Taking the decision to sell your home, and the subsequent process that follows can be long and arduous, involving considerable planning, strategizing, and execution. Whether you are a prospective home seller or home buyer, we hope that the information we have been sharing has been informative and meaningful.
So, you have zeroed in on a lucrative offer for your home and have decided to accept it, marking the penultimate step in a long-drawn-out sales process. What are the key things you should focus on next before you bid a final farewell to your home?
Completing the necessary paperwork
As with any formal business transaction, completing the requisite paperwork constitutes an essential step to the final conclusion.
This starts by maintaining a detailed record of all the paperwork you have done, beginning with the decision to sell your home, hiring a realtor, and putting your property on the market. This could include, but is not limited to, home maintenance receipts, renovation receipts, renovation timelines, any disclosures, listing agreements, and purchase offers received, etc.
All this paperwork also comes in handy at the time of filing your taxes, and in case you are audited for any reason by the Canada Revenue Agency. It is also advisable to hire an accountant to help you manage any tax liabilities or gains stemming from the sale of your property.
Fulfilling legal obligations
Before you hand over the house keys to the new owner, make sure you have addressed or resolved any outstanding legal obligations relating to your property to ensure a smooth property transfer. For example, unpaid property taxes or liens, any ownership/physical encroachment disputes, outstanding liens, correcting any public record discrepancies related to the property, etc.
Putting your financials in order
Ignoring or neglecting a timely review of all your financial obligations as a home seller can prove to be costly at a later date. Before you close the sale of your home, make sure you have paid off any outstanding mortgage amount on your property, paid your relator for all services rendered, including commissions owed, outstanding property or transfer taxes, etc.
Sprucing up the property for the next owner
Before you vacate your property for the next owner, you should make sure that there are no pending repair or maintenance requirements, all the utilities and appliances are in working order, including the lighting, electrical, or other fixtures. You should also package any appliance manuals, receipts, or warranty information for the buyer.
Make sure the property is cleaned after the removal of all your personal belongings and that you’ve canceled any subscription-based services, such as utilities, phone, or internet connection tied to your residency, or updated or transferred them to reflect your new address. You should also modify your postal address, wherever needed, such as with your banking or financial service providers, contacts, etc.
Lastly, before you hand over the keys or the security codes for your home to the new owner, make sure you have transferred or canceled your existing home insurance.
We understand that achieving a smooth transition after you have sold your property can be a challenging task. Therefore, the team at RE/MAX Royal Team Sachdeva Realty is always available to assist you or share information in response to any questions or concerns you might have. Please do not hesitate to get in touch with us.
Have a great weekend!