When you employ a real estate professional, you are responsible for providing him or her with accurate information concerning your home, such as:
- its age,
- the current financing arrangements,
- the condition of the roof and hot water heater,
- the property taxes.
The real estate professional will also need your assistance and/or authorization to gather information about such things as the ownership details, the outstanding balance owing on the mortgage, the home’s assessed value, and the current zoning of the property.
For strata titled properties, real estate professionals will want your assistance to gather and provide information, including:
- minutes of all strata meetings in the last two years,
- current financial statements,
- registered bylaws,
- current rules,
- building inspection or engineer’s reports,
- Information Certificate (Form B prescribed under the Strata Property Act),
- how parking stalls and storage lockers are designated
- whether a special assessment is being proposed, and
- any other documentation relevant to the strata property.
Obligation to disclose defects
Sellers must disclose known material latent defects about their property to a buyer. A material latent defect means a defect that cannot be discerned through a reasonable inspection of the property, including a defect that renders the real estate:
What costs can you expect?
- the commission you agreed to pay your brokerage
- the legal fees to discharge any existing mortgage whether or not you engage your own lawyer
- the GST on the real estate commission and on your legal fees
- any prepayment penalty levied by the financial institution for early pay-out of an existing mortgage
- your share of the property taxes for the year if the current year’s taxes have not yet been paid, plus any penalties due for late payment of unpaid taxes
The day has arrived!! You have signed the documents, packed your boxes, received your money and turned over your keys.
Your home is sold!
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