Imagine you’re viewing a home for sale. You venture to the basement, check out the furnace room, and notice the water heater. Is it owned or rented? As a potential buyer, you’d want to know.
Now imagine a property you’re viewing has a brand-new gas fireplace. Nice! Is it under warranty? Is that warranty transferable to you if you buy the home? Again, you’d want to know.
So, when you’re selling, it’s important to pull together all the necessary records you will need in order to answer questions that will come from a potential buyer. After all, if a particular warranty transfers to the new owner, that’s a selling point. Take the time to find receipts, warranty certificates, and other documents such as:
- Renovation documents, certificates, and receipts. We recommend keeping a house “Bible” with all of the paperwork for renovations and work done around your home. This way, it is all in one place and easily accessible
- Alarm and security system information
- Major repairs or replacements (like a new air conditioner or roof)
- Property documents such as deeds, easements, surveys, liens, etc
- Mortgage documents and any other loans (i.e., line of credit) that use the property as collateral
- Service prepayments and ongoing maintenance contracts, like lawn maintenance, snow removal, or pool maintenance
- Warranties and guarantees that are transferable to the new owners
- Recent utility bills and other fees, such as water, electricity, property taxes, condo fees, etc.
- Rental items (i.e., water heater rental, which is very common in Ontario)
Keep in mind that you may have purchased extended warranties or maintenance agreements at the time of purchase. Those may be transferable to the new owner. Also note that some guarantees or service agreements transfer automatically while others require the new owner to initiate that transfer.
We utilize a fantastic Seller intake form that asks a lot of these questions in the preparation stage of the listing process. It allows us to write a detailed description and feature sheet. It also speeds up the process once interested buyers begin to book showings, as many agents will be requesting this information in order to help their clients decide whether to make an offer or not.
If you are thinking about selling your home and need help getting started or have any questions, we are always more than happy to take your call or receive your email!