This site uses cookies.

The types of cookies we use, and the way we use them, are explained in our Privacy Policy. By clicking "Accept" or continuing to use our site, you agree to our use of Cookies.
More information


 

Brian Madigan LL.B., Broker
BRMadigan@Rogers.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300

Cell: 647-404-8150 
Toll Free: 1-888-507-0817

Search in:  
    
    
       

Sort by:

RECO Toolkit #5

January 2, 2019 - Updated: January 2, 2019

 

RECO’s Toolkit #5 Selling Checklist

 

What follows is a series dealing with some publications by RECO to help the Consumer:

 

Real Estate Council of Ontario

Whether you’re moving to accommodate your growing family or looking for a smaller space to be your empty nest, selling your home is a big decision. To help you make smart decisions, it’s important to think with your head and not your heart. The Real Estate Council of Ontario (RECO) shares their tips for being home smart when you’re looking to make the sale.

 

Shop around

Don’t be tempted to hire the first real estate representative you meet. Make sure the fit is right, check their references and visit the RECO website to confirm their registration.

 

Understand what you’re signing

Before you sign a listing agreement with the brokerage, ensure you know what it means, how long it will be in effect and what the different clauses mean. Ask questions and seek independent legal advice if you’d like a second opinion.

 

Show the facts

Include all your home’s details in the listing, from the square footage to recent renovations to items that are and aren’t included (water heater, appliances, drapery, etc).

 

Plan your open house wisely:

 

  • Be proactive and speak with your real estate representative before the open house to set ground rules and identify ways to protect yourself and your property.
  • Minimize risk by removing all valuables and securely store anything with your personal information, like credit card statements and receipts.

Know your options

When reviewing offers on your home, the details of the offers will remain confidential between you and your real estate representative. You may get multiple offers, and your real estate representative is there to help you make the best choice.

Budget accordingly

Remember that there are closing costs associated with selling a home: real estate commissions, legal fees, moving expenses, and more.

Expect the unexpected

Does your closing date on the sale align with when you’ll be moving into your new home?


Have a contingency plan in place in case the dates don’t match up.

Above all, working with a registered real estate representative will help you navigate the many steps and decisions involved in the home buying process.

looking for more information?

For more information on how RECO protects the public’s interest, please visit www.reco.on.ca or call 1-800-245-6910.

 

Brian Madigan’s Annotated RECO Publication Toolkit #5
 

I have altered the presentation, but not changed any words, added italics and highlighting, as well as some “notes”.
 

Real Estate Council of Ontario
 

Whether you’re moving to accommodate your growing family or looking for a smaller space to be your empty nest, selling your home is a big decision.
 

To help you make smart decisions, it’s important to think with your head and not your heart.
 

The Real Estate Council of Ontario (RECO) shares their tips for being home smart when you’re looking to make the sale.

 

Shop around
 

Don’t be tempted to hire the first real estate representative you meet. Make sure the fit is right, check their references and visit the RECO website to confirm their registration.
 

          Note: this is true when hiring anybody to do anything.
 

Understand what you’re signing
 

Before you sign a listing agreement with the brokerage, ensure you know what it means, how long it will be in effect and what the different clauses mean.
 

Ask questions and seek independent legal advice if you’d like a second opinion.
 

Note: Again, this would apply to any contract. Obviously, if this is going to be such an important decision, then you need to know and understand the contracts. Also, a second opinion is also available from a real estate professional, not just a lawyer.
 

Show the facts
 

Include all your home’s details in the listing, from the square footage to recent renovations to items that are and aren’t included (water heater, appliances, drapery, etc).
 

Note: that’s quite a broad brush here. However, there are some facts that you disclose and some you don’t. You need to KNOW them and then you need to decide what you are obligated to disclose legally, and what you might decide to disclose. Seeking advice from a professional on these points would be helpful.
 

Plan your open house wisely:
 

  • Be proactive and speak with your real estate representative before the open house to set ground rules and identify ways to protect yourself and your property.
     
  • Minimize risk by removing all valuables and securely store anything with your personal information, like credit card statements and receipts.

 

Note: Maybe you don’t even want an open house. That should be decided. Be safe with the keys. There are numerous lockbox solutions available. Obviously, it would be rather unwise to leave out all of your banking information in full view.
 

Know your options
 

When reviewing offers on your home, the details of the offers will remain confidential between you and your real estate representative.
 

You may get multiple offers, and your real estate representative is there to help you make the best choice.
 

Note: I am not quite sure how the caveat “know your options” translates simply into the fact that the Offer is confidential when you receive one. And further if you receive more than one Offer at the same time, that the representative is there to help. What kind of advice is that from the Regulator? This seems quite self-evident.
 

Budget accordingly
 

Remember that there are closing costs associated with selling a home: real estate commissions, legal fees, moving expenses, and more.
 

Note: the big ticket item here is taxes. There are capital gains taxes, ordinary business income taxes, exemptions and the like that might apply to all or part of the gain or loss. In addition, there are holdbacks that might apply to non-residents and penalties that may apply to mortgages. These issues need to be addressed and identified. I think it’s rather clear that this isn’t much of a checklist.

 

Expect the unexpected
 

Does your closing date on the sale align with when you’ll be moving into your new home?


Have a contingency plan in place in case the dates don’t match up.
 

Above all, working with a registered real estate representative will help you navigate the many steps and decisions involved in the home buying process.
 

Note: I really don’t know what kind of advice this is for the ordinary Seller. Yes, if you sell your house, you will have to move out. So, you will have to move somewhere else. So, yes, you will have to think about that. To be perfectly frank, I have never, ever run into a Seller who didn’t know this, just on their own, without having come across this “important” information on the RECO website.
 

looking for more information?
 

For more information on how RECO protects the public’s interest, please visit www.reco.on.ca or call 1-800-245-6910.

 

COMMENT
 

Here’s the link to the RECO website for a “PDF”:
 

http://www.reco.on.ca/wp-content/uploads/RECO-Selling-checklist.pdf

 

If you would like some additional information about any of the issues raised here, then please give me a call.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: reco toolkit 5 selling checklist advice for sellers
| | Share

Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

Phone: 416-745-2300

BRMadigan@Rogers.com

Powered by Lone Wolf Real Estate Technologies (CMS6)