Preparing an Existing Property for Sale

Preparation shortens a sale and reduces the questions that can unsettle a buyer late in the process.

Gather documents early

• Your deed or title information and any survey
• Building permits and final inspections for past renovations or additional units
• Warranties, recent utility costs and property tax bills
• For condominiums, an up-to-date status certificate can be ordered from the corporation
• For tenanted properties, copies of leases and a current rent schedule

Repairs and presentation

Address safety items and obvious defects; buyers discount heavily for uncertainty. Cosmetic updates are worth considering only where they are inexpensive relative to their effect.

Disclosure

Sellers must not misrepresent a property, and known latent defects that make a home dangerous or unfit should be disclosed. Legal advice is the right source for what your situation requires.

Tenanted properties

A sale does not end a tenancy. A purchaser who intends to occupy the unit may, in limited circumstances, give notice for their own use, but strict conditions, notice periods and compensation requirements apply. Tenants must receive proper written notice before any showing.