Seller and Move-Up Guide

What comes first when you inherit a home you plan to sell?

Confirm with your estate lawyer who has authority to sell and when the home can be listed. Until that is clear, even a good plan for the house can stall, so this is the first call to make, before repairs, before pricing, and before anyone talks to buyers.

Estate administration and taxes belong to your lawyer and accountant. I can help with the real estate side once the path is clear: preparing the home, presenting it, and pricing it so it is taken seriously.

How much should you fix up an inherited home before selling?

Weigh the cost and time of each repair or update against how buyers are likely to see the home, and consider selling as is where that makes more sense. Not every older home needs a renovation before it goes on the market.

Cleaning, clearing, and small repairs often help the home present well. No result is promised. Costs vary. Confirm them with qualified contractors before you commit to any work.

How do you work with several family members on one sale?

Agree on who makes decisions and how you will communicate before the home is listed.

Written updates help everyone stay informed. Your estate lawyer answers questions about who has authority.

Authority depends on the estate. Confirm it with your estate lawyer before anyone signs or agrees to a price.

How do you work out what your current home can put toward the next one?

Estimate sale proceeds, subtract your mortgage balance and selling costs, and add purchase closing costs to your budget for the next home. A lender can confirm what you can borrow, and I can help you estimate a realistic sale price. The table pairs common questions with who confirms them.

Write down who answered each question and when. Lending terms change. Confirm them with your lender before you count on any number.

What closing costs should you plan for when you buy?

Plan for land transfer tax, legal fees, and adjustments. A purchase in the City of Toronto carries both a provincial and a municipal land transfer tax. Start with three groups:

• Provincial and City of Toronto land transfer tax, from the official calculators
• Legal fees and the adjustments your lawyer works out at closing
• Selling costs on your current home, if you are moving up

Should you sell first, buy first, or bridge?

Selling first gives you certain numbers, buying first secures the next home, and bridge financing can cover the gap between closings. Each choice carries different risks, and the right one depends on your equity, your timing, and how firm your plans are.

A lender explains bridge financing for your situation. I can help you plan the order of the sale and the purchase so one does not force a rushed decision on the other.

Financing terms change. Confirm them with your lender and in writing.

How do you set a realistic asking price, and what if it does not sell?

Start from recent comparable sales and the home’s condition, not from a hoped-for number. A price that sits can make buyers wonder why. No market figures are quoted here. Values change. Confirm any price with current local sales data.

If your home does not sell at the first price, review showings, buyer feedback, and new comparable sales before you adjust. A calm review beats a quick cut. No result is promised. Market conditions change. Confirm them with current local sales data.

Should rate news change your plan?

Let your own timing lead: job, family, equity, and the right home. Use rate news to check your numbers, not to guess the market. No forecasts are given here. A lender can show how rates affect your payments. Before you change a plan because of a headline, check:

• Whether your job, family, or space needs have changed
• How much equity you can realistically carry into the next home
• What your lender says a rate change does to your payments
• Whether the right home is available now, whatever the headlines say

What should you check before buying a condo or townhome?

Check the building’s finances, rules, and fees, and have your lawyer review the condo status certificate.

Ontario condo sources explain what the certificate covers. No buildings are described here. I can help you build the question list before you make an offer.

Condo rules change. Confirm them with official Ontario sources and your lawyer.

How do you plan a move to Toronto from another Ontario city?

Define what you need, visit at different times, test commutes yourself, and plan the sale of your current home. I made a move like this myself, from Ottawa, so I know a move between Ontario cities means two homes and two sets of decisions.

This is about the decision process, not neighbourhood picks. Commutes change. Confirm them with official transit and road sources.

Who else should you talk to besides your agent?

Talk to the right professional for each official answer. I can help you form the question. Depending on your situation, talk to:

1. A lender about financing, and an inspector about condition
2. A real estate lawyer about the purchase or sale
3. An estate lawyer and an accountant about an inherited home

Write down who answered and when. Each professional gives the official answer. Rules and costs change. Confirm them with the responsible professional or office.

This guide is general information about selling and buying homes in Toronto and Ontario. It is not legal, estate, tax, lending or inspection advice, and it does not predict prices or rates or promise results. Estate administration and authority to sell belong with an estate lawyer; taxes belong with an accountant; land transfer tax amounts come from the official Ontario and City of Toronto calculators; financing questions belong with a lender; condo documents belong with your lawyer. Rules change, so confirm them with the responsible professional or office. Daniel Warchow, Broker, Sotheby’s International Realty Canada, Toronto, Ontario.