Selling your property in the Greater Vancouver Area involves understanding specific rights and considerations unique to the city’s real estate landscape. Familiarize yourself with the following key points when selling your home in Greater Vancouver:
The Greater Vancouver Area follows strict regulations, prohibiting agents from practicing dual agency under the Real Estate Services Act (RESA). This means they cannot act on behalf of both the buyer and seller in the same transaction, or for two buyers with conflicting interests. This ensures that your appointed real estate agent is working exclusively on your behalf, providing you with dedicated loyalty and confidentiality throughout the transaction process.
Agents typically receive their compensation after the successful sale of your home. In Greater Vancouver, they may charge a commission either as a flat fee or a percentage of the property’s sale price. Your Service Agreement with the agent will specify the terms of payment and the agreement’s duration, usually three months, with the option to extend if the property remains unsold.
Consider the implications of your existing mortgage when selling your property. Assess whether it is more beneficial to pay off the mortgage before the sale or allow the buyer to assume it. Be aware of potential prepayment penalties and explore options that could help you save money during the transaction.
Offers and Counteroffers
Your real estate agent is responsible for presenting all written offers to you. As a seller, you have the right to respond with a counteroffer if any aspect of the offer does not align with your preferences or expectations, enabling you to negotiate terms that best suit your needs.
Implement protective clauses in your Purchase Agreement contract to safeguard your interests during the selling process. Clearly define terms such as “subject to buyer selling their home” or “subject to buyer securing financing,” specifying the exact conditions and timeframes for each clause.
Understand which fixtures and appliances are included in the sale of your property. Differentiate between fixtures, which are integral parts of the property, and appliances, which may require a separate agreement between the buyer and seller for inclusion in the sale.
For a comprehensive understanding of your rights and to maximize the value of your property, download our complimentary Seller’s Guide and reach out to Vancouver’s top real estate experts. Benefit from our expertise as you navigate the intricacies of selling your home in Vancouver.