Pre­par­ing to sell your home?

The Telegram (St. John’s) - Home Buyers' Guide - - NEWS -

As a ven­dor you are re­quired to pro­vide the pur­chaser a le­gal de­scrip­tion of the property suit­able to al­low reg­is­tra­tion of documents record­ing the trans­ac­tion.

If you are sell­ing an older property it is likely that an up­dated de­scrip­tion in the form of a Plan of Sur­vey will be re­quired.

Be­fore you de­cide on the sell­ing price, you should be sure that the cur­rent de­scrip­tion is ad­e­quate. If a sur­vey is re­quired, you may wish to in­clude the cost in your sell­ing price.

Many times an up-to-date sur­vey with iron bars mon­u­ment­ing the property cor­ners is very worth­while to clearly il­lus­trate to prospec­tive buy­ers the true lim­its of the property. It is im­por­tant that a pur­chaser knows ex­actly what is be­ing bought; and it is es­pe­cially re­as­sur­ing that the neigh­bors also know what is be­ing sold.

Many ven­dors do not bother to have a sur­vey pre­pared prior to list­ing the property, only to dis­cover a few days be­fore the clos­ing that they have to pay for a sur­vey to meet the re­quire­ments for an ad­e­quate de­scrip­tion.

Worse still, a sur­vey pre­pared for the pur­chaser (to meet the re­quire­ments of the mort­gage com­pany) fre­quently un­cov­ers a prob­lem that causes the sale ar­range­ments to be can­celled. Dis­rup­tion of mov­ing plans, fi­nan­cial and le­gal ar­range­ments and much ill will can be the re­sult.

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