If you’ve been thinking of selling your house in Alberta, now would be a good time to do so. Recent data indicates that owners sold about 62,475 housing units in the province in 2021. It is evident that the demand for real estate properties is increasing among prospective buyers.
There are primarily two ways of selling your property. One is through a real estate agent, and second is through a cash home buyer. While selling a house through a real estate agent can be complicated, expensive, and time-consuming, opting for a cash home buyer is ideal for anyone looking to sell a property quickly as this way is more straightforward, quick, and convenient.
However, before you decide to sell home in Alberta, it is important to ask questions like the steps involved and documentation required for the process. Here is a list of answers to questions that can help you get a better understanding of the entire process of selling a house in the city of Alberta.
Do you need an RPR?
Almost all types of real estate transactions in Alberta require an RPR or “real property report.” It is a legal document prepared by an Alberta Land Surveyor and contains details like the property’s drawings, boundaries, Certificate of Title, and municipal compliance evidence. When you sell your house to a cash buyer, they will probably ask you for an updated copy of this document. You could also ask your lawyer to review the report before sharing it with the buyer.
How is the price of your property determined?
A cash buyer transaction works differently than that involving a real estate agent. In the case of the former, a few representatives will visit your house before the deal can proceed. They will look at the necessary repairs, present condition of the property, and homes’ values in the neighborhood. They might ask you the purchasing price and the reason behind wanting to sell it. The size, location, interiors, exteriors, usable space, age, and upgrades are some factors that will play a role in the pricing of the property in Alberta. Finally, the buyers will offer you a price which you may agree or disagree with as per your preference and expectations.
What happens after you reach an agreement?
After you and the buyer reach an agreement, the next step is closing. Closing is the final step in a real estate transaction. It involves the transfer of ownership from the buyer to the seller. One of the reasons cash home buys are popular is that they provide a fast closing with seven days or less. However, if you don’t want the closing process to happen quickly, you can ask them to extend the date. Let them know why you need the extra time. They will be willing to accommodate your request in most cases.
Do you need a lawyer while selling your house privately?
It is not mandatory to hire a lawyer’s services for a real estate transaction. However, most buyers and sellers in Alberta prefer a lawyer to make the process smoother and convenient. Your lawyer will analyze the purchase contract, conduct title searches, prepare the Statement of Adjustments, prepare documents like transfers of land, and review RPRs.
What should you disclose during the transaction?
According to RECA or the Real Estate Council of Alberta, you have to disclose all latent material defects in the property. A latent material defect is a physical damage that may not be visible observable during a home inspection. It could make the house dangerous for the buyers and be unfit for habitation. A few examples are large cracks in the basement, a garage built without a permit, flooding during rains, or the house being used to produce opioids.
What are dower rights?
Alberta has something called Dower Rights that originate from the Dower Act. Its purpose is to prevent a married person from carrying out a transaction without the consent of their spouse. According to the act, you cannot sell a property if your spouse owns it and doesn’t agree to it. However, you can secure a release of dower rights by filling a form accompanied by an affidavit in the presence of a solicitor. You can ask the home buyers to provide more information and help you out with the process.
The information mentioned above will help you immensely if you plan to sell a home in Alberta to a professional home cash buyer. Doing so will ensure that the process is hassle-free and you get the best deal from the transaction.