TOP 1% AWARD WINNER 

  Pardeep Grewal

BROKER, ABR, SRS 

Chances are, if you've lived in your home for more than a few years, you can likely turn a tidy profit. That's great news. But sealing the deal requires more than just a handshake. You'll have to consider if now's a good time to sell? What's the best way to get the word out? How do you get top dollar for your property? These are just some of the questions that i can help answer.                                                                                                           1. Decide when to sell
A buyer's versus a seller's market?

When lots of people are looking for homes but not many are for sale, it's a 'seller's market', because the seller has something everybody wants. When there are lots of homes for sale and not many people buying them, it's called a 'buyer's market' because buyers have more power of choice.

How quickly do you need to sell your home?

In a seller's market, top price and a fast sale can go hand-in-hand. In a buyer's market, more sellers are competing for your potential buyer. If you have to sell right now, consider lowering your asking price a bit to speed up the sale. I can help you figure out the right price-to-speed ratio.

Seasonality. Do home sales get frostbite?

It's true. Winter sales tend to be slower, and spring sales are more brisk. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider.

What if you're also buying a home?

If you sell your existing home for a 'low' price, you're probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. If you're downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market. What if you find your new dream home before you've started to sell your old one?

Talk to your existing mortgage lender about "Bridge Financing". This is when your lender (the bank) agrees to lend you the down payment for your new dream home, while you still cover the mortgage on your existing property.

2. Prepare your finances

Before the offers start rolling in, you should prepare for the massive amounts of money that will pass through your hands.

Still have a way to go paying off your mortgage? Here are some things to consider."Discharging" your mortgageMany people use the proceeds from the sale of their home to "discharge" or pay off their mortgage. If you have what is known as an "open" mortgage, you can pay it all off without any penalties. If you have a "closed" mortgage, be prepared to pay a penalty. The penalty amount will depend on a number of factors, including how much time is left on the term of the mortgage.

If you're buying a new home, is your mortgage "portable"?A "portable" mortgage means you can take your mortgage money with you and buy a new home, without penalty. This can be a real bonus if the interest rate on your mortgage is lower than existing rates! If your new home is more expensive, and requires more mortgage, you'll have to borrow the extra money at the current market rate.Maybe the buyer is "assuming" your mortgageYour mortgage may have a feature that allows the new buyer to take over your mortgage. If the interest rate is lower than existing rates, this can be a very enticing selling feature for your home.Become a mortgage lender yourself?If your buyer is having trouble arranging all the money to buy your property, you may consider lending directly to them. This is called a "Vendor Take Back" mortgage, and it's often used by sellers to help move a property in a slower market. This is an incredibly complicated financial dealing, and you must talk with your REALTOR®, financial advisor and lawyer before choosing this route.If you find your new dream home before you've started to sell your old oneTalk to your existing mortgage lender. You may be able to arrange "Bridge Financing". This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.Capital gains taxIf the home was your primary residence, you will not have to pay taxes on any capital gain (the increase in the value of your home). If you had tenants living in part of your home, such as the basement, you will pay capital gains tax on a portion of your profits. You may also owe capital gains tax if you're selling a vacation or investment property. Talk with an accountant to find out what you'll have to pay.GST for professional servicesYour lawyer and REALTOR® are providing services that are subject to GST/HST.3. Find a REALTOR® who is right for you

There are many reasons why a REALTOR® is essential when selling your home, but which REALTOR® is best for you?

Don't simply go with the first REALTOR® who suggests the highest asking price. Ask around, talk to a few, and you'll soon find the one that's right for you.

The REALTOR® who helped you buy your current house is a good start

Sticking with a REALTOR® you know just makes sense. If your REALTOR® did a good job helping you buy your home, he or she is probably a good candidate for helping you sell it.

Think locallyJot down the names and numbers of REALTORS® on "For Sale" signs.Ask your local friends or nearby family to recommend a REALTOR®.Visit one of the local real estate offices who know your area.Interviewing candidates

Don't be afraid to ask questions. Finding the right REALTOR® is about a partnership – so screen a few before deciding. Make sure you feel comfortable with him or her and that they show a genuine interest in helping you.

