Acceptance

In the transfer of ownership, there will be many financial adjustments between the seller and the buyer. Some of the costs you can expect to see deducted from the purchase price are:

• The commission you agreed to pay the listing agent.
• The legal fees to discharge any existing mortgage whether or not you engage your own lawyer.
• The Goods and Services Tax on the real estate commission and on your legal fees.
• Any prepayment penalty levied by the financial institution for early pay out of an existing mortgage.

Once your house is sold there is a distinction between real property and personal property. Generally, the house, land, trees, shrubbery, fences and any fixture inside or outside that if removed would cause visible damage is considered real property. Anything else is personal property. Unless you say in the contract otherwise, real property stays and personal property goes with you. That is why some real property is often written into the contract to be clear it is not part of the sale. You are free to remove whatever freestanding personal possessions you want to take with you, such as the washer, dryer, firewood, swimming pool chemicals, window air-conditioner, etc., if the items do not alter the condition of the house. Clearly, you will not take with you wall-to-wall carpet or built-in cabinets and appliances - unless your buyer agrees and this is spelled out in your sales contract. If you do agree, you must repair holes or damage. When you place your house on the market decide what is to stay and include these items in the sale price. Sometimes buyers ask for personal property like garden tools, or if you are moving to an apartment you may offer to leave the tools. Whatever you wish to take with you, either remove before showing your house or specify in the written contract that it does not go with the house. Some items like chandeliers are normally considered real property. You can agree to take it, but if your sale hinges on the conveyance of a chandelier, let the chandelier go.

Things to Remember once you have Sold

Be sure that the following companies are aware that you are moving to a new address. In some situations you will need to have services disconnected from your old home and reconnected to your new home.

Service connection/disconnection:

• Television
• Telephone
• Electricity
• Gas
• Insurance
• Mail
• Water

Remember to leave:

• Garage door openers.
• Keys to all doors and locks including the mail box .
• Instruction booklets for any appliances .
• The status of any systems (i.e. pools and sprinkler systems).
• The names and numbers of who looks after these systems for you.
• Leave your home the way you would like to receive your new home. Think about how the new owners will feel when they walk through the door.
• Be careful when packing not to pack anything that should be left. (i.e. garage door openers).

Remember:

• Keep in contact with your lawyer. Know when your presence will be requested for signing of documents.
• Be sure not to leave town during this time.
• Your home has to be completely vacant by noon on the possession date. Its good practice to be out the day before if at all possible, and allow time for a final cleaning.

HOME Kent Jorgenson and Mark Lissimore Re/Max Kelowna   100-1553 Harvey Ave  Kelowna BC V1Y6G3 1-866-229-2219