Selling your property privately without any training and experience can be frustrating. So we’ve put together the top 8 things you must know before selling your property privately in Ontario.
Why sell your Property Privately in Ontario?
You might want to sell your house privately to
- save real estate agent commission fees
- plan viewing according to your schedule
- negotiate more freely without worrying over commission fees
- have complete control over the sale
What you must know to Sell a Property Privately in Ontario
Here are the things to keep in mind before selling your property privately in Ontario:
1. Time Commitment
Private selling needs considerable time commitment from your side. It puts a lot of work on your shoulders.
You have to do the alone:
- negotiating and handling offers
- communicating with the buyers and other professionals
2. Organize a paperwork file
For a smooth sale process, you need to compile crucial documents like:
- property deed
- mortgage documents
- utility bills
- property taxes receipts
3. Hire a Lawyer
Selling your property privately will save you agent commission. But you’ll still need to hire a lawyer to:
- prepare deeds and legal documents
- make sure the terms and agreements of the sale are legal
- ensure you (the seller) meets all the legal obligations
- disclose information mandatory by law
- cooperate with the buyer’s lawyer
- finalize the sale documentation
4. Future Living Arrangement
It would help if you made plans for where to live once the house is sold. Do you plan to move out quickly if the circumstance warrants it?
If you plan on taking a mortgage on your next home, then get the mortgage pre-approved. This will help you determine how much profit you need to make on your home sale.
5. House Condition
Ensure your house is in tip-top condition for higher appeal and, in turn, a higher value.
Revamp it by getting done the
- paint job
- deep cleaning
Staging is removing personal belongings to make as much free space as possible. In addition, baring the house and making it appear unlived-in helps potential buyers envision their future home.
6. Disclosure of Important Information
In Ontario, you are legally bound to disclose latent defects like
- structural problems
- fire damage
- mold growth
Failure to do so will result in legal action against you.
7. Asking Price
It would be best if you determine your asking price by:
- Checking out home listings in your area and finding out how much a home similar to yours is selling for in what time period or
- Getting a home appraisal done
8. Marketing the Property
You need to market your property on your own.
You can do this by:
- Putting up a ‘For Sale’ sign in front of your home
- listing it on advertising platforms with attracting bright HD pictures of your home and a highly targeted persuasive description
- listing it on online directories and newspapers
We hope this guide makes selling your property privately easier.
If you don’t have the time for
- refurbishing your home
- sitting through viewing and negotiation
- meeting paperwork requirements
- slow sale process due to relocation, or an emergency
then you can sell your property privately and quickly for a fair price to Friendly Home Buyers in Ontario.