Selling a home is a long tiring and complex process. AGREED? With the home preparation and home staging to list the home for sale in Ontario on the market listing, and each and every step in between; is complex, time taking and equally challenging. Solving and dissolving the legal complicities, tops the list. A bitter sweet challenge and the most twisted regulators.
Therefore, it is always advisable for a lay man house seller to consult the real estate agents in Canada for the right approach snd documentation settings; to avoid any legal complexities and hurdles. WHY THE REAL ESTATE AGENTS AND NOT LAWYERS!? The most obvious question. Real estate agents in Canada knows their market and understands their field. This means that they are most accustomed with the legal documents requirements and standard paperwork; needed for home selling.
This blog with highlight the basic and general legal documentations which must be needed house selling in Canada. These are the basic and most general documentations information. For detailed information on the atrocities of house selling legal documentations, consult RADhir Realtor; one of the top and expert real estate agent in Canada.
MUST NEEDED LEGAL DOCUMENTS – TO SELL YOUR HOUSE
The in lined and listed general documents have been the result of in-depth research and study. To make your selling process smoother, legal and ethical; you must be prepared with these general documents and paperwork, after consulting real estate agents in Canada. A CHECKLIST IS PREPARED FOR YOU;
- PROPERTY DEED
The property deed serves as proof of ownership and includes a legal description of the property.
- PROPERTY SURVEY
A property survey outlines the boundaries and structures of the property, which helps with accurately assessing its value.
- MORTGAGE DETAILS
Mortgage details provide information about your current home loan, such as the remaining balance and terms.
- HOME INSURANCE RECORDS
Home insurance records are necessary to show proof of coverage on the property, which is required by the buyer’s lender and throughout the sale process.
- HOME INSPECTION REPORT
If you previously had a home inspection done, share the report to address any potential concerns ahead of time.
- UTILITY BILLS
Provide recent utility bills (water, gas, electricity) to give buyers an idea of ongoing expenses.
- TAX STATEMENTS
Include property tax statements and receipts to confirm tax payments.
- RENOVATION & REPAIR RECORDS
Keep documentation of any major repairs or renovations conducted on the property.
- HOME OWNER’s ASSOCIATION DOCUMENTS
If there is a homeowner’s association, provide details about its regulations, fees, and records of meetings.
- WARRANTIES & MANUALS
Provide warranties and manuals for appliances or systems that are part of the property.
- TITLE SEARCH DOCUMENTS
Obtain documents from a title search to ensure there are no unpaid debts or legal problems associated with the property.
- PURCHASE AGREEMENT
Keep records of the purchase agreement and receipts if you have made any recent home improvements.
- CLOSING DISCLOSURE STATEMENT
The Closing Disclosure Statement is a written document that provides all the important financial information regarding the sale of a home.
- PHOTO AND VIDEO DOCUMENTATION
Photo and Video Documentation involves taking high-quality photos and videos of your property, which are extremely useful for creating compelling online listings.
- IDENTIFICATION
In order to verify your identity, you will need to provide a government-issued identification that is valid.
- BANK INFORMATION FOR MORTGAGE PAYOFF
To facilitate the payoff of your current mortgage, you will need to provide your bank account details for the transaction.
END NOTE
To ensure a seamless process when selling a home in Canada, it is important to have these documents well-organised and readily available. It is also advisable to seek advice from a real estate expert or legal consultant, as they can offer specific guidance in accordance with the regulations of each province.
