer pays for the property, and you give the buyer a deed or bill of sale. Settlement usually takes place in less than an hour. Specifically, you sign the settlement papers and the deed. The buyer signs the settlement papers and mortgage note. All payments by you and the buyer are detailed on standard federal settlement forms. You pay for your closing costs and the buyer pays whatever is owed on the down payment plus the buyer’s closing costs. You receive, either now or shortly after closing, any money kept in escrow for taxes and insurance and unused prepaid items, such as insurance. Disbursement of funds may be at settlement or within 7-10 working days, depending on local custom. When all papers are signed and cheques have changed hands, the buyer receives your keys. Your house is sold and the transaction officially settled when the papers are recorded. |
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Below you will find a list of the legal fees for buying a home. All of the figures are approximate. The lawyer fee varies from lawyer to lawyer, but the other costs are standard costs that lawyers incur. Lawyer Fee - $595.00 + GST (Michael Hinchey)
Disbursements - $190.00 + GST |
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Working With A REALTOR® - The Agency Relationship |
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In Real Estate, there are different possible forms of agency relationship:
1. Seller Representation When a Real Estate Brokerage represents a Seller, it must do what is best for the Seller of a property. A written contract, called a listing agreement, creates an agency relationship between the Seller and the Brokerage and establishes seller representation. It also explains services the Brokerage will provide, establishes a fee arrangement for the REALTOR®’s services and specifies what obligations a Seller may have. A Seller’s agent must tell the Seller anything known about a Buyer. For instance, if a Seller’s agent knows a Buyer is willing to offer more for a property, that information must be shared with the Seller. Confidences a Seller shares with a Seller’s agent must be kept confidential from potential Buyers and others. Although confidential information about the Seller cannot be discussed, a Buyer working with a Seller’s agent can expect fair & honest services from the Seller’s agent and disclosure of pertinent information about the property.
2. Buyer Representation A Real Estate Brokerage representing a Buyer must do what is best for the Buyer. A written contract, called a buyer representation agreement, creates an agency relationship between the Buyer and the Brokerage, and establishes Buyer representation. It also explains services the Brokerage will provide, establishes a fee arrangement for the REALTOR®’s services and specifies what obligations a Buyer may have. Typically, Buyers will be obliged to work exclusively with that Brokerage for a period of time. Confidences a Buyer shares with the Buyer’s agent must be kept confidential. Although confidential information about the Buyer cannot be disclosed, a Seller working with a Buyer’s agent can expect to be treated fairly and honestly.
3. Multiple Representation Occasionally a Real Estate Brokerage will represent both the Buyer and the Seller. The Buyer and Seller must consent to this arrangement in writing. Under this multiple representation arrangement, the Brokerage must do what is best for both the Buyer & the Seller. Since the Brokerage’s loyalty is divided between the Buyer and the Seller who have conflicting interests, it is absolutely essential that a multiple representation relationship be property documented. Representation agreements specifically describe the rights and duties of everyone involved and any limitations to those rights and duties.
4. Customer Service A Real Estate Brokerage may provide services to Buyers and Sellers without creating Buyer or Seller representations. This is called ‘customer service.’ Under this arrangement, the Brokerage can provide many valuable services in a fair and honest manner. This relationship can be set out in a Buyer or Seller customer service agreement. Real Estate negotiations are often complex and a Brokerage may be providing representation and/or customer service to more that one Seller or Buyer. The Brokerage will disclose these relationships to each Buyer and Seller.
Who’s working for you? It is important to understand who the REALTOR® is working for. For example, both the Seller and the Buyer may have their own agent which means they each have a REALTOR® who is representing them. Some Buyers choose to contact the Seller’s agent directly. Under this arrangement the REALTOR® is representing the Seller and must do what is best for the Seller but may provide many valuable customer services to the Buyer. If the Brokerage represents both the Seller and the Buyer, this is a multiple representation. |
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If you decide to list your property with Jim Pauls Real Estate Ltd., Brokerage it will be advertised on the following websites: |
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That Isn’t the End |
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Chances are you’ve bought a new home, or are in the process of looking for one. While you already have experience with the home-buying process, our comprehensive Buyer’s Section has all the information you may need. |
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[Home] [Agents] [Contact Info] [Listings] [Testimonials] [Sold Gallery] [Buying Info] [Listing Info] [REALTOR.ca] [Open Houses] [Forms] [Mortgages] [Glossary] |
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