Difference between revisions of "Selling Your Home"

You may decide to market and sell your home by yourself, though most people prefer to have a professional do the job. If you decide to use a realtor, pick someone you trust and whom you are comfortable with.

Get the answers to these questions in writing to avoid any unpleasant surprises later on.

When someone buys your house, all the things that are “fixtures” go along with it, unless you and the buyer agree otherwise. The defining a fixture can be difficult: generally, a fixture is anything that’s attached to the house to the point where its removal would damage the house or require repair. The bathroom sink is an obvious example, as is the crystal chandelier in the dining room. As objects like chandeliers are sometimes items that home owners are interested in taking with them following the sale of their home, it is important that these fixtures are explicitly excluded from the contract of purchase and sale. Better yet, before you put the house up for sale, replace the chandelier with a simple, inexpensive replacement. The washer, dryer, fridge, and stove aren’t fixtures, but you may be able to use them as bargaining tools if the buyer wants them.

They are conditions that have to be met before the deal to buy your house proceeds. Common ones include the buyer getting financing (for example, a mortgage) and the house passing an engineering inspection. If you get an offer that is subject to the buyer getting financing or any other condition, make sure the buyer has only a short time to remove the condition. Your home may be off the market for the time it takes the buyer to remove the condition, and you will likely want to keep that period short.

As well, the “subject to” clause should be specific. Don’t accept a general clause, such as “subject to buyer obtaining satisfactory financing.” If the buyer changes his or her mind, all the buyer has to do to get out of the deal is to say he or she couldn’t get satisfactory financing. Instead, put details in the clause about the interest rate, the principal amount, monthly payments and so on, as well as the deadline for when the buyer must remove the clause. Again, a lawyer who practices real estate law can be helpful in this process.

For more information on house mortgages and financing, check script [[Mortgages and Financing a House Purchase (Script 408)|408]], called “Mortgages and Financing a House Purchase”. For more information about the contract of purchase and sale, check script [[Buying a House (Script 406)|406]], called “Buying a House”.