Real Estate Information and Market Trends| Real Estate Victoria BC

Real Estate Contracts – Have it all in writing before you sell

Moving up, moving down, moving sideways? If you are thinking of disposing of  your Victoria Real Estate, there are things you must consider. As an example, have you  given much thought to what you plan to leave with the property and what you would like to take with you? Whatever you want to keep must be in writing such as the washer and dryer, the fridge and stove, or maybe that special chandelier in the dining room you got as a wedding gift?

While these may not seem like important concerns for you right now, if you do not address them when you are listing your property for sale and in the contract of purchase and sale it could lead to a misunderstanding with a potential buyer when the deal closes.  We have found over the years that it is the small little things that can jeopardize the closing of the sale. The last thing you want is the loss of a sale due to a misunderstanding over a relatively minor item. The best thing is to never assume anything. Get it in writing.

We will guide you through the listing process and will ask you what you want to include in the sale. It is a good idea, however, to make up a list before we meet to ensure you do not forget something.

Chattels are normally removed
When chattels such as appliences are included in the agreement, they must be listed in the contract of purchase and sale. It is fairly common practice for sellers to include items, which would normally be considered as chattels, such as appliances and window coverings, in the selling price. Having said this, if you are buying, do not pay a premium for used appliances.

Fixtures normally stay
Fixtures are permanent improvements to a property which normally stay with the property as part of the sale. For example, if you have upgraded your wiring or heating system, these are considered to be permanent fixtures. Keep in mind, however, that the law is not always crystal clear about what constitutes a fixture. There are circumstances where you may plan to remove something that might ordinarily be considered a fixture – like your chandelier. If you are selling and you are not sure, make it an exclusion of the Real Estate contract.

Other items to consider are lawn ornaments, smoke alarms, and built-in vacuum cleaners. These types of items are generally left with the home, but some people still like to take things with them. If you tend to be one of these people, make sure to get it in writing that they are excluded from the sale. Most buyers would assume (never assume anything) that these types of fixtures will be included in the sale unless you specify the contrary in the listing. It is absolutely necessary that you set out these stipulations in the Real Estate Contract or Contract of Purchase and Sale.

What about if you are not sure about an item?
If there is any doubt about a particular item, ask us and we will include it in the list of items to be included or excluded from the purchase price. That way, if there is any question, the situation has already been addressed. If you have any concerns or questions, visit our website or contact anyone of us.. As a trained and expericed professionals, we will be able to guide you smoothly through the selling process and answer any questions you may have.

Cheers, Anders

Royal LePage Coast Capital – Properties In Victoria Professionals.