The sales transaction will require a load of paperwork for both parties, and on your end as a seller, it may be less, but you should still prepare the documents that buyers will need to make their final decision. When homebuyers like a home, they want to know everything especially the property’s legal status. Here is what kind of information buyers (and sometimes lenders and lawyers) are usually looking for when they are fond of a home.
The Land Title Certificate
Potential buyers want to be sure that no one will be coming after them once they close the deal. They need to know if there are any third parties that could make property claims at some point or if there were any boundary disputes with the neighbors. Handing them over the Land Title Certificate will reveal if everything is OK.
To avoid any later misunderstandings, the buyer should be clear on what is included in the sale. List all the items that are to stay with the buyer, e.g., furniture, TV, drapes, tools, new appliances, etc. You can either make a list in advance or decide together with the buyer which items to include and exclude. Make sure to have it in black and white, though.
Buyers will be particularly interested in the costs of the home and how much they will need to keep up with the different payments. Prepare documents that show how much you are paying for individual services, and besides fixed and utility costs, let them know if you have any current contracts with a gardener or cleaning service. Buyers will also want to know about property taxes, so make sure to have a municipal tax assessment from your local municipal office or tax bills for the past 12 months that prove how much you’ve been paying.
Real Property Report
This Real Property Report granted by a land surveyor is not optional. You will have to provide the buyer with an updated version of this document to prove that the status of your home is rock solid and that the home conforms with the city bylaws without any illegal add-ons or extensions. The costs of the survey will depend on the size and the type of the property, but typically, they are not cheap. If you have done any renovations and updates, buyers have a right to know about it so make sure to have a receipt ready. If new appliances or devices were part of the updates, earn a few extra points by laying out the instruction manuals and any warranties that come with them.
Having the documentation ready that shows you have nothing to hide will go a long way with the buyers and give you a clear advantage among competitors.
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