Helpful Tips For Sellers

14 Important Facts To Consider Before You Try To Sell Your Own Home

Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable realtor. Before you decide to take on this very important and legally complicated process…remember not even most Real Estate Lawyer’s recommend selling your own home yourself in today’s market. Here are a few of the reasons why:

1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.

2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long…there must be something wrong with the home.

3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor… and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate agent does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. If the buyer is represented by a real estate professional Realtors© are trained on how to overcome buyers remorse–a very common occurrence.

4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible, to generate the highest price possible.

5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.

6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.

7. The majority of qualified buyers are working with experienced real estate professionals.

8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in the real estate mainstream, this can some times make them wary.

9. As most local buyers now retain an experienced real estate sales person to represent them as their buyer-agency, you will probably be negotiating against an experienced professional.

10. Expected savings in broker’s fees will also be greatly reduced if you offer a selling commission to entice real estate agents to bring potential buyers.

11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer’s fees will be considerably higher.

12. Only real estate agents have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to agents. Further, real estate agents are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.

13. You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.

14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems on closing. At times, expecting the Buyers and Sellers Lawyer’s to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Realtor© can act as a great mediator. Lawyers MUST act only on their client’s instructions and are not paid to negotiate.

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HomeLife Seller Services

You’ve decided to sell your home.

As an experienced HomeLife Higher Standards Sales Representative, I know that selling a home can be a confusing and complicated process. Chances are, you have a lot of questions.

Questions like, "Should I sell it myself or use a Real Estate agent?", "How do I price my home?" and "What are the costs to me when I sell my home?". This guide will answer your questions and help you through the process from the day you decide to sell to the day the sale of your home is finalized.





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About Homelife

No One Treats You Like The Folks At HomeLife

Making its Real Estate debut in 1985, HomeLife Realty Services Inc. is one of the World’s leading Real Estate Franchisors with hundreds of affiliates and thousands of Sales Representatives serving the Real Estate needs of consumers and businesses alike. HomeLife has businesses in a variety of countries worldwide, including Canada, The U.S.A., Germany, Portugal and China. Presently HomeLife continues to expand one town, one city and one country at a time.

At the core of HomeLife’s remarkable success is the company pledge of Higher Standards. Instilled in each and every one of our Sales Representatives, HomeLife’s pledge is a unique commitment to professional conduct and excellence in customer service. That pledge, along with a strong dedication to community involvement, assures clients that they are dealing with ethical, knowledgeable and caring Sales Representatives. What differentiates us from our competitors, is our Higher Standards Five Star Marketing System.


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Why Choose A HomeLife Sales Representative?

The Difference Higher Standards Can Make

The sale or purchase of a property can be an enormously complex procedure. This is why it pays to have a HomeLife Higher Standards Sales Representative on your side. From the moment your home is listed until the day you receive your money, we will be with you through the process of listing your home, considering offers, closing the sale, securing financing and moving.

Continuous training at HomeLife University education centre ensures that our team develops the Higher Standards needed to maintain a leading rate of repeat and referral business. Our Sales Representatives are known for their enthusiasm and a willingness to work with you until your home is sold.

Part of the HomeLife promise of Higher Standards is the "Pledge of Availability" which simply states that your HomeLife Sales Representative will be available whenever you need them and communicate with you regularly. Our Sales Representatives usually work five to seven days a week, including numerous evenings.

This dedication to customer service is at the heart of our Higher Standards promise. Buying or selling a home is perhaps the most complex transaction an individual can undertake. HomeLife makes it easy. The HomeLife name means better service, more qualified buyers and the best price possible on your property.

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We Know Your Community

Local Ties, Global Strength

The Sales Representatives at your local HomeLife office know your area better than anyone. Why shouldn’t we? Just like you, we’re an active part of the community. With an office in your area, you’ll find HomeLife Higher Standards Sales Representatives to be knowledgeable about local shopping, parks and schools. Knowing the area makes a difference. The connections we have to the community allow us to set strong and attractive prices, find qualified and passionate buyers, and represent your home to its fullest extent.

Based on experience, we will help develop your home’s "distinct capacity" by touring your property with our professional sales team to determine its principal benefit. This may be a newly renovated kitchen, an excellent local school, a close by transportation line, or an especially large yard. While one home might stand out because it backs on a golf course, another may attract a buyer’s attention due to an in-ground swimming pool. Finding what makes your home different allows us to highlight your home’s individual character, breaking through the clutter to catch the buyer’s eye.

