FSBO V1 (Canada)

CHAPTER 14

Preparing to Market

STEP 1: PREPARING TO PUT YOUR HOME ON THE MARKET

There are several steps you need to take to prepare your property for showing. This is time-consuming, so give yourself room between deciding to sell and putting a sign out front. Prepare for lots of paperwork. One of the first steps is getting all the appropriate paperwork in order. The list is extensive. Requirements often vary by province, city, and municipality. Check with a local real estate agent as well as your attorney to find out exactly what you need. Be prepared to provide proof of your title insurance, which, in Canada, is defined as “an insurance policy that protects… the homeowner… against challenges to the ownership of [their] home or from problems related to the title to [their] home. The policy provides coverage against losses due to title defects, even if the defects existed before [they] purchased [the] home” (source: RBC Royal Bank of Canada). Banks require that you present this before loan approval can be made, so have it within arm’s reach before you nail down a buyer. Title insurance can be tricky, and a professional attorney must handle the whole situation. The norms of who pays for title insurance differ across Canada, but generally. , the seller provides title insurance for the buyer.