Sales Process
Sales flow
01
Requesting an estimate
A seller would research the price and resale market value of their property. This would involve comparing the sales estimates of various agents, and deciding on an intermediary depending on their service offerings and reputation.
02
Signing Brokerage contract
A seller would will then enter into an agency agreement with the real estate agent that one wishes to sell your property through.
One would choose between full-time or general sales, as sales methods and reporting obligations differ.
03
Marketing Begins
The sales agent will then post property listing info in advertisements and on portal sites to introduce it to potential buyers. They would work closely with sellers to arrange viewing dates, etc.
04
Negotiating terms with potential buyers
The agent would negotiate the price, contract purchase date, etc. in response to the conditions presented by the potential buyer. They would also support the seller to reach satisfactory terms.
05
Conclusion of sales contract
After agreeing on the terms, a sales contract will be signed by both parties. At the time of the contract, the deposit will be received and important matters/conditions will be explained.
06
Payment process
At the same time as receiving the remaining payment, if there is a mortgage, the mortgage would be cancelled and an application would be made for registration of the transfer of ownership.
07
Declaring capital gains on income tax return
Once the keys are handed over to the buyer, the transaction is complete. Please note that if the seller made a profit on the sale, they may need to file this in their tax return.