Paperwork is a bore. Having a real estate agent manage your paperwork can be a real boon—there are a lot of documents to prepare.
Is that help worth a commission of 4-6%? We don’t think so.
In this article, we’ve compiled a list of some of the paperwork you’ll need to prepare in order to sell a home in the Edmonton area. These documents are often required in real estate transactions throughout North America.
It’s important to know that these documents are generally required whether or not you’re selling your home with the help of a real estate agent. They give the buyer vital information, from ensuring that you are entitled to sell the property to giving them a detailed overview of the property.
The property details
The buyer will want to know everything they can about the property. You’ll want to include vital property information, such as:
- The age of the home and any other buildings on the property
- The age of any upgrades/additions to the home
- The age of windows, the furnace, hot water tanks, etc.
- The size of the lot
- The square footage of the home
- The number of bedrooms/bathrooms
- The number of floors
- Whether or not the basement is finished
- What repairs may be needed
As we go through the list of paperwork you’ll need to assemble, you’ll realize that all of these points are covered in the other documents you’ll be preparing. Nonetheless, having a document that concisely covers the key points a buyer will want to know will speed up the process significantly for both parties.
The Original Purchase Agreement
To sell your home, you’ll need your land title—so why do you need your original purchase contract?
Much like a concise list of key property details, the Real Property Report (RPR) is used to expedite the selling process. An updated RPR with compliance or the one you received when you bought the house—helps the buyer avoid any disputes related to land titles.
Of course, you’ll also need to create a new purchase agreement to complete the sale of your house. Fortunately, you can do this without a real estate agent—LawDepot, a website that offers free legal forms, can help you create your own purchase agreement for Alberta.
A Home Appraisal report
Home appraisals are offered by real estate appraisers. These documents offer the appraiser’s candid, unbiased opinion on the value of the property. They may also flag issues with the home, like repairs that are needed, outdated electrical systems, and more.
This report is useful for both buyers and sellers—it gives them a better idea of the value of the home and tells them what work will need to be done.
When you sell to Solution Home Buyers, we offer a free evaluation. You can, of course, also opt to hire your own real estate appraiser when selling to us or in any other private sale scenario.
The Real Property Report (RPR) and Compliance
Real property reports (RPRs) are one of the most complex—and informative—real estate documents. They’re required for real estate transactions in Alberta. There are a few things that you want to know about RPRs:
- They’re prepared by Alberta Land Surveyors
- They feature dimensions, locations, and descriptions of all buildings and structures (like decks) on your property
- They advise of any encroachments—features too close to or over the property line
- Adjacent properties, roads, and other features will appear on the RPR
- Legal information, including Certificate of Title (land title) and evidence of municipal compliance and easements.
Don’t know what most of that means? Don’t worry! Just think of the document as being a very detailed analysis of your property, its buildings, and its borders.
An RPR generally costs around $600. In addition to the RPR, you’ll also want a certificate of compliance. These are provided by municipalities in Alberta; they ensure that you’re complying with all applicable by-laws.
The certificate of compliance generally costs around $300 in and around Edmonton, so when you put the RPR and compliance together, you’re looking at around $900 worth of fees.
Utility and property tax bills
Imagine you’re purchasing a house—or even renting a place. You’ll want to know about all of the costs associated with living in the place. How much are utilities? How much are property taxes?
The people buying your house are just like you—they’ll want to know the costs of operating the place. By providing a prospective buyer with your current property tax bills, and a year’s worth of utility bills, you’ll give them a great window into your operational costs. You can also provide them with the City Assessment of your property taxes.
Home repair records
Have you recently repaired or upgraded your home? You’ll want to provide receipts and documentation detailing the repairs. These documents will include:
- The work that was done
- The contractor who did the work
- The cost of repairs
- When the repairs were complete
- Any notes on the repairs
At this point, you’re probably getting a sense of what these documents do—they offer as much information to the buyer about your home as possible. Real estate transactions need to be as transparent and above board as possible.
Home inspection report
The home appraisal report gives you an unbiased look at the value of your home. A home inspection report, on the other hand, gives you an honest look at the state of your home. These reports are comprehensive, giving you details about what repairs are needed, the age and condition of your house, and more. They’re an invaluable tool for the buyer—they can learn about all the costs they’ll need to pay for improvement and repairs. The report can also help you and the buyer come to an agreement on the value of the home.
There are a few other documents you may need or want to sell your home. These documents include:
- The Certificate of Land (even though this is included in your RPR)
- Warranties for appliances
- Photos of your home
By working with Solution Home Buyers, you can expedite the process of preparing documents. SHB can prepare the purchase agreement, search the title, and your Lawyer can prepare the Real Property Report and closing documents.
When selling your home with us, you’ll always know what to expect—and the process can take as little as two weeks. Interested in selling your home in Alberta? Get in touch with us!