Every province has its own idea of the key paperwork sellers need to transfer their home to the buyer. Despite the specific regulations that govern each home sale though, it helps to have a solid idea of what documents are most important to buyers and why. Whether they're required or not, sellers can use their paperwork as a way to convince buyers that they should take a chance—and maybe even offer more than the asking price.
The Buyer's Wish
The buyer wants to know what they're signing up for if they choose to buy the home, and the paperwork can serve as their guide. When a seller is upfront about their property taxes, utility bills, and their yearly maintenance costs, buyers can estimate if they have the income to meet the ongoing expenses of the home. Sellers should be careful when they present information to a buyer. It's usually best to boil down complicated information into the bare facts without making it seem as though they're hiding something.
The Standard Agreement of Purchase and Sale document is typically completed by the seller (with help from their real estate agent). This form will list everything included in the home sale. For example, in Canada, all fixtures are included in the sale unless the seller specifies otherwise. Any unusual or anomalous clause to the form should have been previously discussed and agreed to by the buyer. If the buyer is requesting the satellite dish on the top of the roof, this needs to be spelled out in this form.
Certain provinces require sellers to supply the original property assessment of the home, others require the seller to hire a surveyor to visit and provide their professional opinion. Sellers may even need to make a trip to their local municipal office to gather the required tax information. A seller will need to either research their local regulations or consult with a real estate professional to determine exactly what they need.
The title company will do a full investigation of the validity of the title, during which time they'll look at a number of key factors:
- Property disputes: Does a neighbor claim that the seller's hedge is actually theirs? Will an ex-spouse eventually claim that the seller didn't actually have the right to sell the home? These matters need to be resolved before the deed officially transfers.
- Liens and debts: A financial institution can put a lien on a home for a number of reasons (and sometimes sellers aren't even aware that it was placed). The title company will check to see if there are any outstanding debts that need to be cleared first before the sale can be finalized.
Double-Checking the Details
The original paperwork for the home and the escrow paperwork have to be in full agreement, otherwise the sale can be drastically delayed. Sellers should be meticulous when it comes to filling out all of their forms to ward off this risk. Having the right real estate agent can make it easier to fill out the paperwork so there's less chance of a time-consuming mistake.
Luxstone home sale paperwork is complicated in today's day and age. No court wants to be tied up in a lengthy real estate battle, which is why the more straightforward sellers are, the more likely it is that they'll sell their home by their personal deadline.