Whether you’re selling your first home, an investment property, or a commercial space, putting real estate on the market is a significant decision. Here’s a step-by-step guide to help navigate the process.
Royal LePage Revelstoke Realtors are licensed and insured by the British Columbia Financial Services Authority (BCFSA) and are governed under the Real Estate Services Act (RESA).
As your designated agent, a Realtor is legally obligated to act in your best interest. From marketing your property to arranging viewings and negotiating contract terms, Realtors are trained to ensure you receive the best possible price at terms that align with your personal goals.
Royal LePage Realtors are based in Revelstoke, in tune with the local market and connected with other Realtors and potential buyers. Learn more in our article, Why Work with a Realtor?
Curious about your property's market value? Our brokerage offers free evaluations where multiple Royal LePage Realtors visit your home, assess it, and collectively determine its current market value based on recent sales of similar properties.
To attract a broad range of buyers, your home may need minor repairs, decluttering, cleaning, landscaping, or cosmetic upgrades. It’s always a good idea to get your Realtor’s input when prepping your home for sale.
Once you’re ready to sell, your Realtor will prepare a Multiple Listing Agreement outlining key details, including the listing price, commission rates, and the duration your property will be on the market. After signing, your Realtor’s brokerage has the exclusive right to sell your home and list it on the Multiple Listing Service (MLS®).
Your Realtor will arrange for professional photos of your property and list it on the MLS, making it visible to all local Real Estate Licensees. Property viewings will be scheduled around your availability, and your agent may also host open houses, create video tours, and promote the listing on social media.
When you receive offers, your Realtor will present them with the option to accept, counter, or reject. Negotiations typically involve price, completion dates, furnishings, and other conditions. After accepting an offer, the buyer will work to fulfill conditions such as financing, inspections, and title searches. Once these conditions are met, the sale is considered final.
On the completion date specified in the contract, legal ownership of the property will be transferred to the buyer. A lawyer or notary will handle this process, including preparing transfer documents and discharging any existing mortgages. Once completed, you will receive the final balance due and hand over the keys to the new owner.
When listing your property, you’ll complete a Property Disclosure Statement, which outlines the condition of your home to the best of your knowledge. You are legally required to disclose any known defects, including hidden issues (material latent defects) that could make the property unsafe or uninhabitable.
Commission: Typically 2-5% of the sale price, split between the seller’s and buyer’s Real Estate Brokerages.
Legal fees: Usually between $1,600 to $2,500, covering the conveyancing process.
Property Tax: You’ll pay your share of the current year’s property tax and any outstanding amounts.
Capital Gains Tax: Consult a tax professional to understand any potential tax obligations from your property sale.
Yes, tenant-occupied properties can be sold. Your Realtor will coordinate viewings with tenants, providing the required notice. If the buyer plans to occupy the home, the tenants must be given three months’ notice, according to the Residential Tenancy Regulation.
Consult your mortgage lender regarding any penalties or options to transfer the mortgage to a new property. Terms vary by lender and contract.
Speak with a tax professional to determine whether Capital Gains Tax or GST applies to your sale, as tax obligations vary based on different factors.
Connect with our experienced team to list your property today.
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