Representing the Seller? Everyone May Be Relying on You!
Different types of properties mean a different closing process and the difference between representing a buyer and a seller means different responsibilities when representing the client. Representing the seller is especially onerous because everything originates with you. The pressure is on…
In most deals, everything rides on the accuracy of the seller’s information, especially with regard to closing costs, meaning your commission, the other side’s real estate sales professional and sometimes even the mortgage broker’s commission will come out of the closing costs of the transaction.
When you represent the seller, you not only represent your client but you will also have to work and exchange information with the real estate sales professional representing the buyer, the mortgage agent or broker and the real estate lawyer – each of these professionals is going to look to you for accurate information.
Responsibilities to seller – your client
Don’t expect your client to accurately know their information. People live in their homes over extended periods of time so they may have forgotten or not even be aware of material facts that could impact the clean sale of their home. It is always a smart idea, at the point where you are engaged by your client, to perform preliminary research, including:
- Verifying the legal description and property details, including the legal homeowners
- Reviewing the property’s sales history
- Reviewing the registered mortgages on title against your estimate list value
Optional extra steps that we recommend taking when representing a seller:
- Obtain a Parcel Register* which will contain (as of the date it is obtained) the legal description of the property, homeownership information, registered mortgages, liens and more. This is an excellent snapshot of aspects of the property’s title that other parties to the transaction, including your client, will be interested in looking at.
- A HomeVerified Report reveals information about the claims history on a particular property. A clean property report is an excellent selling feature that your seller can present to a prospective buyer.
Taking the steps to validate/review the above information enables you to do the best possible job for your client and shows them that you are more than committed to protecting them in the sale of their home.
Representing the seller – you are the first in the process and the buck stops at you.
Who is relying on you? The buyer’s real estate sales representative and the real estate lawyer are going to require information from you to ensure a smooth closing. The level of quality that you deliver providing complete disclosure and knowing everything there is about the property that is being sold helps increase the likelihood of all parties seeing the deal close.
At GeoWarehouse, we have the tools that make your responsibilities easy. Don’t take chances, get the information you need today.
Find out more by visiting www.geowarehouse.ca.
*An official product of the Ontario government pursuant to provincial land registration statutes.