Selling your home involves more than simply advertising and meeting potential buyers. It requires careful steps and ensuring that all necessary documents are prepared to formalize the sale.
Whether you're completing the transaction at the notary's office or providing information with buyers during viewings, having these documents readily available can simplify the process and help you complete your project more efficiently.
1. Seller's Declaration
The Seller's Declaration is required for the sale of residential properties or buildings with fewer than 5 dwellings, as well as for any transaction involving the services of a real estate broker. It is also highly recommended for other types of properties.
This document serves as a valuable tool for both the seller and potential buyer. It allows the seller to provide a comprehensive overview of the property being sold, covering essential aspects such as:
- Current condition
- Known defects
- Recent repairs.
Prospective buyers rely on this declaration to make informed decisions about the property's condition and suitability. Therefore, it is essential for sellers to take the necessary time to accurately fill out the Seller’s Declaration.
2. Certificate of Location
The Certificate of Location consists of a written report and a plan that details the property’s compliance with municipal laws and regulations. It provides information on:
- Occupancy
- Titles
- Cadastre
- Servitudes affecting the property.
If your property's Certificate of Location is several years old, it's important to verify the accuracy of the information before proceeding with your sale. This is particularly important if you've made changes to the property since purchasing it, such as installing fences or adding structures like a garden shed.
While there are no specific regulations that invalidate a Certificate of Location after a set period, it is generally considered outdated after about 10 years. Therefore, ensuring the document accurately reflects the current condition of your property is advisable.
Updating the Certificate of Location before selling, especially if the existing one seems outdated, can streamline the transaction process and impress potential buyers positively. Local land surveyors can assist in obtaining an updated Certificate of Location to ensure all information is current and accurate.
3. The inspection report
After opting for a presale inspection to identify any issues and determine an appropriate selling price, you will receive a comprehensive report from the home inspector outlining their findings and observations.
It's important to keep this report readily accessible for potential buyers during their visits. Doing so not only supports your asking price but also underscores your transparency, demonstrating you have nothing to hide about the property's condition.
If the inspection revealed a significant issue that you have since addressed before listing the property, be forthright with the buyer regarding the resolution. Presenting invoices as evidence highlights your proactive approach and reinforces the property's quality in the buyer's eyes.
4. Declaration of Co-ownership or Indivision Agreement
When selling a property held in co-ownership, you must provide either the Declaration of Do-ownership for your building or the Indivision Agreement if applicable.
The Declaration of Co-ownership is required for divided co-ownerships and it outlines the regulations governing administration and communal life within the condominium. It specifies the rights, limitations, and obligations of residents, emphasizing its importance for prospective buyers to review before making a purchase decision.
On the other hand, the Indivision Agreement pertains to undivided co-ownerships and, while not obligatory, fulfills a comparable role to the Declaration of Co-ownership. Prospective buyers should thoroughly examine it to understand the terms and conditions governing the property before finalizing their purchase.
5. Electricity, tax and gas bills
Understanding monthly expenses like electricity bills and taxes is crucial for prospective buyers as they evaluate the affordability of purchasing a property.
Providing these financial details upfront can benefit sellers by enabling them to promptly address any questions potential buyers may have regarding ongoing expenses related to the property.
6. The promise to purchase
Once you've accepted a potential buyer's offer to purchase, completing the deed of sale involves providing the notary with the agreed-upon promise to purchase.
The promise to purchase is a legally binding contract through which the buyer commits to acquiring the property once all specified conditions have been met.
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Having all the necessary documents readily accessible can facilitate your sales process, fostering trust with potential buyers and reducing transactional delays. It's beneficial to include supplementary documents like maintenance invoices or the previous deed of sale to verify your ownership of the property.
Are you looking to sell your property?
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