When you acquire the services of a real estate broker you are protected by the law. Various organizations regulate the real estate profession so that consumers can expect equitable and competent services. – Real Estate Brokerage Act The goal of the Real Estate Brokerage Act is to protect the public. To accomplish this, the Act stipulates specific rules and regulations concerning the brokerage contract for the sale of a property. They are similar to regulations found in the Consumer Protection Act. – Organisme d’Autoréglementation du Courtage Immobilier du Québec The Organisme d’Autoréglementation du Courtage Immobilier du Québec (OACIQ) serves to protect the public by supervising the professional activities of all real estate brokers. In particular, [...]
The seller must supply a current certificate of location that meets the approval of the buyer’s notary. The cost of a new certificate of location (if needed) is approximately $800. The existing mortgage on the property will need to be radiated at the time of signing. This fee is charged by the buyer’s notary and can range from $600 to $850. A condo syndicate management company may charge a fee at the time of a sale, usually between $100 to $250. Once the deed of sale is signed, the seller will receive the proceeds of the sale within three business days.
After your property is sold, your broker receives compensation only when the notarized deed is signed and the amount is taken from the final sale price. The 4% retribution better known as the commission is split equally between your listing broker (2%) and the broker who brings the buyer (collaborating broker) (2%). If your listing broker or a member of her team also represents the buyer, you will only have to pay 3.5%. This reduction will not be applicable if you receive multiple offers
Real estate brokers have access to five times more information than what is publicly accessible on www.realtor.ca. The MLS® database is only accessible to real estate brokers who are members of the real estate board. A broker working for a buyer will consult the MLS® to search for properties corresponding to the needs of their client and then contact the listing broker if there is interest. Both brokers will then supervise every step of the transaction- from the first showing to the signing of the sales contract.
Once the brokerage contract is signed, my duties as your real estate broker will include managing showings and follow-up appointments, and guiding you through contracts such as promises to purchase and counter-proposals. I will compile all legal documents and can accompany you to the notary’s office. My network of reliable and professional contacts such as building inspectors, notaries, financial institutions and mortgage brokers will also be available to you.
Selling a property is a complex process. Certain aspects, such as the paperwork and the management of important commercial, financial and legal details, must be diligently executed. Also, knowing how to effectively negotiate is a key component. To maximize exposure, I will feature your property on the MLS® database where thousands of real estate professionals can view the details of your property.
The price must attract potential buyers especially when compared to that of other properties in the same price range. Properties that are well priced when initially listed sell at a higher price than than ones that are reduce after weeks or months on the market. By listing with me, you can expect to receive the best possible price for your property and sell within a reasonable period of time.
The comparative market analysis is a report made specifically for you that is comprised of “comparables”. Comparables, are properties similar to yours that have recently sold in your area. The market is also influenced by offer and demand, which is why I also evaluate similar properties that are for sale at the time of listing. The report gives a clear picture of your property’s market value and helps determine the best asking price to ensure a sale within a reasonable period of time. Ultimately, the sale price will be the highest expected price within the context of the current market.
1) Meet with a mortgage broker to reserve a mortgage rate and obtain pre-approval for the maximum amount the financial institution is willing to lend you. 2) Determine the area that interests you as well as your search criteria. Once you have located the ideal property or properties, click on the “Buyer’s Form” below to send us your details. 3) Fill out a promise to purchase. 4) The promise to purchase is presented to the vendor (existing homeowner) by the agent representing you. 5) The parties negotiate through their respective real estate agents until an agreement is reached. 6) The buyer hires a building inspector. 7) If the property is a condominium, the purchaser must review the following documents: declaration of co-ownership, financial [...]
Looking at a previously-enjoyed home? The good news is that there is no provincial sales tax on resale properties. However, sales tax does apply to new properties, both houses and condominiums. Here are some other fees to budget for/take into account: Building inspection $600 + taxes (approx.) Notary: Signing deed of sale $1,300 + taxes (approx.) Moving (depends on who you hire, how much furniture you have, and how far you’re moving – ask several movers for estimates) Transfer tax 0.5 % 1st $50,000 1 % $50,000 to $250,000 1.5 % $250,001 – $300 000 2 % $300 000 and more