Essential Documents and Paperwork You Need to Prepare When Selling Your Home
Selling a property can be a complex and overwhelming process, requiring several legal documents and paperwork to be completed. Properly preparing these documents ahead of time can make the process smoother and less stressful for the seller. Here are the essential documents and paperwork that you will need to prepare for the sale of your property: 1. Property Title: The property title proves that you own the property and gives you the right to sell it. It's essential to have a clear title without any liens or encumbrances. If you have a mortgage on the property, you'll need a discharge statement from the lender. 2. Disclosure Forms: In Ontario, sellers must fill out various disclosure forms, including a Property Information Form and a Seller Property Information Statement. These forms provide information about the property's condition, defects, and the seller's awareness of any issues. 3. Agreements of Purchase and Sale: This document outlines the terms of the sale, including the purchase price, deposit, closing date, and conditions. It's essential to have a written agreement to avoid any confusion or disputes. 4. Property Survey: A survey provides information about the property's boundaries, structures, and other features. Buyers may request a survey, but having one on hand can speed up the sale process. 5. Closing Costs: These include legal fees, title insurance, land transfer tax, and real estate commission. It's essential to budget for these costs ahead of time to avoid any surprises. Preparing these documents and paperwork may seem overwhelming. Still, an experienced real estate agent can guide you through the process and ensure everything is in order. Contact a real estate agent for expert advice and assistance in preparing for the sale of your property.