Shangri-La Selling Guide

Selling Your Luxury Residence

Deciding to sell your home can be an emotional experience. This makes it essential that you understand the process you are about to begin.

Martin will guide you through the process and provide clarification at each step, but to ensure you are fully prepared consider consulting the Seller’s Guide provided below. From understanding the current market conditions to valuing and pricing your home and signing a Listing Agreement to preparing your home for showings, it is necessary to equip yourself with as much information as possible.

When you are considering selling your condominium, the first step is to get in touch with a real estate professional. The agent will create a marketing plan to sell your condominium and you will decide on a pricing strategy that will sell your home. Once you have chosen an agent that you feel will best represent your interests, he/she will have you sign a Listing Agreement.

 

Signing a Listing Agreement

A Listing Agreement is a contract between you and your real estate agent that commits your agent to actively market your condominium for a specified time period. This contract will also outline the agent’s commission and marketing fee.

There are specific documents you will need to complete this stage:

• Plan of Survey or Location Certificate – A survey of the property outlines the lot size, location of buildings and other details pertaining to the physical aspects of the property. (will not apply to a condo)

• Property Tax Receipts – We will need to see the current annual property tax assessment.

• Mortgage Verification – Your mortgage lender will need to be authorized to provide the necessary information relating to your mortgage.

• Land Registry Certificate – A legal description of your property that acts as proof that you are the owner.

• Miscellaneous Documents – Providing information on the annual heating, electrical, water expenses and recent home improvement costs may help with the sale of the property.

Once you and your agent are satisfied with the Listing Agreement, the next step is to prepare your home for viewings.

 

Prepare for Showings

Ensuring that your condominium is in tip-top shape is extremely important. When interested buyers come to view the property, that first impression is what will sway them to look at your property as their potential future home. There are a few steps that you can take to help make a lasting first impression, and our team of experts will help perfect the finishing touches.

Here’s a quick list for you to consider:

• Doors and cupboards properly closed

• Leaky taps and toilets repaired

• Burned out light bulbs replaced

• Squeaky doors oiled

• Mirrors, fixtures, and taps cleaned and polished

• Seals around tubs and basins in good repair

• Floors cleaned, garbage containers emptied

• Inside of closets and cupboards neat and tidy

• Appliances cleaned

• Countertops neat and polished

• All lights turned on

• Air conditioner turned on in warm weather

• Halls and stairs cleaned

• Drapes opened during daylight

• Carpets freshly vacuumed

• Fresh flowers in various rooms

• Jewellery and valuables locked safely away or taken with you

• Valuable property, such as objects of art, vases and figurines out of reach, out of sight, or locked away (we will decide on this together)

• Pets absent, where possible, or contained during the showing, and litter boxes clean

Generally an interested party will view the property more than once before placing an offer.

 

Receiving an Offer

When an offer is placed on the property, your agent’s negotiation skill becomes key. The offer process usually works like this:

• The buyer’s agent will inform your agent that there is intent to make an offer. You and your agent will then set a presentation time where the buyer’s agent will present the offer along with the buyer’s qualifications.

• Once you’ve looked over the offer, you have the option of accepting it or placing a counter offer.

• If there are multiple offers on your property, your agent will advise you of the best strategy to obtain the best price and terms from the best qualified buyer.

• You and your agent will continue the negotiations until a suitable offer is made and accepted. The accepted offer will result in an agreement on the price, terms of the sale and a closing date.

Accepting an offer is not the end of the selling process. The next stage is known as the property being sold conditionally.

The following is a breakdown of the information provided on the offer:

Price: Depends on the market and the buyer, but generally, the price offered is different from the asking price.

Deposit: The deposit shows the buyer’s good faith and will be applied against the purchase price of the home when the sale closes.

Terms: Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.

Conditions: These might include “subject to satisfactory home inspection”, “subject to the sale of the purchaser’s property.

Inclusions and Exclusions: These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

Closing or Possession Date: Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified.

 

Meeting Conditions of a Sale

When an offer is accepted, the property is listed as sold conditionally; meaning that the property is sold if and when the conditions and terms of the agreement are met. During this period the buyers and buyer’s agent are compiling the documents necessary to prove that the conditions, such as securing financing, the property passing an inspection, and receiving a status certificate, have been met.

At this stage the deposit is also taken from the buyers to secure their interest.

 

Closing

At this final stage, the buyer’s will exercise their right for one last viewing (if it is stated in the agreement). Once the closing is complete, the new buyer’s become the official new home owners.