Selling your home is a complicated process. Finding a seller, filling in all the paperwork, and ensuring that the transaction occurs legally and on time—it can feel like there’s no end to the work you need to do!
We’re here to help. We’ve compiled a list of some of the most common questions sellers in Alberta have when selling their homes and given detailed answers to each one.
Do I need a lawyer to sell my house?
Yes. Lawyers are an essential part of the home selling process—in fact, both the buyer and the seller need a lawyer to close the deal. We’ll discuss many of the reasons that you need a lawyer later on in this Q&A. The critical thing to know is that without a lawyer, you won’t be able to close the deal…and if someone tells you you don’t then don’t trust them!
This is true whether you’re selling your home on the traditional real estate market or to an investor like Solution Home Buyers. Edmonton home buyers—and home buyers around the country—want you to have a lawyer to ensure that you’ll pay off the mortgage once funds are in your possession.
Do I Need a Real Property Report?
In most cases, you will. A Real Property Report is, in essence, a very detailed drawing of your property. It includes vital information like the size of each building on your property, whether or not any structures are encroaching on boundary lines, and more. These reports include affirmations that you’re complying with by-laws, information about your land title, and more. They’re drawn up by an Alberta Land Surveyor.
You may not need a Real Property Report (RPR) if you’re selling a traditional condominium—you will, however, still need one if you have a bare-land condominium. You may have a Real Property Report on hand, but many circumstances could require you to update the report. You will, for example, need to update your RPR if you’ve built new structures on your property.
What Does a Real Estate Lawyer Do?
Real estate lawyers perform a wide variety of different duties. They prepare and review documents, including purchase agreements, transfer documents and more. They’re also trusted third parties who can ensure that funds and property are legally transferred between the seller and buyer. Both sellers and buyers will insist on the presence of a real estate lawyer to ensure that the seller pays off the mortgage, pays off any liens or debts tied to the property, that all the paperwork is in order, and more.
Real estate transactions are complex—having a lawyer present as soon as you decide to sell your house is a good idea. They can help you ensure that you have all of the documents you need to ensure a smooth sale and transition.
Can I Sell a House That’s in Probate?
Once you’ve received a grant of probate, you’ll be able to sell the house on behalf of the estate. During the period in which your application for a grant of probate is in front of the courts, however, you’re not allowed to sell any of the estate’s property—including, of course, houses owned by the estate. This doesn’t mean, however, that you can’t begin the preliminary selling process—you might, for example, track down any documents related to the home, like a Real Property Report or land title.
When Can I Cancel My Property Taxes?
Cancelling your property taxes when selling a home is a tricky thing, and you should consult with your lawyer to ensure that they’re cancelled immediately after the closing date.
The process is tricky because of the careful timing required. Stop paying the property tax too early, and there may be financial and legal consequences. Cancel the taxes too late, and you may see taxes withdrawn from your account for a property you no longer own. It’s especially important to be cognizant of when you can cancel your taxes if you’re on a payment plan like Edmonton’s Property Tax Monthly Payment Plan.
Does My Homeowner’s Insurance Get Cancelled After I Sell?
Much like your property tax, you’ll need to carefully time the cancellation of your homeowner’s insurance. Technically, you can’t insure property that you don’t own, as you don’t have an insurable interest in the property—you can imagine the problems that would pop up if, say, arsonists could ensure other people’s property.
All that being said, you don’t want to have to wrangle with your insurance agency over the extra payment you made on your insurance. You also most definitely don’t want to cancel before the closing date, or you’ll remain liable for any damage to your property. You’ll need to carefully schedule the cancellation of insurance on or after the closing date—you’ll also want to schedule insurance for any new property you’re purchasing.
With Solution Home Buyers, you’ll be able to schedule a closing date that works for you—we’re more flexible than traditional buyers because we won’t be moving into your house. This makes it much easier to schedule the cancellation of your property taxes and insurance than it might be with traditional real estate.
Can I Sell My House Without a Realtor?
Realtors serve an important role in the real estate market. They connect buyers to sellers, conduct showings, and guide sellers and buyers through the process of real estate transactions. Selling your home on the traditional real estate market can be complicated and time-consuming, and real estate agents help to ease the burden.
They’re not, however, an essential part of the process. When you’re connected to an experienced buyer like Solution Home Buyers, you’ll get expert guidance throughout the process. You won’t need to schedule showings or advertise your home. When you don’t have the time to show your home on the market or the money to conduct essential repairs, we can step in and purchase your home in no time at all.
There are a lot of moving parts when you’re trying to sell your home—but things don’t need to be complicated. When you work with Solution Home Buyers to sell your home, you’ll simplify the process by working with experts in the industry who know how to buy and sell homes quickly. Interested in selling your home in or around Edmonton? Get in touch with us!