If you are thinking of selling your home in Calgary, it is very important that you know your rights as a seller. The sale of houses is a complex business and as a seller, there may be things that you are not aware of. By knowing your rights, you can avoid some mistakes during the sale of your home.
In this article, we will guide you clearly and simply on the most important rights you have as a home seller in Calgary, which will allow you to go through the process with confidence.
The Real Estate Council of Alberta (RECA) acknowledges three forms of interactions between vendors and property industry experts such as Rivers Real Estate, Calgary,:
- Common Law Agency: An example of a common law agency relationship is when an entire brokerage and all of its agents act on behalf of a client. For example, if you are selling a commercial property, each agent within that brokerage would be working on your behalf.
- Designated Agency Relationship: An assigned real estate agent represents you on an exclusive basis. If you were to sell the property located at 47 Mahogany Island SE in Calgary, a single agent would be assigned to represent you.
- Customer Relationship: A customer relationship can take place when you are representing yourself to a seller or when you are working with an agent representing a seller. If you were interested in a property like 224 Snowberry Circle in Rural Rocky View County, you would be considered a customer of the seller’s agent.
In both common law and specified relationships between an agent and principal, the agent is the individual with the utmost level of legal obligation to shield the rights and interests of the principal.
When trying to sell a property in Alberta, a written service agreement must be completed by you and the agent to define the terms of your relationship. As the seller, you are empowered to discuss different parts of this agreement, including:
- The length of the contract
- Costs connected with the representative’s duties
- Terms for ending the agreement ahead of schedule
- Whether the agreement is for exclusive representation, which means the owner grants only the broker the authority to sell the property, or non-exclusive representation, which means the owner reserves the right to sell the property himself and owes no commission to the broker if he does.
It is important to carefully examine and talk over the details of the paper service agreement with your agent to confirm that it matches your personal requests and hopes.
The Determination and Inclusion of Property Measurement
The determination and inclusion of property measurement according to the RMS is a process in Alberta. The standard doesn’t involve looking at below-grade spaces; only above-grade living areas according to the RMS specifications. There’s no obligation to use the property measurement determined by the RMS, but it’s a good practice for both sellers and buyers.
You may include the dimensions of non-residential spaces like a finished basement as an addendum to the information in your listing. Such additions to these details can really help convey the true worth of your property to potential buyers.
Information You May Share
A “stigmatized” property is one that may be less attractive to buyers because of its history or particular characteristics not related to its physical state. This could include a death occurring in the home, or the home being the site of a crime. You as the seller are not obligated to tell potential buyers about any of these situations, and you are allowed to refuse to answer questions about any such stigmas.
Should you receive numerous offers on your home at once, you are under no obligation to inform potential buyers. It is mandatory for the real estate who acts as your agent to keep the offers you receive confidential and may not disclose such occurrences without your direct approval. The individual licensed with the duty of selling the estate property is often able to provide you with the reliable advice necessary to decide whether or not it is to your advantage to advertise the fact that you have received multiple offers from which a seller must choose.
Ensuring Accurate Representation of Property Conditions
When you list your property for sale in Calgary, it is crucial to ensure that all property descriptions and conditions are accurately represented in your listing. Misrepresentations, whether intentional or accidental, can lead to legal issues and undermine the trust of potential buyers. It is in your best interest to provide thorough and honest descriptions of your home’s features and any known issues. This transparency not only builds trust but also helps in attracting serious buyers who are aware of what to expect.
Legal Assistance and Professional Advice
It’s advisable to seek legal counsel when entering into agreements or negotiating terms with potential buyers. A lawyer specialized in real estate can provide valuable insights into the legalities of home selling and help protect your interests throughout the process. Moreover, professionals such as real estate agents or brokers who are knowledgeable about the Calgary market can offer guidance on pricing, marketing strategies, and handling buyer negotiations effectively.
Marketing Your Property
Proper marketing is another right you hold as a seller. You have the autonomy to decide how your property is advertised, which platforms are used, and the type of promotions you engage in. Effective marketing involves high-quality photographs, accurate and appealing property descriptions, and possibly even virtual tours that can help showcase your property to a wider audience. Utilizing these tools can significantly impact the visibility and attractiveness of your listing, potentially leading to quicker sales and better offers.
Furthermore, consider leveraging social media and online real estate platforms to reach a broader audience. These digital avenues can be particularly effective in today’s market, where many homebuyers start their search online. Engaging a professional photographer to capture the best features of your home can also enhance your listing’s appeal, increasing its chances of attracting potential buyers.
