OUR MOST FREQUENTLY ASKED QUESTIONS
I thought I needed to work with a realtor to buy and sell property? Is selling direct new?
It is a common misconception that a realtor is necessary to buy or sell real estate. The only professional needed is a real estate lawyer. The lawyer will perform title search, ensure that all funds are transferred and that all other terms and conditions of the Agreement of Purchase and Sale are fulfilled before closing. All while protecting the interests of their client (you).
For as long as people have been buying and selling real estate, they have been doing so direct. In fact most large commercial and multi-family residential real estate is bought and sold off the MLS (multiple listing service), directly between the buyer and the seller, without a realtor.
Do I need to hire a lawyer when selling a property direct?
Yes, just like you would when selling with a realtor on the MLS. We can gladly provide a list of reputable lawyers for you to choose from, or you can search for one on your own. It is important that you have your own representation looking out for your best interests. If you are concerned about legal fees, keep in mind that real estate lawyers are typically only paid from the proceeds of the sale (they don't get paid until you get paid).
If you prefer that we cover all legal fees and other closing costs, let us know and we can make that happen.
I’ve never sold direct before… can you walk me through the process?
Gladly! It's important that you are comfortable and confident in your decision to choose us as your trusted buyer. We pride ourselves on transparency and can show you each step of the process. If you ever have questions, don't hesitate to ask. We are in this business to create win-wins for everyone involved.
If paperwork makes you nervous, know that your lawyer can review any documents with you before signing. We use an Agreement of Purchase and sale that is similar to the standard OREA (Ontario Real Estate Association) Form 100, which is used by real estate professionals throughout Ontario. The form is recognizable and well understood by lawyers and other professionals throughout the province.
How do I get paid?
With payment, the only difference between a direct sale and a sale on the MLS is that you pay ZERO realtor commission!
At acceptance of the offer, the agreed upon deposit amount is transferred from our lawyer's trust account to your lawyer's trust account where it remains until closing. On the date of closing, our lawyer will transfer the remaining funds to your lawyer's trust account, which completes the transaction. After that, the money is yours.
Will Delmor make money on my property if I sell?
Like all businesses we need to earn a living. However, it's important to note that we only make money after the property is closed and you have been paid in full. We typically do so through strategic renovations and/or renting out the property.
My property is messy or in rough shape… is that ok?
We specialize in restoring property to its former glory and prefer to purchase property in "as-is "condition - whatever that condition might be. Don't feel the need to do any cleaning or make any changes on our behalf. Our goal is to make the process of selling your property as effortless as possible for you.
I’m not ready to sell yet… will this service be offered in the future?
Yes, no rush. We intend to operate in your area for many years to come. When you feel that the time is right to sell, contact us and we can setup a meeting.
Also, if you need money today but aren't ready to move just yet, we offer options that allow you to get paid now and move later. Ask us whether this could work for you.
I need to sell fast! How quickly can you close on the property?
If necessary, we can close on the property in as little as 2 weeks or less depending on your situation. Be sure to communicate this with us up front so we can take the necessary steps to make that happen for you.
How do I get this process started?
Contact us by phone or by email and be sure to list the address of the property. We will then setup a meeting with you for a viewing.
Throughout this process we will ask questions to learn about the property and why you are looking to sell. These questions allow us to better understand your situation so we can offer you the solutions that best fit your needs. Unlike when selling with a realtor on the MLS, we can work together to develop creative terms and conditions beyond just the sales price, to make your move and the transaction more favourable for you. We keep all information (including your contact information) confidential.