A realistic list price should be based on market evidence, not emotion. Buyers will compare your home to similar properties that have recently sold, while also considering location, condition, upgrades, neighbourhood amenities, and market conditions.

A proper pricing discussion should include:

• Recent comparable sales
• Current competing listings
• Market trends
• Property condition
• Location and neighbourhood appeal
• Timing and seller goals
• Estimated net proceeds after costs

Before listing, sellers should understand the possible costs involved in selling a property. These may include:

• Real estate commission
• GST on commission
• Legal or notary fees
• Mortgage discharge fees
• Mortgage prepayment penalties, if applicable
• Adjustments for property taxes or strata fees
• Moving, cleaning, repairs, staging, or preparation costs

A net proceeds estimate can help you understand what you may receive after selling expenses and mortgage payout

When you hire a real estate licensee, you are entering into an agency relationship. In a seller agency relationship, your Realtor® owes you important duties, including:

• Acting in your best interest
• Avoiding or disclosing conflicts of interest
• Maintaining confidentiality
• Following your lawful instructions
• Acting within the authority you provide
• Disclosing material information
• Using reasonable care and skill

Confidentiality is especially important. Your personal information and negotiating position must be protected.

A listing agreement is a contract between you and the brokerage. It sets out important details such as:

• The parties to the agreement
• The listing price
• The commission arrangement
• The length of the listing
• How your personal information will be used
• The type of listing agreement

Most residential sellers use an MLS® listing, which allows the property to be marketed through the Multiple Listing Service and shared with other real estate professionals.

Sellers are responsible for providing accurate information about the property. This may include information about:

• Age of the home
• Roof, hot water tank, plumbing, electrical, and heating systems
• Current financing
• Property taxes
• Fixtures or items excluded from the sale
• Possession date
• Known defects or issues

For strata properties, important documents may include:

• Two years of strata minutes
• Financial statements
• Bylaws and rules
• Form B Information Certificate
• Form F Certificate of Payment
• Depreciation report, if available
• Engineering or building reports
• Parking and storage information
• Special levy or special assessment information

Strata documents will be ordered by your Realtor® when the listing is being prepared.

A material latent defect is a serious defect that cannot be discovered through a reasonable inspection. Sellers have a duty to disclose known material latent defects.

Examples may include:

• Structural problems
• Water ingress or building envelope failure
• Basement leakage
• Underground oil tanks
• Unsafe or unpermitted electrical or gas work
• High radon levels
• Issues making the property dangerous or unfit for habitation

If you are unsure whether something must be disclosed, it is important to speak with your Realtor® and, where appropriate, obtain independent legal advice.