Anchor Realty

Doug Moxam
902-830-1448

Selling a home is a major decision but does not have to be a  major headache. Below is a brief explanation of the typical steps in the process
1) Decide upon a real estate agent:
Selling your home usually begins with a call to a professional real estate agent. Do some research and choose a real estate agent who is familiar with your area and has a good reputation. Phone the agent and ask for a meeting. Ask the agent to do a " competitive market analysis" and to show you their marketing plan for your home. During that meeting decide if you are comfortable with that agent and if so list your house with that agent.
2) Review the competitive market analysis to decide on a listing price:
Nothing is more important than the right price. If a property is priced wrong it can hurt the value of your home. A competitive a market analysis compares your home with similar houses in your area or comparable areas that have sold recently, are currently listed now for sale and houses that were listed and did not sell. The theory is that buyers will pay you a similar price for your home at this time that other buyers paid for similar houses. The theory generally works very well.

3) Sign a listing agreement:
A listing agreement is a contract between you and your agent giving your agent exclusive right to sell your home for a specific amount of time. This listing agreement sets out important terms such as listing price, length of listing agreement ( usually minimum of 90 days), commission rate, possession date, items included in the price or excluded from the price such as woodstoves, fridges, stoves, curtains etc. and any other terms that might be discussed. This agreement is legally binding. You have the option to remove your home from the market at anytime during the listing agreement time frame but you cannot list the home with another agent or sell your home privately. The listing agreement is a very important document. Have it explained completely to you.
4) Fill out a Property Condition Disclosure Statement:
Upon listing you will be asked to complete a Property Condition Disclosure Statement or PCDS. This form has questions about the condition of the major structural elements of your home such as roof, foundation, electrical, plumbing, insulation etc. You will answer the questions and sign and date the bottom of the form. This form has become standard in Nova Scotia and it is advisable to complete it. However you have the option not to complete it if you so choose. This will bring suspicion upon your property however. have your agent discuss this with you. The PCDS is discussed in more detail at  Property Condition Disclosure Statement.
5) Discuss and sign agency form:
Agency law is a very important part dealing with a realtor to sell your home. You will have an agency relationship with your agent and you should be totally aware of what you should expect. Briefly your agent is representing you as the seller ( or the "principal" as you are referred ) and owes you certain things under the law such as:
1.Undivided loyalty.The agent must protect the principal's negotiating position at all times, and disclose all known facts which may affect or influence the principal's decision.
2.To obey all lawful instructions of the principal
3.An obligation to keep the confidences of the principal
4.The exercise of reasonable care and skill in performing all assigned duties
5.The duty to account for all money and property placed in an agent's hands while acting for the principal

Your agent should discuss agency with you and if you're satisfied you will sign the agency form.
6)Agent then begins implementing the marketing plan:
Once all the paperwork is signed the agent then leaves and begins implementing the marketing plan that was discussed for your home. This will likely include putting up a sign, listing the house on the Multiple listing Service ( MLS ), some advertising and other marketing.

Property Condition Disclosure Statement (PCDS)

A standard form of the Halifax Dartmouth Real Estate Board is the Property Condition Disclosure Form. This form is filled out and signed by the owner on the listing of the house. This form is a series of questions about the condition of the house.There are 4 answers for each question: Yes, No, Don't Know and Does Not Apply. One answer is checked per question. Questions are asked about the structural components of the home such as roof, foundation,wiring,plumbing, insulation etc. and other questions relating to zoning and building permits. The agent should go over this form with you.
It is not mandatory to complete this form. The owner has the option not to complete this form. On the listing information sheet there is a box to check whether there is a PCDS or not. The reality is that almost every listing has a yes checked and a PCDS has been filled out by the owner. The form isn't usually given out to anyone until there is an offer signed for the property. Most offers will have a condition that asks for the PCDS to be provided and for the buyer to have time to review and approve of it. So you should should fill out and sign the PCDS. If you have nothing to hide than it is best to fill out the form. If you do not know the answer check Do Not Know. For example a question is asked about the type and R value of the insulation in the house. If you're not completely sure what is in the walls or attic you should check Do Not Know.
It is important to remember that this is a legal form and can used against you if a lawsuit is filed. Be sure of your answers.