Listing Documents

To Prepare:

There is a list of items I recommend you have handy when we sit down together to list your home:

  • One piece of Government issued Photo ID

  • If you have the Real Property Report from your purchase please have it on hand

  • Most Recent Utility Bills

  • A Spare Key for the lockbox

  •  Condominium Documents: Condominium documents relate to the operation of the condominium corporation. Buyers want to ensure the condominium corporation is financially stable, managed well, and properly maintained. Condominium documents include but are not limited to:

    • corporation bylaws

    • reserve fund study

    • reserve fund plan

    • financial statements (for reserve fund and operating fund)

    • board meeting minutes

    • annual general meeting minutes

    • certificate of insurance

      If you don’t have the required documents, contact your condominium management company or contact someone on the condominium corporation’s Board of Directors.

  • Tenant’s rights: Do you have renters living in the property? If so, familiarize yourself with their rights as tenants. Additionally, think about the terms of your tenant’s lease. If it’s a fixed-term, and you plan to sell the property before the end of the term, you need to provide your tenants with three months’ notice. Review the Residential Tenancies Act or contact Service Alberta if you have questions.

  • Current Mortgage: If you currently have a mortgage on your property, review the terms. You can bring a portable mortgage to another property, including the rate. An assumable mortgage allows a buyer to take over your existing mortgage including the rate and term. If it’s an assumable mortgage, your lender will likely require the buyer to qualify under the terms and conditions of the existing mortgage before allowing them to assume the mortgage.

  • If you’re not porting the mortgage to a new property, and your current mortgage term isn’t finished, there will be a mortgage payout penalty. Payout penalties can be substantial. If you pay out your mortgage before finishing the term, ensure you have enough money to cover the payout penalty.

  • Tax implications: If your property isn’t your primary residence as defined by the Canada Revenue Agency, there could be significant tax implications. Your best bet is to speak with a tax professional or an accountant to find out what effect the sale will have on your tax situation. Additionally, beginning in the 2016 tax year, Canadians have to report the sale of their principal residence on their income taxes.

  • Current contracts: Determine if you have any current contracts for home-related services, for example a home alarm system or rented hot water heater. For each contract, you need to think about the effect the contract will have on potential buyers. Can they assume your contract? Is the contract transferable in the event you buy and move to a new place? At the very least, you need to disclose to buyers the existence of and details for each contract.

The Paperwork:

There are several documents that we will sign together at the time of our listing appointment. We will go through these documents thoroughly to ensure you feel comfortable with the process and that any possible questions you may have are answered.  To learn more about the mandatory listing documents, please click below for a sample of the documents and a breakdown of what each document entails.

During our listing appointment we will arrange a time for measurements to be completed, as well as a time for the photographer to come by. We will discuss how showings will be scheduled and I will provide a few recommendations on how to prepare your home prior to a showing.