Chances are, if you've lived in your home for more than a few years, you can likely turn a tidy profit. That's great news. But sealing the deal requires more than just a handshake. You'll have to consider if now's a good time to sell? What's the best way to get the word out? How do you get top dollar for your property? These are just some of the questions that a agent can help answer.

4. Determine your home's asking price

Lots of people out there want to buy your home. The right asking price will attract attention and get you maximum return. With the help of a agent  you can set a fair market value on your home to get the most out of interested buyers.

You don't want to set your price too low or too high Setting too low a price means you could miss out on thousands of dollars that some buyer would have paid.Setting too high a pricecan scare away willing buyers and leave your home on the market for too long. When you lower the price, people may assume you are under pressure to sell, and lower their offers even further.I know the general factors affecting your market

Maybe larger families are moving into your neighbourhood. That makes homes with three plus bedrooms and large yards more appealing. Perhaps a large employer is opening a plant nearby, which will increase demand for housing in general. How are interest rates affecting people's willingness to take out big mortgages? You can ask your REALTOR® these questions and, more importantly, how he or she can affect the price of your home.I

can calculate your home's value within your market

Using the extensive background information available to Me through a real estate Board's MLS® System, they can compare your home to a collection of similar homes that have recently been sold in your area. No two homes are the same, but I am very good at adjusting their calculations according to the differences

Yes, first impressions matter

It's nearly impossible to replace the initial flurry of interest and activity a new listing will generate.  I will want to see your home right away and tell buyers all about it. Be sure you're priced and poised to capitalize on this first wave of excitement

5. Sign a listing agreement

Signing the listing agreement officially gives your  the green light to start selling your home. See what's involved.


The "Listing Agreement" authorizes your Ho to market and sell your home. This agreement serves three purposes.

It defines your relationship, including the limits of your REALTOR®'s authority.It provides detailed information about your home which can be placed on a real estate Board's MLS® System to help potential buyers find you.It forms the basis for drafting offers on your home.Highlights of the Listing Agreement AuthorityThis describes the legal relationship between you and the real estate brokerage, and sets a time limit for the REALTOR® to sell your home.Exclusive or Multiple Listing Service®?"Exclusive Listing" means that only your brokerage can find a buyer for your home. I generally recommend a "Multiple Listing", which allows them to put your home on a real estate Board's MLS® System - a great tool to market your home and help find a buyer.PriceYou have the final say over this magic number, but your REALTOR® will have very useful advice on what price will attract buyers. Learn more about choosing the right asking price in Step 4: Determine your home's asking price Real estate commission This may be a flat fee or a percentage of the final sale price. The compensation is agreed upon between you and the individual brokerage.A physical description of your property Your AGENT will itemize the lot size, your home's age, the style of construction, number and size of the rooms, and any outstanding selling features such as "backs onto ravine" or "fabulous kitchen renovation".Legal informationThis includes the lot number, land surveys and the zoning code.Financial informationLet people know the numbers like the minimum deposit you require or if you have a low-interest rate mortgage that can be assumed.Completion dateThis lets everybody know how long you need to move out once your home is sold. 60 or 90 days is typical, but if you can be flexible this may help sell your home faster.How the home will be shown Your AGENT can make the arrangements for viewing appointments. Any specific instructions, such as "make sure the cat stays in" can also be noted.What exactly is included in the price? Chattels and fixturesChattels are moveable items like washers and dryers, microwaves and window blinds. They're not automatically included in the sale, but sellers will often include them to sweeten the deal.

Fixtures are permanent improvements to a property like central air conditioning, installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home unless you note otherwise. Maybe the dining room chandelier is family heirloom that you wish to take with you. The line between chattel and fixture can get blurry, so go over every item with youR AGENT.

Chances are, if you've lived in your home for more than a few years, you can likely turn a tidy profit. That's great news. But sealing the deal requires more than just a handshake. You'll have to consider if now's a good time to sell? What's the best way to get the word out? How do you get top dollar for your property? These are just some of the questions that a AGENT can help answer.

6. Prepare your home for sale

Break out the mop and the paintbrush. It's time to give your home a mini-makeover. Here are all the little things you can do to attract the big offers.

