How to Organize the Paperwork for a Home Sale

Mandatory paperwork for a home sale in each province can vary significantly, though all sellers will need to follow a few basic rules when it comes to the documents they produce. In addition to required forms, there are some documents that buyers may 'expect' in certain regions (even if the documents aren't technically necessary to sell a home.) Learn more what buyers want, so you can start gathering up the necessary documents.

Costs and Considerations

Selling a home in a high-demand area is almost always going to be easier when it comes to paperwork. A buyer may not care as much about the utility bills, the property tax history, or the renovations that have been completed on a property, which means a seller may not have to dig out all that information (unless they live in a province where it's required.)

However, for the most part, buyers are going to want to learn more about what they'll need to pay besides the basic mortgage payments. Sellers should be able to provide bills from the past 12 months to the buyer, as well as all documentation from any major home improvements or renovations on the West Hillhurst property.

The Standard Terms

It may be called different things in different places and the formats may vary accordingly, but all buyers and sellers will have a document stating how much the buyer has offered and what their conditions are to buy the property. In Ontario, the process starts as soon as the first offer is made.

This document also states how much time a buyer has to complete their own investigation on the state of the property. It's usually between 15 – 30 days, though buyers are allowed to request a longer time period. To that end, sellers are expected to provide information to the buyer about mortgage penalties, liens on the home, or any property disputes. Sellers may be asked to confirm their financial or marital status so buyers are aware of any potential claims that may arise.

Property Inclusions

The formal agreement may refer to fixtures and chattels for the home, and it's important for both buyers and sellers to understand the difference before filling out the paperwork. Fixtures are a part of the home and generally assumed to be a part of the sale. Fixtures include anything from recessed lighting to the cabinets. If a seller does want to take their hot water heater to their new place, it must be stated on the paperwork to be a valid sale.

Chattel refers to property that may or may not be included or excluded in the home sale. If a seller has an outdoor movie projector that wouldn't be practical for their new home, for instance, then they may offer to include the projector in the sale to the buyer. To be a valid transfer, all details must be stated on the paperwork. Otherwise a seller would be within their rights to come back and ask for their property.

Sellers are strongly encouraged to turn to a real estate agent when it comes to organizing their paperwork. The regulations in different provinces are complicated enough that it's probably not worth a seller's time to decipher them all. However, it does help for sellers to understand what a buyer is looking for so they can start setting the right expectations for both sides.