For the HomeLife team, familiarity with your community is just another aspect of our promise of Higher Standards of customer service. Knowing your community means knowing your street. Knowing your street means knowing your home.

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HomeLife’s 20-Point Marketing Strategy

Our Five Star Marketing System

Since 1985, HomeLife’s success has been based on a company wide commitment to Higher Standards. At HomeLife, we use the steps outlined in our 20-point plan to sell your property quickly, with the best possible terms and at the best possible price. We will post your property on the Multiple Listing Service (MLS), an electronic database that will allow Realtors from every major firm in the country access to your listing. Your home will also be listed in our easy-to-use online 24 Hour Home Finder, which can be accessed globally at

However, we are not solely reliant on technology. We will also use effective conventional methods to sell your property, such as informing homeowners in your area, conducting open houses, placing an attractive sign on your property and displaying your listing at HomeLife Franchised offices. Our overall marketing strategy is based on a genuine dedication to customer service. This commitment to our clients is exemplified by your Sales Representative’s 20-point Higher Standards plan of action, which is their promise to you.

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My 20-Point Higher Standards Plan of Action

HomeLife’s Promise To You

The following is a twenty-point promise; outlining all the steps I will take as your HomeLife Sales Representative to ensure that your home is sold quickly, for the best possible price with the best possible terms.

  1. Prepare a market analysis of your home.
  2. List your property on the Multiple Listing Service (MLS) for maximum exposure.
  3. List your property at, using our 24 Hour Home Finder.
  4. Display your property at our HomeLife locations, while also promoting your property to HomeLife staff at marketing meetings.
  5. Prepare a detailed highlight sheet listing the features, advantages and benefits of your property.
  6. Help develop your property’s "distinct capacity" by touring your property with our professional sales team to determine its principal benefit.
  7. Place a professional and distinct HomeLife sign on your property.
  8. Advertise.
  9. Promote the sale of your property throughout your community.
  10. Communicate to you regularly on all aspects of marketing.
  11. Provide regular updates regarding market conditions.
  12. Pre-qualify potential purchasers to save you time.
  13. Make you aware of all financial alternatives regarding your sale.
  14. Explain our home warranty program to you.
  15. Offer moving services to both buyer and seller.
  16. Communicate with you regularly and give you my "Pledge of Availability".
  17. Represent you on all offers and negotiate for the Best Possible Price and Terms.
  18. Provide you with copies of all information relevant to the sale of your property.
  19. Follow up on all necessary closing details until the money is in your hands and you’re ready to move.
  20. Leave you a copy of My Action Plan.

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The Listing

Putting Your Home on the Market

The first step toward putting your home up for sale is to meet with your Real Estate Sales Representative at your home. What we call the "listing appointment".But beforehand, it’s important to understand “who’s who" and how brokers may co-operate to sell your home.

Listing Broker.An individual Real Estate broker whom the seller hires to represent the seller through a contract called a "listing agreement". The listing Sales Representative is associated with the listing broker. The listing broker is directly paid the listing commission and then splits the commission with the listing Sales Representative.

Selling Broker.This is the individual who produces a buyer for the property and divides the commission with a listing broker. Such a transaction is considered a "co-operative" sale because the house is listed by one broker and a buyer is provided by a second broker. If the listing broker also produces the buyer, then the listing broker receives both listing and selling sides of the commission.

A Little Homework

Before the listing appointment, both the home seller and the listing Sales Representative have some homework to do. While the home seller collects a list of documents requested by the Sales Representative, the listing Sales Representative studies recent area sales of homes comparable to the seller’s, and also comparable homes currently for sale.

There’s No Place Like Home

At the listing appointment, the listing Sales Representative will want to inspect the entire home and yard to become familiar with its special features and exact floor plan.

You have probably enjoyed living in your home and have been pleased with its many unique features. Your listing Sales Representative will want to tell prospective buyers about the special features of your home and community. Be ready to be specific about schools, churches, daycare, nearby metro, and other desirable community features, as well as home features not readily apparent.

