FOR SELLERS THINKING OF SELLING

Taxes are to be paid on the sale of property. This amount varies between non-residents and residents of Canada. This amount is to be retained by the seller’s lawyer until a clearance certificate is received from the Canada Revenue Agency (CRA) in connection with the sale of the property. Upon payment, the CRA will issue a clearance certificate to the seller, but not until there has been a contract of purchase and sale with all subjects (conditions) removed. The wait for the certificate is usually 6-8 weeks. If the certificate is not obtained, the purchaser is required to withhold from the sale proceeds, a percentage of the selling price (usually 25-50%).

On the closing date (or before), mortgage money is transferred to the seller’s lawyer, and the property title is signed over to the purchaser.

Non-residents are required to file an income tax return, and will receive a portion of the taxes paid back.

Many countries, such as the U.S., have tax treaties with Canada that prevent you from being taxed in both Canada and your home country. It is advisable to contact a tax accountant in your country for more information.

6 STEPS TO SELLING A HOME

1

FIND A REAL ESTATE AGENT

There are a lot of elements to concentrate on when selling a home, working with a qualified real estate agent will ease you of stress and confusion. Before you start searching for realtors, make a list of your expectations and questions. It will narrow your search and keep you on track when you start meeting/talking with potential agents. 

2

EVALUATE AND PRICE YOUR HOME

After you pick a realtor, work with them to price your home. A home evaluation is recommended so you can gauge a price range. The Ed Dale Team will offer market insight and be transparent about the worth of your home. Pricing is one of the most important steps for sales and it changes whether there is a seller’s or buyer’s market.

3

PREPARE FOR SHOWINGS AND OPEN HOUSES

Homebuyers always request a house inspection: your roof, foundation, plumbing, electrical, HVAC, etc., will be looked at closely. That means you should inspect your property thoroughly beforehand. You nor the potential buyers want any surprises. Once everything is properly functioning, it’s time to consider small upgrades that can increase the value of your home or its appearance for showings. 

4

SHOWING YOUR HOME

After your condo/house is listed, an open house will be planned or bookings for viewings will be accepted. When your house or condo is being shown, keep two things in mind: trust your agent and present your home immaculately every single time. Make arrangements for your pets, young children or even yourself. The fewer distractions, the better. 

5

OFFERS AND NEGOTIATIONS

This can’t be stressed enough, trust your agent. Realtors are experts at reviewing offers and negotiating terms. The process can be time-consuming and emotionally draining if you don’t receive offers you’re thrilled about or it’s time-sensitive. This is why it’s important to pick a realtor you trust and are comfortable with.

6

THE CLOSING PROCESS

You’re almost done! The house or condo will be inspected and depending on how this goes, one of two things will happen. The inspector will find areas of improvement meaning repairs or a price adjustment will be negotiated. Flexibility and compromise are needed so the deal doesn’t fall through. Collect and pay all fees, sign on the dotted line and your property will be sold.

BENEFITS OF THE ED DALE TEAM

WHAT CAN I EXPECT FROM A HOME ASSESSMENT?

WITH THE ED DALE TEAM

First thing we'll do is plan a day and time that works best based on your schedule. If you have any questions before the planned date, we'll be happy to answer.

Next would be the actual home assessment, where we will walk through the home together. Following the home assessment, we would then go over the process you can expect while we work on selling your home.

Lastly, if you have any questions or concerns after the home assessment or the home selling process, you can reach out to us anytime! 

FREE HOME ASSESSMENT WITH THE ED DALE TEAM

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