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Real Estate
Real estate, also known as real property, refers to land and any permanent improvements or structures attached to it. This includes not only the land itself but also buildings, houses, apartments, commercial properties, and any natural resources or fixtures on the land. Real estate is a tangible asset, and it can encompass a wide range of property types, from residential properties like single-family homes and condos to commercial properties such as office buildings, retail spaces, industrial warehouses, and vacant land.
Real Estate Acquisition
Find your borrowing capacity-Mortgage broker
Obtaining a mortgage pre-approval is a crucial preliminary step before embarking on your house-hunting journey. In fact, it's a requirement that most Realtors insist upon, serving as evidence that you are a qualified buyer and ensuring that they exclusively present homes within your budgetary constraints. During this phase, a mortgage broker will conduct a comprehensive assessment of your financial situation, determining the mortgage amount that aligns with your financial capacity, and providing valuable mortgage guidance. A mortgage broker acts as an intermediary, facilitating the connection between mortgage borrowers and lenders, without utilizing their own funds for mortgage origination. Their primary role is to assist borrowers in connecting with lenders and identifying the most suitable lender based on the borrower's financial circumstances and interest rate preferences. They streamline the process, relieving borrowers of the legwork involved in finding the right mortgage option.
Find the property- Real estate Agents
Real estate agents typically focus their expertise on either commercial or residential real estate, and their roles vary depending on whether they represent the buyer or the seller. Agents acting on behalf of buyers are responsible for scouting available properties that align with the buyer's budget and preferences. They frequently analyze historical sales data for similar properties to assist potential buyers in formulating a reasonable offer
Do an inspection
A pre-purchase home inspection involves an assessment of a property's condition, both inside and outside, conducted by a building inspector. While it's not mandatory for securing a mortgage, it can be a valuable investment to prevent potential costly issues. These inspections are advisable across all provinces in Canada, regardless of the property type. Whether you're purchasing a recently built house or one with several decades of history, whether it's located in a bustling city or a serene countryside setting, or whether it's a condominium or a single-family residence, it's always wise to arrange for a pre-purchase inspection. Even for newly constructed homes covered by a new home warranty (referred to as a guarantee for new residential buildings in Quebec), it is still recommended to carry out a pre-purchase inspection. This warranty is available in Ontario, Alberta, British Columbia, and Quebec within Canada
The Notary
Notaries are required to perform a procedure known as a title examination. In this process, the notary carefully reviews all historical property deeds documenting the transfer of ownership from one individual to another over time. This meticulous examination enables the notary to verify the authenticity of the seller's claim to ownership and their legal authority to sell the property. Additionally, the notary serves as a safeguard for your financial interests by overseeing the handling of the sale funds. These funds are deposited into a designated account referred to as a trust account. This precautionary measure prevents sellers from accessing the funds before settling any outstanding debts associated with the property. Prior to disbursing the sale proceeds to the seller, the notary ensures that any creditors or parties with legitimate claims to the property are duly compensated.
Sign the deed of sale
To "sign the deed of sale" means to formally execute or endorse a legal document known as a "deed of sale" in the context of a real estate transaction. This act typically involves affixing one's signature to the deed to acknowledge and confirm the transfer of ownership or sale of a property. It signifies the agreement and consent of the parties involved in the real estate transaction, such as the seller and buyer, to legally transfer ownership rights from one party to another, typically in exchange for a specified purchase price or consideration. Signing the deed of sale is a crucial step in finalizing a real estate transaction and legally documenting the transfer of property ownership.
Do the necessary renovations and cleaning
Start by listing the small jobs and repairs to be done and carry them out or have them done. A handle that remains in the hand, a cupboard that does not close, gives the potential buyer the impression that the house is poorly maintained. Tidy up and clean the entire property, garage and garden included. Take particular care at the entrance, a buyer makes their purchasing decision in the first thirty seconds of their visit!
Price the house at market price- Real estate agent
Have your property appraised by a real estate Agent and ask for real sales price references in the area. You can also obtain information from your notary. Do not trust the prices indicated on the advertisements which are generally very far from reality. Set the price of your house while maintaining a reasonable margin for negotiation.
Communicate with potential buyers to adapt to the market
Listen to customers' questions and obstacles, respond honestly and provide them with the information and documents requested. The more transparent you are with the potential buyer and willing to answer their questions, the more confident they will be. After the visit, try to get an honest opinion from the client about the house. This will make it possible to verify that we are addressing the right target customers, that the house is within market prices and to readjust certain marketing parameters if necessary. We can, for example, become aware that the presentation of the house needs to be accompanied by explanations or prepare to respond to the objections of future potential buyers. It is essential to structure your approach when selling a property. Well-prepared and consistent marketing allows you to sell your house quickly and in the best possible conditions.
Prepare the necessary documents for the sale and the tax account
As a certain number of documents must be provided when signing the promise to purchase, it is wise to prepare in advance: the title deed certifying that the building is free of any royalty, charge or limitation of private law or public, other than the usual easements, authentic copies of the acquisition title as well as the certificate of location describing the current state of the premises.
Opt for marketing that offers high visibility
Whether you choose to take charge of the sale of your house yourself or entrust a real estate broker to it, it must be visible. The announcement of the sale must appear on the sites and in the newspapers consulted by your potential buyers. Putting a “for sale” sign on your house also significantly increases the chances of selling it quickly.
Steps to sell a house