See your home through a buyer's eyes

Now's the time to address your home's little imperfections: the hole in the screen door, the chipped paint on the baseboards, and the mess in the basement. Print out a copy of our Is Your Home Ready? A Checklist and take a thorough tour of your home.

Get rid of clutter

Your house will feel a lot bigger and more inviting when you clear out those closets, remove bulky, unused furniture and rearrange the remaining pieces to make the best use of space. If you haven't used something in the past year, toss it, donate it to charity or sell it.

Clean everything

Cleaning is the single most cost effective way to make your home more attractive to buyers. Floors, windows, walls, doors, baseboards - everything! Give extra care and attention to the bathrooms and kitchen. And once it's all clean, keep it clean! You never know when your ideal buyer will visit.

Repair as much as you can, within reason

Some repairs are absolutely vital, like a leaky roof or basement and unsafe electrical problems. Otherwise, fix all the little things like leaky faucets, doors that squeak, and small cracks in the ceiling.

Depersonalize your home

You want buyers to walk through your house and feel like it's their home, not yours! Things like a cluttered wall of family portraits or your trophy collection are guaranteed to prevent buyers from emotionally placing themselves in your home. Remove everything that's too much about you.

Never underestimate the power of paint

Strong colours on the walls or wild wallpaper make it hard for buyers to imagine their furniture in your house. Consider repainting your home in bright, neutral colours that will enhance a room's size and look more inviting. Next to cleaning your home, paint is the most cost-effective way to increase your home's appeal.

Add some beautifying touches

You don't need to spend a fortune to make a big difference. Replace tattered old curtains with some fresh draperies. Mirrors on the wall help rooms feel more spacious. New houseplants add undeniable appeal. And on the outside of your home trim the trees, weed the garden and consider planting a few new flowers to make a great first impression.

Add some beautifying touches

Don't get so carried away with prepping your home that you forget why you're doing this - to get more money! You need to consider two things before making any improvements.

Will this make my home more desirable to buyers?Will this increase the value of my home more than it costs me to do it?

Your AGENT may also be able to offer useful tips and advice when it comes to prepping homes.

7. Let I market your home

It's time for ME to do their thing with a few old-fashioned, and some new-fashioned, marketing tools.

The "For Sale" Sign Despite our leaps in technology, the "For Sale" sign continues to be an extremely effective way to advertise. Anybody responding to your sign is a solid lead because they've seen your home with their own eyes.get the buzz started.Next, an "Open House" for everybodyMany buyers want to get a feel for your neighbourhood before they start working with me .That's why Open Houses to the public are so important. They usually last a few hours on a Saturday or Sunday, and there are a few simple but important rules to follow. Make sure your home looks its finest Your best buyer may just walk in off the street!Lock away valuables Most folks are decent, courteous and honest, but it's wise to stash away jewelry, cameras and other small valuables. .Attend to any hazardsIs there an electrical cord somebody could trip on? Is there a chair that will collapse if somebody actually sits in it? Fix it, or lose it.Avoid cooking foods with strong aromaAlmost nobody's dream home smells like smoked herring!The best way you can help: Don't be thereYou want people to feel relaxed and daydream that your home is their home. This just isn't possible with you there. Go see a movie, or take your pets on a field trip.A "lock box" makes it easier to show your homeA "lock box" is a small, secure box that's affixed to your front doorknob. It's a mini safe with a key to your house inside .I am given a combination to the lock box, so they can show your home to interested buyers.

Be patient with visits. Hopefully they will lead to a great offer, soon.

Chances are, if you've lived in your home for more than a few years, you can likely turn a tidy profit. That's great news. But sealing the deal requires more than just a handshake. You'll have to consider if now's a good time to sell? What's the best way to get the word out? How do you get top dollar for your property? These are just some of the questions that I can help answer.

8. Add a lawyer to your team

When selling, it's essential to have a lawyer handle all the various legal documents that change hands. Before you agree to a lawyer, make sure he or she is experienced in real estate, ask how they structure their fees, and get an estimate of all the legal costs you can expect.

You've probably already worked with a real estate lawyer

The most logical candidate is the lawyer you hired when you bought your home. He or she is already familiar with the property and may have even prepared the purchase documents. If you were satisfied with their work and fees, look no further.

