Putting Your Home on the Market:

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A Little Homework

Before the listing appointment, both the home seller and the listing Sales Representative have some homework to do. While the home seller collects a list of documents requested by the Sales Representative, the listing Sales Representative studies recent area sales of homes comparable to the seller's, and also comparable homes currently for sale.

There's No Place Like Home

At the listing appointment, the listing Sales Representative will want to inspect the entire home and yard to become familiar with its special features and exact floor plan.

You have probably enjoyed living in your home and have been pleased with its many unique features. Your listing Sales Representative will want to tell prospective buyers about the special features of your home and community. Be ready to be specific about schools, churches, daycare, nearby metro, and other desirable community features, as well as home features not readily apparent.

Remember, prospective buyers will be "comparison shopping" and keenly aware of subtle differences in homes for sale in the area. Be sure to tell your listing Sales Representative why yours is special from any home remodelling to afternoon winter sunshine.

Property Profile Folder

To enable the listing Sales Representative to prepare a highlight sheet on the property, the home seller needs to provide a number of documents and information specific to the location and jurisdiction. Because the list is long, you can understand why it's best to collect the papers before the listing appointment. These materials may include:

Septic and Well Inspection. If property is on septic/well, current inspections by local health authorities are required while the home is occupied. Listing Sales Representative will usually arrange for inspection after the contract is ratified.

Order Lender Appraisal. Lenders usually require an appraisal to assure that the property is adequate collateral for a loan. Appraisal may be ordered before (paid by seller), but is more often done after an "offer to purchase" is accepted (paid by buyer).

Assessments/Easements. Listing Sales Representative will ask home seller if any tax assessments or easements exist on the property that must be paid or included in purchase contract and passed on with the land when sold.

Property Taxes/Condominium Fees. Home seller provides record of property tax or condominium fee payments which buyer will reimburse on a prorata share to home seller at settlement. Inspections. Many lenders of new mortgages may require an inspection certificate that shows house is free of major defects

Utilities. Home seller should provide record of past 12 months utility bills, including gas, electric, sewer, water, and trash where applicable. Most buyers will want to know the history of utility costs.

Helpful Documents. If possible, home seller should provide listing Sales Representative with deed, house location survey, condominium bylaws or home owners association documents, subdivision map, house floor plan, previous title search abstracts, legal description of property (subdivision, section and lot), warranties on major systems or Home Owners Warranty, if still in effect, and copy of home owners insurance policy for endorsement in purchase contract.

"What Conveys?"

In anticipation of a buyer's offer, the home seller must be ready to supply listing Sales Representative with a specific list of the personal property that is included in the Real Estate property for sale. Examples of items to "convey" may include: draperies, drapery rods, remaining heating oil, firewood, washer, dryer, refrigerator, stove, microwave, disposal, swimming pool chemicals, awnings, storm doors and windows, screens, blinds, shutters, window air conditioner, etc. Home seller should tag or remove items which do not convey.

Listing Agreement

When the home seller is ready to put the home on the market, the listing agreement is filled out indicating a specific period of time the agreement is in effect ("listing period"), and signed by the seller. You've now hired a listing broker.