# First time seller from NB help!!!



## Staccato (Jul 17, 2015)

Hi everyone,

New to the forums 

My fiancé and I are planning on selling our home here in Saint John, NB. We are not planning on going with another mortgage in the future. This is the first time we are selling and need some help please!

We are currently in touch with a realtor and are about to go through the paperwork on Sunday however I would just like to know bit more before we sign the papers. We are in a bit of a time crunch because my visa in Canada runs out by the end of September. We do plan on selling before then.

- Is there a agreement with the realtor we can sign for a specific period? We don't want to let the realtor know that we are on a time crunch - this could work against us.

- I do know that we will need a lawyer, at what point do we need to get in contact with a lawyer? Is it after the realtor finds a buyer or as soon as we get the realtor?

- I have also learned that they will be pre-paypment fees, lawyer fees (not sure how much), applicable taxes pro-rated. Have I missed anything here?



If I have could someone please paint me a clearer picture...Seems a little overwhelming being the first time.

Thanks so much for any help!
Jake


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## Just a Guy (Mar 27, 2012)

As with most agreements, everything can be negotiated. The commission you pay him, the time he has to sell it, everything. Of course, most of these things come as a standard package so he'll probably present you with terms, but you can ask to change them. If he doesn't, there are other who probably would.

You also want to find out what makes him different than others. What is he going to do to sell your place? Some hire professional photographers which can make a difference. They produce nice highlight sheets, their website generates a lot of traffic, etc.

Others of course, get you to list with them, they do the minimal and collect half of the commission when someone else finds you a buyer.

You won't need a lawyer until you have accepted the offer. Of course, it's a good idea to know who you're going to use before then. If you don't know any, the realtor probably has someone they could recommend. Find out what their fees will be, as this can vary a lot between lawyers. It's not a lot of work in most cases and should cost much more than $1000 give or take all in (this can vary by province of course). 

Most of the fees you won't have to worry about, the lawyer will take care of it all, then cut you a cheque for the remainder.


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## RBull (Jan 20, 2013)

^good answers.

G/L Staccato


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## MoreMiles (Apr 20, 2011)

I agree with the above posts.

So you can negotiate commission rate (it can be as low as 1% selling + 2% buying agent), representation period, exclusion list (eg, pre-existing lead / friends / acquaintance buyers are excluded from commission fee), minimum number of open house performed for you (eg, every 2 weekends until house sold), direct work (no subcontracting staff doing your open house), minimum newspaper and/or TV ads, staging fee, etc.

In Ontario, the selling agent does very little... they put your house ad on MLS. When a potential buyer calls with his agent, they will be given the lockbox code. The buyers go in and have a look, then lock the door behind them. The selling agent simply answers her phone and gives out the code, that's it.


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## Staccato (Jul 17, 2015)

Thanks for all the input/help everyone! Its a little overwhelming but I know a lot more than I did last week when i asked this question. If I do have more questions will post away 

Regards,
S


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## Staccato (Jul 17, 2015)

Can anyone help me with this question. What if we decided to drop everything & leave the country? 

What I mean by that is we've done some calculations and it turns out that even if we did sell the house we'd be break even or might even owe some back. Taking into account all the closing fees, lawyer, realtor, plumbing work and remaining taxes that we owe on the house. Plus an additional car loan. We're better off just leaving everything....

Are there any offence's for doing this? Can we get in any trouble for this? For not paying our house taxes etc etc etc. However personal taxes would be paid off.

We do not plan on returning at least for another 1-2 years and if we did it would ONLY be to visit Canada. Thanks for any help guys! This is not the easiest thing for us to do.

Thanks
Staccato


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## OnlyMyOpinion (Sep 1, 2013)

Staccato said:


> Are there any offence's for doing this? Can we get in any trouble for this? For not paying our house taxes etc etc etc.


I certainly hope so. If you are asking if it is ok to walk from a financial commitment you made by taking out a mortgage and buying a house just because you are going to lose some money, you certainly won't get me to say "oh sure go for it". In effect you leave everyone else holding the bag for your delinquency. I don't suppose you will leave a forwarding address?


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## Just a Guy (Mar 27, 2012)

I'd say your credit rating, which follows you wherever you go would be toast at the very least.

The bank or city would repossess the items, but they'd certainly file the fact that you walked away. Good luck getting a loan anywhere for probably 7-10 years.


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## AltaRed (Jun 8, 2009)

Just a Guy said:


> I'd say your credit rating, which follows you wherever you go would be toast at the very least.
> 
> The bank or city would repossess the items, but they'd certainly file the fact that you walked away. Good luck getting a loan anywhere for probably 7-10 years.


As I understand it, credit ratings do not go transnational, i.e. the USA has not recognized Canadian credit ratings and vice versa....at least in the past, e.g. 10-20 years ago. It may, or may not, be the same with other countries. If the OP is cutting all ties with Canada as a result of a work Visa expiring, I don't think the OP cares about financial debts (other than what the OP said about keeping on good terms with CRA). 

I don't know whether the city (back taxes) and the mortgage company would go to the effort to pursue the delinquency or whether they would just seize the property and auction it off. The other question is whether delinquent debt is a basis for getting put on the Border Services **** list and deined entry to Canada in the future.

All said, contemplating skipping out on responsibilities would be an insult to the goodwill of this nation to have provided the OP with a work Visa in the first place.


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## Staccato (Jul 17, 2015)

I do not believe that we would face any bad credit ratings anywhere else in the world. I believe the record is only going to be in Canada as I have read elsewhere. We are heading to the other side of the world (South Pacific) region. Besides we are not looking to be taking a huge loan/mortgage or anything like that in the near future. 

Like I said this is not the easiest thing for us to be doing. Time has been ticking and we've been working away at it since early last year. A very slow market as you all know and definitely a buyers market right now.

Speaking about a forwarding address - would it be dangerous to leave a forwarding address to a relative here in NB?


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## MoreMiles (Apr 20, 2011)

Many posters here are bank owners. When we see our clients trying to cheat on our business, it's hard not to get offended. 

Don't believe me? Ask how many people here own shares in TD or RBC? I think it's almost everybody.


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