Other ways to find a lawyer

Ask the people you trust like friends, family or business associates if they know a lawyer with substantial real estate experience. I can give you the names of several lawyers.

How your lawyer will help with the sale

Your lawyer will review important documents that require your signature. The most critical of these is the "offer" submitted by the buyer. You will be legally committed to anything you sign, so know exactly what you are agreeing to.

9. Receive an offer

All of your hard work has paid off, but you won't know exactly how much it's paid off until you see the offer. This is an exciting, often emotional time, so be prepared.

. Maybe it's time for a high-five, or maybe it's time to plan your counter offer. You may also wish some private time to discuss things with your partner.Three options when responding to an offerYou can accept the offerYou got the price you were hoping for, maybe even more! The closing date looks good and there are no fussy conditions. Sold!You can reject the offerThis offer isn't even close.You can "sign back" the offerThis offer is close, but something's not quite right. Now the delicate art of negotiation begins, by "signing back".Reasons why you may want to "sign back"You want more moneyThis is by far the most common reason people "sign back". Everybody wants to get the most for their home, and as the saying goes "if you don't ask, you don't get". Go for it, but don't get too greedy and insult someone who has made a fair offer.You want to change the closing dateMaybe your buyer wants to move in sooner than you'd like. Maybe you haven't even started looking for a new home! You can "sign back" a compromise closing date. Perhaps the buyer will compensate you for the inconvenience of living in a motel for a few weeks.There may be some undesirable conditions on the offerConditions are points of contention that must be fulfilled in order for the sale to go through. Here are some common ones.Buyer to obtain financingIf the buyer doesn't have a mortgage lined up, he or she will often put in this condition. The sale will only go through if the buyer can get the mortgage he or she wants.Approval to assume mortgageYou have a great mortgage rate on the property and the buyer only wants your home if he or she can also take over your easy payments.Sale of purchaser's homeThe buyer hasn't sold their existing home yet and he or she wants to be protected from the expense of owning two properties. You might want to ask their REALTOR® about the other home and its odds of selling soon. PROPERTY INSEPECTION This condition is becoming standard practice. Refusing a home inspection before sale is highly suspicious to a buyer, and may spoil the deal.The art of counter-offers and negotiation

successful negotiation is one that leaves both you and the buyer feeling satisfied with the outcome. This is a highly emotional time, so be sure to regularly "check your head", and ask yourself "How important is this particular detail to me? Am I willing to jeopardize a sale over this?" Remember once you "sign back" an offer, you are releasing the buyer from their offer and he or she is free to walk away.I can help you every step of the way.

10. Close the sale

Your negotiations were a success. But before your house is truly sold, it's time for the vital final steps known as "closing".  I and lawyer will take care of the many complicated and time-consuming legal maneuvers. That's why you hired pros.

Canada's money laundering reporting requirements

By the time you accept an offer, I will also advise you of reporting requirements by FINTRAC, the federal agency responsible for administering Canada's Money Laundering and Terrorist Financing legislation and regulations.

I is required by federal law to complete a client identification form, and must ask you as the vendor or seller for verified ID such as a driver's license or passport. You can find out more on the FINTRAC web site at http://www.fintrac-canafe.gc.ca.

You still have plenty to do. Your closing checklist should include:Advise your lawyer that an Agreement has been signed. Make sure your lawyer is ready to close the transaction.Immediately begin satisfying any conditions of the agreement that require action on your part before the set date of completion creeps up on you.Notify your lawyer and lending institution if the buyer is assuming your mortgage.Contact the utilities, telephone and cable companies about transferring or removing service. Your lawyer will often handle the transfer of utilities.Call your insurance agent and arrange cancellation or transfer of your homeowner's insurance.Contact a moving company to arrange your move on or prior to closing date.Send out your change of address notices and advise the post office. Notify the Ministry of Transportation about your new address for driver's license and registration.Notify I immediately if anything changes about your property or your situation.Contact with your lawyerIf you plan to "discharge" or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage, and any penalties you'll have to pay to discharge the mortgage.A few days before closing, your lawyer will ask you to sign the paperwork that enables the title to be transferred to the buyer.On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs, and give you a cheque for the net proceeds.
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