Remember, prospective buyers will be "comparison shopping" and keenly aware of subtle differences in homes for sale in the area. Be sure to tell your listing Sales Representative why yours is special from any home remodelling to afternoon winter sunshine.

Property Profile Folder

To enable the listing Sales Representative to prepare a highlight sheet on the property, the home seller needs to provide a number of documents and information specific to the location and jurisdiction. This Highlight Sheet is often left in the home for the convenience of prospective selling Sales Representatives. Because the list is long, you can understand why it’s best to collect the papers before the listing appointment. These materials may include:

Pay-Off Notice.A letter signed by the home seller and mailed to the lender by the listing broker to notify the lender of the intention to pay off the mortgage in order to minimize prepayment of interest penalties to the seller. (Home seller should provide the broker with the lender’s address, loan balance, assumability, years remaining on present mortgage, PITI. and the interest rate, if possible.)

Septic and Well Inspection.If property is on septic/well, current inspections by local health authorities are required while the home is occupied. Listing Sales Representative will usually arrange for inspection after the contract is ratified.

Order Lender Appraisal.Lenders usually require an appraisal to assure that the property is adequate collateral for a loan. Appraisal may be ordered before (paid by seller), but is more often done after an "offer to purchase” is accepted (paid by buyer).

Assessments/Easements.Listing Sales Representative will ask home seller if any tax assessments or easements exist on the property that must be paid or included in purchase contract and passed on with the land when sold.

Property Taxes/Condominium Fees.Home seller provides record of property tax or condominium fee payments which buyer will reimburse on a prorata share to home seller at settlement. Inspections. Many lenders of new mortgages may require an inspection certificate that shows house is free of major defects

Utilities.Home seller should provide record of past 12 months utility bills, including gas, electric, sewer, water, and trash where applicable. Most buyers will want to know the history of utility costs.

Helpful Documents.If possible, home seller should provide listing Sales Representative with deed, house location survey, condominium bylaws or home owners association documents, subdivision map, house floor plan, previous title search abstracts, legal description of property (subdivision, section and lot), warranties on major systems or Home Owners Warranty, if still in effect, and copy of home owners insurance policy for endorsement in purchase contract.

"What Conveys?"

In anticipation of a buyer’s offer, the home seller must be ready to supply listing Sales Representative with a specific list of the personal property that is included in the Real Estate property for sale. Examples of items to "convey" may include: draperies, drapery rods, remaining heating oil, firewood, washer, dryer, refrigerator, stove, microwave, disposal, swimming pool chemicals, awnings, storm doors and windows, screens, blinds, shutters, window air conditioner, etc. Home seller should tag or remove items which do not convey.

Listing Agreement

When the home seller is ready to put the home on the market, the listing agreement is filled out indicating a specific period of time the agreement is in effect ("listing period"), and signed by the seller. You’ve now hired a listing broker.

Questions & Answers

What is a "Lockbox"?

A lockbox is a universal metal container for your house key that is hung on the front door and can only be opened by a special key or combination by licensed Sales Representatives. It provides access when the owner is away, thus assuring full exposure to prospective buyers.

Do certain geographical areas have unique home selling requirements?

Yes. Home selling requirements vary from area to area. Ask your listing Sales Representative to investigate special taxes or other requirements applicable to the area in which you live.

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Comparative Market Analysis

Maximizing Market Value

Preparing a Comparative Market Analysis (CMA) is an important tool HomeLife Higher Standards Sales Representatives use to help you earn the highest possible price for your home. A CMA involves looking at the public records of Real Estate Business in your community to better understand market conditions.

There are four steps your HomeLife Sales Representative will take in preparing your home’s CMA:

  1. Your HomeLife Sales Representative will consider the amount paid for at least three recently sold homes in your community.
    • These homes will be comparable in size to yours and together comprise a factual record of what buyers will pay.
  2. Your HomeLife Sales Representative will then consider the asking prices of at least three presently listed homes in your community.
    • Because these homes are similar to yours, these homes will be the benchmarks against which your home will be priced.
  3. Your HomeLife Sales Representative will then consider the asking prices of at least three homes in your community that went unsold for at least 90 days.
    • Similar to your home, these homes illustrate the dangers of overpricing your property.
  4. Finally, your HomeLife Sales Representative will use all the price information gathered to arrive at an ideal asking price for your home.

