There a number of things you need to get together before you can actually transfer the ownership of your home to someone else.

If you Have a Mortgage:

You should contact your lender and get the details of your mortgage. You should find out if your mortgage is portable (can you move it to your next property) or if you will be faced with a payout penalty for paying off your mortgage early. You should also check and see if your mortgage is assumable in case you want to allow buyers to assume your mortgage.

Single Family Home Owners:

If you own a single family home, (or a bareland condo) you’ll need to get a Real Property Report With Compliance. This is the big one, because it costs a fair bit of money and time to get a new one. The buyer’s lender and lawyer will require proof that your property and its improvements (the real property) are in compliance. To prove the property is in compliance you will have to provide a real property report, with a certificate of compliance from the city. Obtaining a new real property report could cost between $400-$800, and will take 2-12 weeks depending on the company you choose to do the report. You then have to take the report to the city for compliance, which adds another couple of weeks onto the process. If you choose our premium service plan we’ll take care of ordering the RPR and getting it to the city for compliance.

Keep in mind, part of obtaining compliance from the city, means having permits for any changes you made to the property. These changes could include a deck, hot tub, pool, shed, garage, bay window, or any number of other changes to the property. You can obtain the permits after you’ve made the changes, but the city charges you twice the fee.

If you haven’t made any changes to the property, then you may be able to use the old real property report (unless it’s really old). If you have made changes, such as building a fence, deck, or garage, you can probably just get an update to your report, if you use the same company that did the original report. Sometimes this is faster and less expensive than getting a new one (again, depending on the company), but you will still have to get compliance from the city.

Condo Owners:

Luckily you have it a bit easier than the house owners…. You need to get your condo documents. Your Realtor will provide you with a list of the necessary documents which you can give to your management company (or your condo board if your complex is self managed). These documents will typically cost $200-$350 to obtain. If you choose our premium service plan we’ll take care of obtaining these documents for you.

Other Information that is Helpful to Have:

  • Service Records - Keep proof of any maintenance done on the home, such as furnace and a/c servicing and cleaning. This is certainly not required for the sale of the home, but it will demonstrate to potential buyers that the home has been well cared for. Ideally a binder with warranties, user manuals, and product specifications left at the home will help a potential buyer (and their inspector) answer any questions about the quality of materials used and the level of maintenance.
  • Floor Plan - If you’ve got a floor plan hang on to it! This helps with the marketing of the home, plus potential buyers can easily see the layout, room sizes, etc.
  • Builder’s Specifications and Upgrades - This clearly identifies for a buyer what aspects of the home were upgraded (and therefore added more value to the home). It also allows them to get information about the technical details of the home, such as the insulation used, the wiring and plumbing and so on.
  • New Homes – if you’re selling a brand new or almost new home you’ll also want the following: Rough Grade Certificate, New Home Warranty information, Certificate of Occupancy, Deficiency Report.

Feel free to set up a time to discuss these, or any other questions or concerns you may have about the sale of your home.

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