If you are thinking about selling your property you might be wondering how much can you price it for. It is not strange for people to want to make the most money possible when selling a property, be it to save money for something else or to invest it again on another property. Thankfully, Calgary Real estate lawyers can support you with that, and much more.
There are a few key aspects that need to happen in order for a proper real estate valuation and we will look into them in the next following topics so you can better navigate this situation.
How Real Estate Valuation Works
Working together with lawyers in Calgary to evaluate your property is in your best interest to make sure that you are asking for a fair price. This will make you sell your property faster, as well as optimize how much you are able to earn. You together with a supporting real estate lawyer will need to do a market analysis.
To do so, there are a few aspects that every real estate appraiser looks at, we are going through a few examples next. The first thing you will need to look at is the recently sold properties in your, preferably, immediate area that match the kind of real estate you are evaluating, the more recent the more accurate you can create an initial range of prices. Compare it with other properties with the same number of rooms, architectural style, age, and size. Then, you need to evaluate the key features of the property – such as large gardens if you evaluating a home, or a renovated kitchen if you are evaluating a property used for restaurants, for example.
Of course, it is not always possible to find perfect matches to compare it to, but finding a range of properties can give a better estimate. Real estate appraisal must be done by a qualified and certified professional according to the Canadian National Association of Real Estate Appraisers.
Property Condition Disclosure Statements
One of the main reasons to have a real estate lawyer supporting you is because there are guidelines and different applicable laws that might be difficult to navigate when you are not experienced.
There are multiple things you might not know how to navigate, from mortgages to things you are required to do before selling or buying real estate. Examples vary, but one of those things is a document called Property Condition Disclosure Statement, or PDS. While property condition disclosure statements are not intrinsically a legal requirement, it is common practice. However, even without one, if you are selling a property you are still legally required to disclose defects that may not be detected by a standard inspection. Things such as past structural damage, history of flooding or infestation, or any kind of underground storage tank are included in things that must be disclosed. A real estate lawyer can better support you with the legal requirements so you do not need to worry about it.
A property condition disclosure statement can be, and most of the time is, attached to the purchase contract if the buyer requires it in order to protect them, so it is important to understand this becomes a legally binding document after that.
Other Important Information
If you are wondering how long it might take to appraise a property, do not worry. Normally it takes from 2 to 3 days. Of course, depending on the complexity of the property it might take a while longer, as well as depending on the schedule of the appraiser.
They will visit the property, do a physical inspection of it and look into the market analysis, after that, they will write an appraisal report with their findings and give a proper estimate. There are, of course, costs associated with it, but real estate evaluation is an important topic to address and might even save you money.
Selling a property can be an exciting moment depending on the circumstances. To ensure that everything runs smoothly and you are optimizing the process, having a real estate lawyer in Calgary supporting you will definitely be in your best interests. These trained professionals have years of experience in the industry, as well as connections that might prove beneficial to you, such as trustworthy certified appraisers.