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The Pricing Pyramid

How Price Affects Buyer Interest

  • When you price your home above its market value, fewer buyers will show interest in your property.
  • When you price your home below market value, you increase the number of interested buyers.
  • In the end, the price you set and the interest you create should reflect your selling goals.

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The Window Of Opportunity

Price Right… From The Start

When a home first goes on the market, there is an initial surge of interest that should be maximized. Therefore, your home should be priced realistically from the start.

This chart illustrates that most sales are made in the first four or five weeks a home is listed. Because all this activity happens so soon after a home is listed, it is a mistake to assume you can ‘test the waters’ with an extremely high price and then later reduce it. Homes should be priced correctly, right from the start.

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Showcasing Your Home With Pride

Clean Up, Fix Up, or Toss Out

Today a home that stands out among similarly priced, comparable properties is the home that sells. Why? Because it makes a good first impression that lasts right to the settlement table.

You may not be able to dramatically improve the market value of your home (by finishing your basement, remodelling your kitchen, etc.), but you can improve its marketability. And usually this can be done with more elbow grease than hard cash. The key is to put yourself in the buyer’s shoes. In fact, if you drop by some open houses (you may soon be a buyer yourself), you’ll pick up some pointers. Then practice making your home as appealing and uncluttered as the home you wish to buy.

Perhaps the most important part of selling your home is properly showcasing your home’s distinct appeal. Consider the following tips to help sell your home quickly, at the best possible price:

  1. Consider Renovation.Though not a necessity, certain renovations, such as new kitchens, bathrooms, and professional landscaping may reap a financial benefit that far out weighs their cost. Your HomeLife Sales Representative will discuss the costs and benefits of any renovation with you personally.
  2. You Never Get A Second Chance To Make A First Impression.As this is true, make sure your home’s front door is clean and fresh looking. Paint or replace the door if necessary. Also keep lawn trimmed, yard clear and the home’s walkways clear of snow, sand and ice.
  3. Decorate For A Quick Sale.Faded walls and worn woodwork significantly reduce your home’s appeal. A new coat of paint is an inexpensive way to increase your home’s value.
  4. Let The Sunshine In.Open curtains and draperies to show visitors how bright and cheerful your home can be. Dark rooms can seem both small and depressing.
  5. Sweat The Small Stuff.Dripping faucets, loose knobs, sticking windows and other minor flaws are often more visible than you think. Take the time to make these small repairs.
  6. From Top to Bottom.Display the full value of your attic and basement by removing all unnecessary articles. Brighten a dark, dull area by painting the walls.
  7. Keep Stairways Clear.Cluttered staircases appear messy and detract from your home’s appeal. They’re also unsafe.
  8. Make Closets Look Bigger.Neat, uncluttered closets show that the space is ample.
  9. The Importance Of A Bathroom.Beautiful bathrooms will help sell your home. Make this room sparkle.
  10. Make Bedrooms Inviting.Remove excess furniture and use attractive bedspeads and curtains.
  11. Let There Be Light.Proper illumination is like a welcome sign and very encouraging to the potential buyer.
  12. Keep It Quiet.Turn off the television. Either use soft, mellow music to set a relaxed mood, or keep the stereo silent.
  13. Don’t Forget Your Four-Legged Friends.Keep pets out of the home while potential buyers are visiting. Many prospects are afraid of or allergic to pets, and will not be able to properly consider your home if they are present.
  14. Silence Is Golden.Be courteous, but don’t force conversation with the potential buyer. He or she wants to inspect your home, not pay a social call.
  15. Never Apologize For Your Home.The buyer knows your home has been lived in. If there are any objections, let your HomeLife Sales Representative handle them.
  16. Not A Garage Sale.Trying to dispose of furniture and furnishing to the potential buyer before he/she has purchased the home often loses the sale.
  17. Do Not Oversell.Your home will sell itself if it’s what the buyer is looking for.
  18. Remember The Golden Rule.Treat the prospective buyer the way you would want to be treated if you were in their place and you will never go wrong.
  19. Three’s A Crowd.Avoid having too may people present during inspections. A buyer should never feel like an intruder, but should be able to pretend the home is already their own.
  20. Stay In The Background.Your HomeLife Sales Representative can best emphasize the features and benefits of your home on their own. Avoid tagging along; you will be called if you’re needed.

