So, you’ve decided to sell your property. Whether it’s a secondary vacation home or an unused commercial space, selling any property is a crucial decision. If conducted with due care, it can be a profitable endeavour that lets you plan for better ventures in the future.
Property sale in Alberta is regulated by the Law of Property Act. This act also regulates the sale of co-owned and rental properties in the province. In order to sell your property efficiently, you need to consult a real estate lawyer, a real estate agent, and a brokerage firm in certain cases.
Here are a few tips that help you make a successful property sale in Alberta:
Hire a Real Estate Agent
This step is vital for making a successful property sale. Real estate professionals are experts certified by the Real Estate Council of Alberta (RECA) that advice clients on the purchase and sale of real estate in the province. A licensed agent helps you evaluate your property’s worth and make the most profitable sale probable. You can test the credentials of the real estate professional you are planning to hire on the RECA website and check whether there any disciplinary actions taken against them.
Determine a Listing Price
The first step towards making a property sale involves quoting a Listing Price. The listing price is the value at which you want to sell your property. To make a profitable sale, devising an ideal listing price is crucial. Your real estate agent can provide you with the current market evaluation. This makes it easier for you to compare and contrast properties with similar values and estimate the right listing price for your land.
Consult a Lawyer
Most people contact a lawyer after they sign the written agreement with their agent. However, consulting a real estate lawyer prior to signing an agent is a better option. A real estate lawyer helps you review the written contract between you and your agent, draft mortgage discharge agreements and purchase contracts for your property. They also help you evaluate the multiple offers for your assets and choose the one that is most beneficial for you.
Determine the Agent-Client Relationship
A real estate agent is obligated to explain the different types of relationships available between a client, a brokerage firm and an agent. These dealings include:
- Common Law Agency
- Customer Status
- Designated Agency
- Transaction Brokerage
Your real estate agent will explain you the terms and conditions of each of these dealings and will also provide you with a print of the Consumer Relationships Guide. Depending on the association you choose, you need to sign a written service agreement with your agent and the brokerage firm she represents.
Close the Deal
Once you accept an offer on the property, your real estate lawyer helps you with the process of closure. The land title needs to be transferred under the buyer’s name. As land titles are recorded at the Alberta Land Titles, they need to be re-registered accordingly. The purchase contract needs to include the various terms and agreements from both parties regarding the finances, renovations and tenancy of the property.
Consult an experienced law firm to review your purchase offers and agreements that helps you make a successful property sale in Alberta.