Critical Real Estate Tasks

Buying or selling real estate in Simcoe County

Buying or Selling Your Home

Listed here are 136 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that governs each Your Street professionals’ routine. Depending on the transaction, some may take minutes, hours or even days to complete, while some may not be needed.

More importantly, they reflect the level of skill, knowledge and attention to detail required in todays real estate transaction, understanding the importance of having help and guidance from someone who fully understands the process – a Your Street professional.

Your Street professionals are pledged to uphold the stringent, enforceable Code of Ethics in all their professional dealings with the public!

Preparation Activities for Buyers and Sellers

  1. Make appointment with client for presentation
  2. Send client a written or e-mail confirmation of appointment and call to confirm
  3. Review pre-appointment questions
  4. Research all comparable currently listed properties
  5. Research sales activity in the area from MLS databases
  6. Research days-on-the-market for similar properties, location and price
  7. Review property tax roll information
  8. Prepare “Comparative Market Analysis (CMA) to establish fair market value
  9. Research property’s ownership and how it is held (deed)
  10. Check Municipal tax records for lot size
  11. Verify the legal description from public records
  12. Check Planning Department of Municipal Offices for current zoning
  13. Check for land use restrictions or special zoning
  14. Verify legal names in the Registry Office (or deed)
  15. Prepare presentation with researched materials
  16. Drive by the property to assess the Curb Appeal, compare with neighbourhood
  17. Start formal office file on the property
  18. Confirm school district and effect of schools on the property value
  19. Determine whether property is subject to a shoreline road allowance (if applicable)
  20. Review all pertinent information to ensure that it’s complete

Appointment Presentations for Buyers and Sellers

  1. Explain the various agency relationships using Working With a Realtor pamphlet and get acknowledgement that this has been reviewed with the client
  2. Give the client an overview of current market conditions and projections
  3. Review sales representation and brokerages credentials and accomplishments
  4. Review and confirm all legal descriptions and ownership details
  5. Measure exterior and establish the square footage above grade
  6. Confirm lot size from owner’s survey – if no survey is available, make a note on the listing
  7. Note any lot line fencing, easements and variances
  8. Discuss with the client the possibility of seller take back (STB) and other options
  9. Review any appraisal that may have been made
  10. Present CMA to the client including Comparable sold properties, current listings and expired listings
  11. Offer pricing strategy based on experience and current market conditions
  12. Discuss a Marketing Plan to meet the goals of the seller
  13. Explain the advantages and power of Multiple Listing Service
  14. Explain the use and power of web marketing, IDX and
  15. Explain the work both the salesperson and brokerage do behind the scenes and availability at night and on weekends
  16. Explain the sales professionals’ role in taking calls and screening for qualified buyers and curiosity seekers
  17. Present and explain the strategic master marketing plan
  18. Review and explain the Agreements and obtain the signature of the client – give the client(s) copies

Once the Property is Listed (Seller)

  1. Measure and record all room dimensions
  2. Obtain house plans if available
  3. Make a copy of any house plans
  4. Copy survey and retain in listing file
  5. Advise seller of how showing appointments will be made
  6. Prepare instructions for salespeople showing the property and confirm with the seller the best times to show to prospective buyers
  7. Have Mortgage Verification Forms signed and submitted to mortgagee
  8. Verify with lender any penalties, terms and current rates and if the mortgage can be discharged
  9. Check on whether the existing mortgage can be assumed and under what terms
  10. Confirm an Condominium Fees or Homeowner Association fees currently in effect
  11. Get a copy of the Condominium bylaws, if applicable
  12. Confirm supplier of Hydro or any other provider of this utility
  13. Calculate the utility usage for the past 12 months from seller’s records
  14. Verify the availability of any septic bed layout or permits at time of installation
  15. Water – if Municipal check on rates for the past 12 months
  16. Well Water – confirm well status and have Health Unit test so remedial steps can be taken if required. Also, advise of any abandoned wells on the property and put on the listing
  17. Determine natural gas, heating oil or propane supplier’s name and telephone number
  18. Note on listing any rented appliances i.e. hot water tank, furnace, etc.
  19. Verify security system – owned, rented, terms and service terms
  20. Ascertain if any lead-based paint, asbestos insulation, UFFI or other latent defect needs to be disclosed
  21. Prepare a list of property features such as pool, sauna, whirlpool, landscape pools and special plants
  22. Prepare a list of chattels included or excluded from the sale of the property
  23. Compile a list of recent improvements, repairs or maintenance
  24. Send letter to Seller if property is vacant to advise insurance company
  25. Explain the advantages of a lock box and have extra keys made
  26. Verify if property has rental units. If so:
  27. Inquire as to whether they comply with the zoning by-law, fire and electrical safety
  28. Make copies of all rental agreements
  29. Determine ownership of any appliances or other chattels
  30. Verify and list all rental amounts and deposits held
  31. Inform tenant of the listing and discuss how showings will be handled
  32. Arrange for installation of For Sale sign
  33. Assist seller to fill in the Seller Property Information Statement
  34. Give the seller a blank copy of the Agreement of Purchase and Sale and discuss it with them
  35. Explain the offer presentation process and the possibility of multiple offers
  36. Discuss the type of conditions that will likely be included in an offer to purchase
  37. Discuss results of Curb Appeal Assessment, Interior Décor Assessment and discuss ways to improve appearances for showings
  38. Arrange for Office Tour/MLS Tour and report comments back to seller
  39. Load listing into personal database for transaction management