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The Negotiations

Easiest With A Professional

Depending on the specifics of the housing market, your community and your home, negotiations on the sale of your property may prove to be extremely complex.

The most important element in the negotiations process is the offer. The offer is an offer to purchase your home, at a certain price, with certain specific terms.

There are three possible responses to an offer: acceptance, refusal and counter offer. Acceptance means that you agree to the offer and accept all the terms of the agreement. Refusal means that you totally reject the offer. Homeowners often make the mistake of instantly rejecting the first offer they receive, believing many more will follow for more money only to find out the first offer was the best one. A third option is to make a counter offer to a proposed contract.

In a counter offer, you accept some of the terms of the contract but change some of the details that you are unwilling to accept. The buyer may respond to the counter offer by accepting it, rejecting it or countering the counter offer. Should the buyer choose to counter the counter offer, negotiations will continue until an offer is reached.

The experience and professionalism of a HomeLife Sales Representative will significantly assist you during a tough negotiation. Especially in a cool market, where housing supply outweighs demand, a HomeLife Sales Representative will promote the sale of your home by listing it at an appropriate price with terms that will prove attractive to the buyer.

Even in a hot housing market, where supply offsets demand, a HomeLife Sales Representative will help you sell at the highest possible price and with the best possible terms.

Utilizing their Higher Standards of customer service, our Sales Representatives will do everything in their power to sell your home quickly, at the best possible price.

Questions & Answers

Is it best to turn down the first offer?

In any transaction, it’s normal for the seller to wonder, "Could I have gotten more?" and for the buyer to wonder "Should I have paid less?” When your reasonably priced house is put up for sale, the very first lookers may make an offer to buy. That doesn’t mean that you’ve priced your home too low. It means qualified buyers and their Sales Representatives have been looking and waiting for the right home to come on the market at just the right price. Your listing Sales Representative will advise you on all offers.

Does the sale of a condominium or a property within a Homeowner’s Association require any special action?

If your property is a condominium, in some areas the buyer is allowed a specific period of time to withdraw after a ratified contract. Ask your listing Sales Representative how this "right of rescission" can affect you. Also, the purchase offer for a condo sale or Homeowner’s Association property will contain, in compliance with the law, a requirement that the seller furnish the buyer with certain disclosure information and documents. Ask about condo and Homeowner’s Association resale procedures in your area.

Do buyers ever offer more than the listing price?

Rarely, but they do offer "above list" occasionally if they believe it makes their offer more acceptable than other competing offers. For the protection of all parties, it is best to include a separate statement signed by the buyers indicating the buyers’ awareness of the list price and their reasons for the higher offer.

What do you do if the property doesn’t sell?

The first step is to go over carefully with the listing Sales Representative why the property has not sold. Usually price, items or conditions need to be changed. Study and analyze what has sold in your area and at what price. Then relist the house after adjusting for shortcomings. Another option is to withdraw from the market and rent until the market improves, or simultaneously offer for sale or rent.

When will the yard sign be removed?

Placing a sign in the yard is always done by mutual agreement between listing Sales Representative and home seller. The law allows the sign to remain in the yard after contract ratification, even though "for sale" is changed to "sold" after contract acceptance. However, ask your listing Sales Representative about local sign ordinances.

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Closing the Sale

A Complex Process, Made Easy By HomeLife

Closing the sale of your home can be a long and intricate process. Closing involves a complex series of procedures and information exchange that only a trained professional can handle. The Higher Standards customer service provided by HomeLife Sales Representatives means that you will have a well-informed contact throughout the closing, there to guide you through the process to make closing a positive experience, not a trial to be endured.

The complexities of buying a home and closing the deal are many. Up to twenty-four steps may be involved in a process which will include yourself, your HomeLife Sales Representative, your mortgage banker, your title agent, your attorney and your home’s buyer. A successfully executed closing demands that information is properly shared among these parties in a timely and professional manner.

However, with the knowledge and experience of a HomeLife Sales Representative on your side, the challenges of title transfers, home inspections and paperwork will start to feel like smooth sailing.

Buyer’s Final Inspection

The purpose of the walk-through inspection prior to the closing date is to determine if conditions in the contract are satisfied. The time for the buyer to inspect and note defects for correction by the seller is during the contract negotiation and prior to signing the sales agreement. Repair or replacement items should be noted in the contract. Most resale homes are sold in "as is" condition, however, mechanical, electrical and plumbing items should be in working condition.

