IMPORTANT INFORMATION

The sale of your home in Sandycove Acres is a bit more complicated than the sale of a home on land you own. You must take into account your legal obligations to the landlord, Sandycove Acres Ltd. (SCA), either pursuant to an existing lease or pursuant to the Residential Tenancies Act 2006. In addition, if you have an existing lease, the assignment of it is also affected by the Residential Tenancies Act 2006.

Before proceeding with any sale or listing, you should ensure you are aware of your legal rights and obligations. Get qualified professional advice before acting.

This pamphlet is not an exhaustive list of considerations. We hope it helps inform you of some issues to consider

This document is provided with the understanding that it does not render legal/ accounting or other professional advice.

The information and opinions contained in this document are from various sources believed to be reliable by Sandycove Acres Homeowners’ Association and it assumes no responsibility for errors or omissions or for damages arising from the use of the published information and opinions.

Readers are cautioned to consult their own professional advisors to determine the application of information and opinion in any particular circumstances.

How Can You Sell Your Home?

There are three options:

· Privately listing your home.

· Realty Company who list your home.

· Sell to Sandycove Acres Ltd. (SCA) by a conditional sales agreement (not a listing agreement).

Before signing any documentation on any of these options get legal advice with the initial listing contract.

ALWAYS KNOW WHAT YOU ARE SIGNING.

What is the Best Price for Your Home?

· Check the mall's bulletin board - Realty posted price listings and newspapers.

· Check realty web site listings – www.mls.ca

· Check SCA website - www.sandycoveacres.on.ca

· Check SCA bulletin boards.

· Have it appraised by a realty broker who knows the local market or SCA sales staff.

What Influences Your Home's Price?

· Location.

· Land Rent.

· Renovations (new roof, rugs, etc.) i.e.; state of repair.

· Fixtures (appliances, intrusion alarms, etc).

· Current interest rates.

· How eager you are to sell.

What are the Lease Legal Requirements to Sell?

· The final private or realty purchase agreement must be delivered to SCA, who have 72 hours to decide if they want to purchase your home at the same price as the final offer or permit the sale to close.

· Plus a $200.00 + GST administrative fee to SCA.

· SCA can also inspect your home within this 72 hours.

· SCA can show prospective buyers through your home if they exercise their option to purchase.

What are the Advantages of a Private Sale?

· Full sales price, i.e. no sales commission to pay out.

· For sale sign in the mall bulletin board.

· If you use a “for sale by owner” program you may be able to reduce the disadvantages.

NOTE: There are a number of these programs available in the Barrie area.

What are the Disadvantages of a Private Sale?

· Not knowing present market conditions, (supply & demand for your type of home.)

· Not knowing a good bonafide offer.

· Not knowing advertising methods and their costs.

· Not knowing if you are showing your home to qualified buyers, i.e. the bank loan was pre-approved.

· Legal issues and their costs.

· Rent control increase up to $50.00 on the lease.

· $200.00 + G.S.T. Administrative fee to SCA.

What are the Advantages of using Sandycove Acres Ltd.?

· SCA buys your home on condition of a sale to a third party.

· $200.00 administration fee is not charged.

· They can waive the rent control increase or set a new rent.

· SCA can recommend renovations or customizing tips.

· SCA can buy your house outright.

· They show your home to a qualified third party who purchases from SCA at SCA's price.

· Sale conditions are specified in the agreement of purchase and sale.

What are the Disadvantages of using Sandycove Acres?

· SCA is not a registered Real Estate Broker and its staff is not licensed agents.

· No legislative control on how a third party is dealt with and how SCA handles conditional sales.

· SCA's inventory often competes with you for purchasers in regard to new homes or resales they have bought outright.

· SCA generally make more money marketing homes they own versus homes they control through conditional sales agreements, and therefore may have no incentive to tell a potential purchaser about homes they have under sales contracts.

· Choosing a realtor familiar with SCA lease requirements is a good source of advice.

· Agents are held to legal standards, i.e. must disclose all offers received on the home.

· Agents value the home based on past and current market conditions, i.e. they can explain why they recommend the selling price and best offer strategies.

· Choosing a realtor not familiar with SCA lease requirements can give rise to problems in the contract to sell that you sign.

PLEASE CHECK YOUR HOME'S RESALE PRICE: MOST LIKELY IT HAS INCREASED A GREAT DEAL OVER THE YEARS SINCE YOU FIRST PURCHASED IT.

HERE ARE SOME THINGS YOU SHOULD KNOW