LISTING Documents for Selling Your Home

When selling your home, you’ll encounter several key documents, each playing a crucial role in the process. Your Realtor will guide you through these documents, ensuring compliance and transparency at every step.

  • Multiple Listing Contract: This document cements the professional relationship between homeowners and their Realtor®. It authorizes Realtors® to market properties, leveraging the Multiple Listing Service (MLS) and various marketing strategies to attract potential buyers. The MLC outlines key details like listing duration, price, and Realtor® commissions, ensuring transparent representation through the sales process. It guarantees that Realtors® act in the homeowner’s best interest, offering expert advice and navigating complex negotiations, thereby streamlining the journey to a successful sale in Greater Vancouver’s competitive landscape.
  • Property Disclosure Statement (Non-Strata Properties): A critical document detailing the property’s condition, including any potential issues like asbestos, unauthorized suites, moisture problems, or underground oil tanks. Full disclosure is vital to avoid future liability.
  • Strata Property Disclosure Statement (Strata Properties): For condos and townhouses, this statement covers specifics such as parking, storage, special assessments, and any restrictions or building envelope concerns.
  • Disclosure of Representation in Trading Services: Outlines the professional relationship between you and your Realtor, including the fiduciary duties owed to you as a client.
  • Privacy Notice and Consent: Explains how your personal information is handled throughout the transaction.
  • FINTRAC Compliance: To prevent money laundering and terrorism financing, your Realtor will need to collect and file your photo ID and occupation details as part of this large financial transaction’s record-keeping.


The Role of FINTRAC in BC Real Estate Sales

For sellers in the BC residential real estate market, FINTRAC regulations mean engaging in transactions that require thorough documentation and verification processes facilitated by their real estate agents. Agents must verify the identity of sellers, keep records of the transaction details, and report any suspicious or large cash transactions to FINTRAC. This ensures the integrity of the real estate transaction and provides a safeguard against the potential misuse of the real estate market for money laundering or terrorist financing activities. Compliance with FINTRAC regulations not only contributes to the transparency of the sale but also protects sellers from inadvertently becoming involved in illegal financial activities.

Realtor® FINTRAC Requirements: See BCFSA Anti-Money laundering

Realtor TIP: CHECKING IN WITH YOUR LENDER!

Before selling your home, it’s crucial to consult with your lender or mortgage provider, a step often overlooked by many sellers. This consultation is vital for several reasons:

Understanding Mortgage Penalties and Conditions

Selling your home before your mortgage term ends can incur penalties, such as prepayment charges, which can significantly affect your financial planning. Your lender can provide detailed information on any penalties, allowing you to make an informed decision about the timing of your sale.

Portability Options

Some mortgages offer portability features, enabling you to transfer your existing mortgage to a new property. This can be particularly advantageous if your current mortgage rate is lower than the market rate. Discussing this with your lender ensures you don’t overlook potential savings.

Bridge Financing

If the purchase of your next home closes before the sale of your current property, you may need bridge financing. Your lender can advise on whether this option is available and suitable for your situation, providing a seamless transition between properties.

Releasing the Mortgage

To sell your home, the mortgage must be discharged. This process can vary depending on your mortgage and property type. Your lender will outline the necessary steps and documents, ensuring a smooth transaction.

Impact on Future Financing

Selling your home and settling your mortgage impacts your credit and borrowing capacity. Understanding this from your lender helps you plan future property investments or purchases without unexpected hurdles.

In summary, consulting with your lender or mortgage provider before selling your home offers clarity on penalties, options for your current and future mortgages, and ensures legal and financial requirements are met. This step is essential for a successful and financially sound home sale, a point real estate agents emphasize to ensure their clients are fully informed and prepared.

Mortgage Penalty Calculator

Remember, while the Property Disclosure Statement is not a warranty, inaccuracies or omissions can lead to liability. These documents are designed to protect all parties involved, ensuring a smooth and transparent sale of your property.

NEXT: PREPARING + SHOWING YOUR HOME

Get The Complete Guide To Selling A Home!

WHAT OUR CLIENTS ARE SAYING

“Thank you so very much for helping us purchase our first home! We truly appreciate your hard work and honesty. Looking forward to finding our next home with you next time”
John & Taneem
“Thank you so very much for helping us purchase our first home! We truly appreciate your hard work and honesty. Looking forward to finding our next home with you next time”
Jinsil & Zubin
“Thanks for all your hard work James. You’ve been very patient with us, and we had a much better experience with you than our previous realtor. Keep doing what you’re doing…”
Jen
“Wow! What an amazing Realtor you are. Phenomenal in both selling and purchasing of homes this year for our family. You are laid back and efficient at your job and with your clients. It has been a great experience to have worked with you. I will recommend you to all our friends and you will be our Realtor for life!”
Nadine & Princeton
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Brett & Paige
“Thank you so much for your excellent job in selling my Dad’s property in Renaissance Square. The sale was quick, efficient and well communicated to all involved and we were happy with the selling price. Additionally, your thoughtfulness helped immensely to ease any concerns of my Dad, myself and my brother. Your additional help in identifying service and tradespeople to help with the process was also greatly appreciated. I would have no hesitation in referring you to friends and family.”
Claudia
“We always felt we were in great hands and that you always maintained all of our interests as a top priority. It was a pleasure to see your professionalism and thoughtfulness combined. It was really appreciated.”
Stephen Loyd
“We absolutely love our place!. Often, we can’t believe we live here… We recommend you every time a friend is looking for a Realtor and will continue to do so. We really appreciated everything you did for us and for making the whole affair rather painless.”
Shawna & Scot
“…you’ve been so informative and made us all feel as if you really wanted to help us acheive our goal. Thanks again, you’re very good at what you do. Keep in touch…”
Sherin
“… thank you for talking with me on all the questions I raised. We appreciate your professional, dedicated as well as personable service…”
Francis
“We would like to let you know how much we appreciated the great job you did for us in selling our condo. You’re a very nice guy. Hope to do business with you in the future…”
Evelyn & Roger