It is up to the buyer to perform the inspection, not the seller who may or may not be present. The buyer should be accompanied by the selling Sales Representative and/or the listing Sales Representative. The home seller should be sure utilities are on so that equipment can be operated.

Room by Room

Expect the buyer to try all lights and switches; turn all faucets on and off, run shower, flush toilets; turn on furnace and CAC (in off-season buyer may hire professional to certify proper function); test all stove burners, oven at bake and broil; run some ice cubes through disposal to test blades; run dishwasher, washer, and dryer through complete cycle; and open and close all windows and doors. In short, to try everything, even keys and fireplace flue.

All deficiencies should be noted. If seller does not correct problems prior to the closing date, funds may be withheld for repairs.

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Relocation and Moving

Time to Pack

Another aspect of our Higher Standards of customer service is the attention we can offer you on moving day. Whether you’re moving across the county or across town, moving involves a good deal of planning and organization.

If you wish, your HomeLife Sales Representative will be happy to assist with the coordination of your entire moving operation. Before the move itself takes place, a number of parties need to be notified. This is an extremely long list, including but not limited to the post office, your bank, your credit card company, and your phone company.

If you are moving to a new city, you must obtain your medical and dental records, as well as school records for children, if you have any. A HomeLife Sales Representative will help you organize all these tasks.

Additionally, HomeLife approved service providers will help you with every aspect of the moving process, including packing, loading, shipping your possessions and unloading them at your new residence. It is also comforting to know that the HomeLife pledge of Higher Standards customer service is exhibited in our moving services, just as it is seen elsewhere in the company.

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Reinvesting Your Money

HomeLife Can Help!

Once your home has been listed and sold, you must consider how you will reinvest your capital. Your HomeLife Higher Standards Sales Representative can be a great source of reinvestment ideas, whether you’re looking for the investment income of stocks and bonds or the capital gains of a new home.

Through a unique partnership with numerous financial and investment institutions, your HomeLife Sales Representative can help introduce you to a financial adviser that can explain your investment options which may include but are not limited to stocks, government bonds and mutual funds.

Alternately, your HomeLife Sales Representative can also help you reinvest the cash receipts from the sale of your home in property, such as a new house, a condominium, or the ‘escape property’ of your dreams.

Going the extra mile to help you make the best possible decision with your money is just another part of HomeLife’s promise of Higher Standards of customer service.

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Glossary of terms

The person or persons responsible for paying back the amount of the mortgage to the lender. The borrowers are named in the mortgage form.

Borrower mailing address
The postal address of the borrower set out in the mortgage form.

Borrower’s promises and agreements
Any one or more of the borrower’s obligations, promises, and agreements contained in this mortgage.

A court or judge having jurisdiction in any matter arising out of the mortgage.

A person who signs the mortgage form as a covenantor.

Includes each of the events of default listed in Section 7(1).

A percentage the lender charges the borrower to borrow money. The interest rate is shown on the mortgage form.

Interest adjustment date
The interest adjustment date shown on the mortgage form.

Interest calculation period
The period or periods for the calculation of interest shown on the mortgage form.

Interest rate
The interest rate shown on the mortgage form.

All the borrower’s present and future interest in the land described in the mortgage form, including every incidental right, benefit, or privilege attaching to that land or running with it, and all buildings and improvements that are now or later constructed on or made to that land.

The leasehold interest, if any, of the borrower referred to in the mortgage form.

The person or persons lending the borrower money. The lender is named in the mortgage form, and includes any person to whom the lender transfers this mortgage.

Lender mailing address
The lender’s postal address as shown on the mortgage form.

Loan payment
The amount of each periodic payment shown on the mortgage form.

Maturity date
The balance due date shown on the mortgage form. On this date, all unpaid mortgage money is due and payable, or such earlier date on which the lender can lawfully require payment of the mortgage money.

Mortgage form
Form B under the Land Title (Transfer Forms) Regulation, and all schedules and addenda to Form B.

Mortgage money
The principal amount, interest, and any other money owed by the borrower under the mortgage, the payment of which is secured by the mortgage.

Payment date
Payments must begin on the "first payment date" shown on the mortgage form.

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