What is the process of selling a house in Toronto? What problems should we pay attention to?

1. Let an experienced real estate agent make a professional real estate value evaluation report, including consulting the transaction history of the same type of houses in the same area, comparing the asking price of the same type of houses currently on sale, evaluating the houses and analyzing the current market development trend.

2. The seller should disclose the details of the house to the real estate agent in detail, such as whether there is water leakage, decoration or addition, whether there has been a murder case, etc. And provide the broker with real estate license, local tax bills, personal identification, etc. Finally, determine the bid price, commission and delivery time, and sign the listing agreement.

3. House decoration. Professional brokers will generally make some maintenance suggestions for your house, such as painting, replacing floors and cabinets.

4. Find a professional cleaning company to clean, mow the grass and clean up the garbage in the backyard.

5. House decoration and professional photography. It is very important for a professional company or you to decorate the house yourself. Proper decoration can improve the sense of space and art of the house and leave a deep first impression on the buyer.

6. List on MLS system. After seeing the listing information, the buyer's agent will make an appointment to see the house. Your agent will contact the buyer's agent to find out the feedback from the buyer after seeing the house and make some improvements in time.

7. The buyer's agent issued an offer, and the two sides conducted one or two rounds of negotiations, and finally reached an agreement on the selling price, delivery date and effective conditions of the contract and signed the contract. Waiting for the effective conditions of the contract to be met generally includes three conditions: house inspection, loan application and lawyer's review of apartment management report.

8. After the contract comes into effect, entrust a lawyer to handle the transfer formalities. Before the handover date, go to your attorney to sign the house handover document and give the key to the lawyer.

9. Before handing over the house, we should continue to maintain the house and keep it clean and tidy. Notify water, electricity, gas, local tax departments, property management companies, insurance companies, water heater rental companies, telecommunications departments and other housing handover dates, and cancel automatic bank deductions.

10. Leave the electrical appliances and other articles agreed in the contract to the buyer, including the instruction manual and warranty of some electrical appliances. On the day of delivery, the lawyer will inform him to get the check for selling the house.

Precautions:

After the local residents sell their real estate, they need to report to the tax bureau when making annual tax returns. If the property sold is not occupied by oneself, value-added tax shall be paid. According to the current tax law in Canada, all non-self-housing transactions are taxed, and the default is capital gains tax. 50% of the income is taxed at the personal income tax rate.

If a non-resident sells a property, he must notify the tax bureau within ten days before the transfer or after the transaction is completed. Non-residents are required to pay an estimated tax before the sale, which is equivalent to 25% of the house price. This part of tax will be withheld by the seller's lawyer first. The seller shall apply to the tax bureau for a tax payment certificate, and the tax bureau will calculate the tax payable after deducting other deductible items such as lawyer's fees, accountant's fees, land transfer tax and brokerage commission. After paying the tax, the Canadian tax bureau will issue a customs clearance certificate. The issuance period of certificates is usually 6-8 weeks. The lawyer will pay the balance to the seller only after receiving the customs clearance certificate.