You have made the decision to sell your property, now what do you do? There are two basic choices: sell the house on your own or find a real estate professional to help you with the process.If you choose to use a real estate professional, do some research first.Check with friends, family members and work colleagues to get referrals regarding agents.Ask the agents questions regarding their experience and knowledge of the industry and check out their marketing information and web sites. Contact a few agents to discuss your needs and find one that you feel comfortable with.Once you have chosen an agent, you will sign a Listing Agreement with them.There are three types of listings; Open, Sole and Exclusive. In an Open listing, you may give the listing to as many agencies as you like. Keep in mind, with multiple companies, coordination of appointments can be difficult.Also, the same questions and requests for information get asked over and over. In the case of a Sole or an Exclusive, your point of contact is a single agent who is responsible for coordinating all appointments, collecting and providing all information to co-broking agents and coordinating all offers ensuring that each is backed by approval in principle. There tends to be a little more control of the process. In each case the commission remains the same at 5%. By law, Sole or Exclusive listings must have an expiration date.The most important factor in selling your home is setting the price for your property. As professional real estate advisers, we remain impartial when placing a value on your property.We consider the value of the land on its own and the replacement cost of the buildings (if any) taking into consideration the finishes, the age and condition. We also look at the market demand for your property and consider what similar properties have sold recently (market comparables).This number should be given careful consideration as the vendor then needs to decide the listing price for the home. If it is set too high, you can scare away potential purchasers and by the time the price is adjusted, you may have missed out.Once a Listing Agreement has been signed, we will begin to show your property. Appointments will be arranged with a predetermined amount of notice or on specific days and times as agreed in advance. We will bring only potential purchasers that are known to us as being in a position to purchase your property or have been preapproved.All pre-approved offers will come to us in writing before presenting it to you.Pre-approval does not mean they will get financing, simply they have been approved to an amount that qualifies their offer. We are required to bring all offers submitted. You can accept, counter-offer or simply reject the offer submitted. It is in your best interest to deal with offers as quickly as possible. Experience has shown that prolonged negotiations or offers left unanswered for a long period of time are less likely to be successful. Potential buyers start to focus on the negatives of the property and find reasons not to buy. Consult with your agent constantly through this process.Once an offer is accepted by all parties then a Sales & Purchase Agreement (S&P) should be signed as quickly as possible. You should arrange for your own legal representation, preferable before the contract stage. Any advice your lawyer gives as it relates to the S&P is to your account as is the case with the purchaser. It is important to know that an offer letter is not legally binding; only a signed and stamped S&P is. In addition to the agreed upon price, the following conditions are commonly included in an S&P:(a) Subject to FinancingAlthough someone is preapproved to an amount equal to or higher than the agreed purchase price, a lower appraisal could cause the bank not to approve the application. The general rule is that the bank will lend based on the lower value of the appraisal or purchase price. Time allowed for this condition is usually about three weeks.(b) Boundary StakingIn the case of a house or lot it is common that the vendor have the property staked at his/her own expense prior to completion. It is a good idea to have this done before or as soon as the property comes on the market to avoid any potential problems when a sale is pending.(c) Subject to a Structural SurveyIt is becoming more and more common for a Structural Survey to be requested as a condition, at the purchaser’s expense, especially if the structure involved is older. The survey can include not only the structure but also mechanical systems such as air-conditioning and generators, electrical and plumbing.(d) Legal Fees and Stamp Duty CostWhile it is standard practice for the cost of Conveying the property from the vendor to the purchaser and the stamp duty to be equally split, it sometimes happens, that in the course of negotiation, one or the other party may agree to pay either or all costs.There are other potential conditions; these are just some of the more common ones.If all conditions have been successfully met then there is a closing period of usually 30 days. This is because Planning requires 28 days in order to complete a planning search to confirm that no illegal development has taken place. The length of the closing period can be negotiated to less time in the case of a vacant lot or more commonly a longer period in the case of a vendor/purchaser needs more time than the standard 30 days. It is the vendor’s responsibility to maintain the property in a similar condition until closing.At closing, the purchaser’s attorneys are responsible for the transfer of title and the disbursement of funds for things such as legal fees, stamp duty, outstanding mortgages, etc. The sum you will receive will be net of all costs, mortgages/loans on the property and commission.If you are uncertain of any details in this process do not be afraid to ask. That is what your agent is for, so chose someone you are comfortable with. The more knowledgeable you are in the sales process, the better!* This week’s column was submitted by Kathy Lines of Moura & Associates (441) 505-7053 or Kathy@mouraandassocates.com