The Home Selling Process: A Complete Guide 

We have already covered in the Home selling guides the following steps: Choose the Right Vancouver Realtor, Prepare Your Home for Sale, and Determine Your Listing Price and Selling Strategy - now I will cover from listing to closing states:

Selling a home in Vancouver involves more than preparing the property and choosing a listing price. There are also important real estate forms, disclosure documents and property records that may be required or useful throughout the listing and sale process.

Your Vancouver Realtor should explain the documents relevant to your particular property, what you are being asked to sign, and when additional advice from a lawyer, notary, accountant or other professional may be appropriate.

The Listing Agreement

When you hire a Realtor to sell your Vancouver home, you will typically enter into a Listing Service agreement  with the Realtor's brokerage.
The agreement establishes the professional relationship and addresses important matters such as the services being provided, the listing period and remuneration. Before signing, sellers should understand the terms of the agreement and ask questions about anything that is unclear. 

The important details: 

• List price
• Time period of the agreement 
• Obligations and responsibilities from both sides
• Remuneration terms

Disclosure of Representation in Trading Services

BC real estate professionals have disclosure obligations concerning how they will represent consumers in a real estate transaction.
Your Realtor should explain the type of representation being provided and the duties associated with that relationship. These disclosures are designed to help consumers understand who the real estate professional represents before proceeding with the transaction.

Privacy and Consent Documents

Listing and marketing a home can involve the collection, use and distribution of information about the property and seller.
Depending on the circumstances, sellers may encounter consent or privacy-related documentation concerning the use of personal and property information.
Your Realtor should explain what information is being collected, why it is required and how it may be used in connection with marketing and selling the property.

Property Disclosure Statement (PDS)

A Property Disclosure Statement, commonly called a PDS, is a document through which a seller can provide information about the property based on the seller's knowledge. The appropriate form depends on the type of property. Questions can relate to matters such as property condition, alterations, water, plumbing, electrical systems and other property characteristics.

The PDS is an important document and should be completed carefully and accurately. Sellers should not guess at answers they do not know and should seek appropriate professional advice when necessary.

Title Search and Land Title Information

A current  title search  provides important information about the property's registered ownership and interests registered against the title.
Depending on the property, the title may show mortgages, statutory rights of way, easements, covenants and other registered charges.
Your Realtor can obtain and review relevant property information with you, but some title matters may require interpretation or advice from a BC lawyer or notary.

Strata Documents When Selling a Condo or Townhouse

If you are selling a strata property in Vancouver, additional documents can become an important part of the listing and buyer due-diligence process.

These may include:

• Form B Information Certificate
• Strata bylaws and rules
• Meeting minutes
• Financial statements
• Annual budget
• Depreciation report
• Insurance information
• Strata plan
• Information regarding special levies

Having important strata documents organized early can make it easier to respond when prospective buyers request information.

Private appointments allow buyers and their Realtors to view the home individually.
Discuss questions such as: How much notice do you require? Are there times when showings aren't possible? Will the listing Realtor attend? What happens if you're away? How will access be managed?

"A clear showing protocol can make the process considerably easier, particularly when the property is occupied."

Open Houses

Open houses can provide buyers with another opportunity to experience the property without scheduling an individual appointment.
Your Realtor may recommend public open houses, Realtor-only previews or both depending on the marketing strategy.
Make Showing Your Home Easy. Restricting access too much can make it difficult for interested buyers to see the property. On the other hand, selling a home shouldn't make normal life impossible. The goal is to establish a schedule that balances market exposure with your daily routine.

Dealing with Offers - Receiving an Offer on Your Vancouver Home
Receiving an offer is an exciting stage of the home-selling process, but the highest price isn't always the best offer. Your Realtor should review the entire offer with you, explain its terms and help you understand how the proposed transaction fits your selling objectives.

Reviewing the Offer

When an offer is received, your Realtor will present it to you and review the important terms. These may include:

• Purchase price: The amount the buyer is offering for your property.
• Deposit: The amount and timing of the buyer's deposit.
• Completion date: The date ownership and funds are scheduled to transfer.
• Possession date: When the buyer is entitled to possession of the property.
• Adjustment date: The date used to calculate adjustments for items such as property taxes or strata fees.
• Buyer conditions or subjects: These may include financing, inspection, review of strata documents or other conditions.
• Included and excluded items: Appliances, fixtures or other items specifically addressed in the offer.
• Additional terms: Any other contractual terms proposed by the buyer.
• Offer expiry: The deadline for responding to the offer.

Your Realtor can also discuss how the offer compares with your asking price, recent market activity, competing properties and your priorities as a seller.

Your Options When You Receive an Offer
After reviewing an offer, a seller generally has three primary options:

1. Accept the Offer
If you're satisfied with the price, dates, conditions and other terms, you may choose to accept the offer as written.
Once the offer is accepted and communicated in accordance with the contract, you have entered into a legally binding agreement, subject to any conditions contained in the contract.

2. Reject the Offer
You are not required to accept an offer simply because one has been presented.
If the price or other terms are unacceptable, you may choose to reject it.

3. Make a Counteroffer
If you're interested in selling to the buyer but don't agree with some of the proposed terms, you may decide to make a **counteroffer**.
A counteroffer could propose changes to the:

• Purchase price
• Deposit
• Completion or possession dates
• Conditions
• Included or excluded items
• Other contractual terms

Your Realtor can discuss the advantages and potential risks of different negotiating strategies before you decide how to respond.

How Does a Counteroffer Work?
A counteroffer is more than simply asking the buyer to increase their price.
When you change the terms of an offer and return it to the buyer, you are generally making a new offer back to them. The buyer can then  accept it, reject it or respond with another counteroffer.

For example, a buyer might offer $1,450,000 for a property listed at $1,499,000. Instead of accepting or rejecting the offer, the seller might counter at $1,480,000 while also proposing different completion dates.

The buyer could accept those terms or counter again.

This negotiation may continue until the parties reach an agreement or decide not to proceed.

Negotiating More Than Just Price

A skilled listing Realtor should help you evaluate an offer as a complete package rather than focusing exclusively on price.
For example, one buyer may offer a higher price but require several conditions and a completion date that doesn't work for you. Another buyer may offer slightly less but provide terms, dates or conditions that better suit your circumstances.

The objective of negotiation is therefore not necessarily to obtain the highest number written at the top of the contract. It is to work toward the combination of price and terms that best meets your selling objectives

What Happens After a Counteroffer Is Accepted?

Once both parties have agreed to the terms and the contract has been properly accepted, the next stage depends on whether the agreement contains buyer or seller conditions.

If the buyer has conditions for example, financing, inspection or review of strata documents—the transaction enters the subject or condition period.

During this period, the buyer works toward satisfying or waiving their conditions by the specified deadlines. Your Realtor should track the important dates and keep you informed throughout the process.

Once all required conditions have been removed or satisfied in accordance with the contract, the transaction can become a firm sale. 

From there, the process moves toward conveyancing, completion and possession.

Why Negotiation Experience Matters When Choosing a Vancouver Realtor

Marketing your property is only one part of a Realtor's role. When an offer arrives, negotiation experience becomes particularly important.
Your Realtor should help you understand the offer, identify potentially important terms, discuss your available options and communicate your negotiating position to the buyer's representative.

When interviewing a Vancouver Realtor to sell your home , ask how they approach offers and counteroffer not simply how they plan to market your property.

A strong selling strategy should include a plan for attracting buyers  and a strategy for what happens when those buyers make an offer.