How To Sell Your Parents House

As Canadian Seniors live longer and more productive lives than ever before questions related to how to sell your parents house, the family home, your childhood home, are often overlooked until the last minute. A little preparedness goes a long way. A discussion about future long term care and disposal of their primary assets is best had when everyone can sit around the table. Nobody needs to know the contents of a will but the fact that one has been drawn up is hugely important. Encourage your parents to have their wills made. So, if you you find yourself at the point where you’re thinking “I need to sell my parents’ house” or “My parents need me to sell their home” we hope the thoughts that we’ve laid out here will be of some help.
Whatever the reason, be it bereavement or the need for long term assisted care, most of us will be tasked with this duty at some point. The emotional factor in selling the family home can be overwhelming. This is where a trusted, competent Real Estate Agent needs to be hired. The emotional stress of selling a house should not be placed on the shoulders of the family. They have enough to deal with.

The actual process of putting Mom and Dad’s house on the market does not differ from any other sale but there are significant legal differences in the paperwork. Are your parents able to sign any paperwork? If not, who has Power of Attorney? Is the property in Probate? How are the proceeds of the sale to be disbursed? Are there any liens, debts and taxes that need to be addressed from the proceeds? What do we do with the contents of the house? How do we conduct an estate sale? The questions can seem endless.
All surviving siblings must understand the need to be united in purpose. Delays due to any reason can adversely affect the sale. Everyone has to trust that all parties are acting in the best interests of the family.
We have conducted many senior sales successfully over the years. We take regular courses to update and refresh our industry practices. If we have one or two words of advice, don’t rush and, above all, don’t sell to the first person knocking on your door or calling you. Builders and other interests may offer to relieve you of the hassle of selling on the market but you will never get Fair Market Value (FMV) unless you go to market.

Feel free to call us or email us about any questions you may have. Confidentiality is a cornerstone of our business.
If you found this article helpful you should read our blog post about costs associated with selling your home in Toronto.
And here is another popular post abouthow to pick a real estate agent to sell your home.