• Overview
• Sellers:
• Pricing Pyramid
• The Effect of Over Pricing
• Activity vs. Timing
• Where Buyers Come From
• Working With a Real Estate Licensee
• Listing Contracts
• Responsibilities of the Seller
• Completing the Sale
• The Process of Selling a Home
• Seller's Checklist
• Fixture or Chattel?
• 20 Tips for Selling Your Home
• Buyers:
• Moving Checklist
• What is a Real Estate Agent?
• Finding a Home that Fits Your Needs
• The Offer to Purchase
• Completing the Purchase
• Typical Expenses
• Nine Mistakes the Buyer Should Avoid
• Options and Choices to Help Customize Your Mortgage
• Glossary
• Mortgage Calculator

Responsibilities of Seller

When you employ an agent to sell your home, you are responsible for providing accurate information regarding your home. You must disclose both the good features as well as possible problems. It is important to be forthright with your agent.

The agent will require your help and/or authorization to gather information about such things as ownership details, outstanding balances owing on a mortgage, the property?s assessed value and the current property zoning.

You will be required to complete a Property Condition Disclosure Statement, a form which is used to provide information about the state of the property, to all potential purchasers.

FINANCING

An offer to purchase will contain information about how the buyer intends to finance the purchase. If you currently have a mortgage loan on your home, the following situations may occur:

• The buyer offers to assume or take over your remaining mortgage loan. Before agreeing to allow the buyer to assume your mortgage loan, you need to ensure that your mortgage lender will release you from future obligation to repay the money owing if the buyer defaults.
• The buyer wants to pay cash and have no mortgage. In this case, you will be required to pay out your existing mortgage and there will probably be an interest penalty for doing so.
• You should contact the financial institution that holds your mortgage prior to signing a listing agreement in order to determine your options.

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• Dean Harman
• TRG - The Residential Group Realty
• 101-1965 West 4th Ave, Vancouver BC V6J 1M8