The reasons for hiring a REALTOR® to purchase or sell a property are manifold.
In September 2011, this blog presented 35 typical actions and research steps (an abridged list) for a successful residential real estate transaction. These actions are intended to highlight two points: buying and selling a property is complex and time-consuming.
Let’s revisit those 35 steps, good fodder to convince potential clients about the importance of hiring a professional REALTOR®.
Pre-Listing Activities
1. Research all comparable currently listed properties; sales activity in the area from MLS® database; and days-on-the-market for similar properties, location, and price
2. Review property tax roll information
3. Prepare comparative market analysis (CMA) to establish fair market value
4. Research property’s ownership and how it is held (deed)
5. Check municipal tax records for lot size
6. Verify the legal description from public records
7. Check planning department of municipal offices for current zoning
8. Check for land use restrictions or special zoning
9. Verify legal names in the Registry Office (or deed)
10. Determine whether property is subject to a shoreline road allowance (if applicable)
Listing Appointment Presentation
11. Review and confirm all legal descriptions and ownership details
12. Measure exterior and establish the square footage above grade
13. Note any lot line fencing, easements, and variances
Once the Property is Listed
14. Measure and record all room dimensions
15. Have mortgage verification forms signed and submitted to mortgagee
16. Verify with lender any penalties, terms, and current rates and if the mortgage can be discharged
17. Check whether the existing mortgage can be assumed and under what terms
18. Confirm supplier of hydro or any other provider of this utility
19. Calculate the utility usage for the past 12 months
20. Verify the availability of any septic bed layout or permits at time of installation
21. Water – if municipal check on rates for the past 12 months
22. Determine natural gas, heating oil or propane supplier’s name and telephone number
23. Prepare a list of property features such as pool, sauna, whirlpool, landscape pools, and special plants
24. Prepare a list of chattels included or excluded from the sale of the property
25. Compile a list of recent improvements, repairs or maintenance
26. Arrange for installation of ‘For Sale’ sign
Marketing The Listing
27. Create both print and Internet advertising
28. Prepare flyers and feedback faxes
29. Obtain pre-qualification letter from mortgage officer
30. Negotiate all offers, setting condition time limits and closing date
31. Prepare and convey all counter offers, acceptance and/or amendments to buyer’s representative
32. Arrange for appraiser to inspect the property and give any information, including comparables, survey copy, etc.
33. Order septic tank inspection, if applicable
34. Deliver water test results from health unit to mortgage company
35. Arrange other inspections as required by financial institution and/or insurance company (i.e., mould, termite, WETT, inspection, etc.)
To access the unabridged list, go to http://www.orea.com/Buyers-and-Sellers/Why-use-a-REALTOR.
| REALTOR® is a registered trademark of the Canadian Real Estate Association (CREA). Only salespersons and brokers who are members of CREA, OREA, and the local real estate board, can use the term REALTOR®. CREA also owns the MLS® trademark. In Ontario, the MLS® database is operated by real estate boards, which provide an ongoing inventory of available properties and ensure maximum exposure of properties listed for sale. |
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