Entering Property in Multiple Listing Service Database (Seller)

  1. Prepare and check MLS data input sheet
  2. Upload to Real Estate Board – MLS Data Input
  3. Proof read listing as it appears in
  4. Take additional photos for uploading to MLS and for use in Flyer. Talk to seller about virtual tour possibilities

Marketing the Listing (Seller)

  1. Create both print and Internet Ads with Sellers input
  2. Co-ordinate showings with the owner, tenants and other Realtors. Return all calls – weekends included
  3. Install lockbox if authorized by the owner
  4. Prepare personal mailing and contact list
  5. Generate mail merge letters to contact list
  6. Order “Just Listed” cards and handouts
  7. Prepare flyers and feedback faxes
  8. Constantly review MLS listings to ensure property remains competitive in price
  9. Prepare property marketing brochure for seller’s approval
  10. Arrange for printing of approved brochure and distribution
  11. Distribute property brochure to all company salespeople
  12. Mail out/Door Knock “Just Listed” notices to the immediate neighbourhood residents
  13. Advise company Network Referral Program of the listing
  14. Provide marketing data to buyers coming through relocation
  15. Provide marketing data to buyers coming from referral network
  16. Submit ads to company’s internet site
  17. Price changes promptly conveyed to all databases and internet groups
  18. Reprint supply of brochures as required
  19. Update Mortgage information as available to all marketing facilities
  20. Follow-up feedback from showing representatives with the seller to determine if changes are required to accelerate the sale
  21. Discuss feedback from showing representatives with the seller to determine if changes are required to accelerate the sale
  22. Place regular weekly update calls to the seller to discuss marketing activity and results
  23. Receive and review all Offers to Purchase submitted by buyers and buyers’ representatives
  24. Evaluate offer and prepare a “net sheet” on each for owner comparison
  25. Counsel owners on each offer – explaining merits and weaknesses of each
  26. Contact buyer’s representative to discuss qualifications and motivations of their client
  27. Fax/Deliver S.P.I.S. to buyer’s representative or buyer prior to offer if possible
  28. Confirm that buyer is qualified by Mortgage Officer
  29. Obtain pre-qualification letter from Mortgage Officer
  30. Negotiate all offers on seller’s behalf, setting condition time limits and closing date
  31. Prepare and convey all counter offers, acceptance and/or amendments to buyers’ representative
  32. Deliver originals of all documents to lawyer for the seller
  33. When Offer to Purchase is settled and finalized by the seller, deliver to the buyers’ representative leaving a true copy with the owner
  34. Deliver deposit to Trust Account as soon as possible
  35. Provide copy of the executed agreement to the office for filing in the deal file
  36. Advise and counsel owner on the handling of offers while the original transaction is pending i.e. days to meet conditions in first offer and procedures
  37. Update personal transaction program indicating Sale Pending
  38. Assist buyer in applying for financing, if applicable
  39. Arrange for appraiser to inspect the property and give any information including comparables, survey copy, etc.
  40. If STB – get Credit Report of buyer for seller and review it with him/her
  41. Order Septic Tank inspection, if applicable
  42. Deliver water test results from Health Unit to mortgage company
  43. Arrange other inspections as required by Financial Institution and/or insurance company i.e. mould, termite WETT inspection, etc.

Mortgage Tracking for Buyer and Seller

  1. Contact lender regarding mortgage application progress
  2. Prepare/obtain waiver or condition removal documents and deliver to lawyer for the seller

Home Inspection for Buyer and Seller

  1. Co-ordinate buyers professional home inspection
  2. Review the inspection report
  3. If repairs required, assist seller in obtaining trustworthy contractor to perform required repairs

The Appraisal

  1. Schedule appraisal appointment
  2. Provide appraiser with comparable used to set list price
  3. Assist seller in questioning appraisal report if it seems too low

Closing Preparations and Duties

  1. Work with clients representative to arrange any visits prior to closing as agreed in the Agreement of Purchase and Sale
  2. Ensure/Arrange trust deposit delivery
  3. Be available for any concerns/questions from the client
  4. Advise MLS that property is Sold and supply details as to price, date of sale, selling brokerage