Steps to Selling Your Home
1. Prepare Your Home for Sale
Declutter and Stage: Before listing, it's important to clean, declutter, and stage your home. This can help it appeal to more buyers and potentially lead to a quicker sale at a higher price.
Repairs and Upgrades: Consider making necessary repairs (e.g., fixing leaky faucets, repainting, repairing flooring) or minor upgrades that could increase your home’s value and appeal.
Determine Your Home's Value: You may want to get a Comparative Market Analysis (CMA) from a real estate agent to see how similar homes in your area are priced.
2. List Your Property
Choose a Realtor: While it’s possible to sell your home by yourself, many sellers in Alberta choose to work with a licensed real estate agent. A professional will handle marketing, negotiations, and legal paperwork. They’ll also advise you on pricing strategy, helping to ensure your home is listed at a competitive price.
Sign a Listing Agreement: This formal contract establishes your relationship with the realtor and outlines the terms, including commission rates and the length of the agreement.
3. Market Your Home
MLS® Listing: Your real estate agent will list your home on the Multiple Listing Service (MLS®), which is the primary platform that other realtors and buyers use to find homes.
Advertising: Your agent may also use other marketing strategies such as hosting open houses, online listings, and social media promotions to help sell your property.
4. Showings and Offers
Showings: Interested buyers may schedule showings to view the property. Be flexible with times to accommodate potential buyers.
Receive Offers: Once a buyer is interested, they will submit an offer to purchase, typically accompanied by a deposit. The offer will include details such as the purchase price, conditions (e.g., inspection or financing), and closing date.
Review and Negotiate: You’ll have the option to accept the offer, reject it, or counteroffer with different terms. This process may involve back-and-forth negotiations.
5. Accept an Offer
Once you’ve accepted an offer, both parties will sign a Purchase Agreement, which is a legally binding contract. This agreement outlines the conditions of the sale (such as any repairs or adjustments to the price).
6. Fulfill the Conditions
The buyer may need time to complete inspections, secure financing, or other conditions specified in the agreement. You’ll work with your agent to ensure all conditions are met.
7. Close the Sale
Finalizing the Deal: Closing involves signing the final paperwork and transferring the ownership of the property. The buyer will provide the remaining funds, and you will hand over the keys.
Disbursement of Funds: The net proceeds from the sale (after deducting fees, mortgage payoffs, and other costs) will be transferred to you.
8. Moving Out
After closing, you’ll move out of the property, leaving it in the condition agreed upon in the contract.
Key Considerations in Alberta:
Disclosure: You are required to disclose any known defects in the home, such as past water damage or foundation issues.
Property Taxes: In Alberta, property taxes are typically paid in arrears. When selling, you’ll need to make sure that any outstanding property taxes are addressed.
Real Estate Commission: The seller usually covers the commission fees for both the listing and selling agents, typically 5% (split between the two agents).
Capital Gains Tax: If the home you’re selling is not your primary residence, you may need to pay capital gains tax on any profit made from the sale.
