Going through a divorce can be a challenging and emotionally taxing experience, requiring you to navigate various logistical and financial matters, including the sale of the shared home. Among the many questions that arise during this process, one common concern is the timeline for selling the family home following a divorce.
Like any home sale, the timeline can vary depending on several factors related to your home, the market, and your personal circumstances. However, understanding the typical timeline can provide clarity and help you and your former spouse manage expectations during this transition.
Note: While there are two primary options for the method of sale following a divorce: selling the home together on the open market or through a spousal buyout agreement, this blog post will deal with the former – joint sales.
Preparing to sell your GTA home? Check out these blog posts for strategic advice about selling in one of North America’s most competitive markets.
- Understanding the Costs of Selling Your Home
- How to Get 100% of List Price in Your Toronto Home Sale
- 7 Important Steps to Prepare For the Sale of Your Toronto Property
The First Steps of Selling Your Home After a Divorce
Before formally proceeding with a joint home sale there are a couple of processes that must be completed.
Have a Separation Agreement in Place
In order to legally begin the selling process, you and your former spouse must have a binding separation agreement in place. This document outlines both parties’ commitment to the divorce process and can be drafted by a lawyer.
Enlisting Professional Help
Like any real estate transaction, selling your home after a divorce is best accomplished with the guidance of a high-performance professional real estate agent. While you and your former spouse can choose to enlist separate representation from different real estate agents, this will make the selling timeline much longer and eat away at your returns from the sale.
Selling Timeline at a Glance
Preparation: Before listing the property, the home may need to undergo preparations such as repairs, renovations, or staging to enhance its appeal to potential buyers. Depending on the extent of these preparations, this phase can take anywhere from a few weeks to several months.
Listing: Once your home is market-ready your real estate agent will launch the formal listing process – making the property officially available on the market.
Marketing & Showings: After the home is listed, it enters the marketing phase, during which it is promoted to potential buyers through various channels such as online listings, open houses, and private showings.
Offers & Negotiation: Once buyers begin to express interest in your home, you and your former spouse will begin receiving offers on the property. After that, negotiations ensue until everyone is satisfied with the sale price, terms, conditions, and other key details. This phase can range from a few days to several weeks, depending on the complexity of the negotiations, contingencies involved, and communication between everyone involved.
Closing: After the negotiation process is complete and a purchase agreement is signed, the closing process begins. This involves finalizing the sale, transferring ownership, and disbursing funds. The closing timeline can vary but typically takes around 30 to 45 days from the date of the purchase agreement.
Looking for more nuanced home selling information? You may find these other blogs helpful.
- Is it Smarter to Sell Your Home Before Buying?
- How to Sell Your Home When You Have Tenants
- Do I Need to Renovate Before I Sell?
The Key to an Efficient, Low-Hassle Sale
If you are looking to accomplish a quick yet successful home sale while simultaneously navigating a divorce, communication and mutual cooperation will be of the utmost importance. Agreeing on key decisions such as the listing price, method of sale, and negotiation terms can help expedite the process and minimize conflicts.
Effective communication, collaboration, and realistic goal-setting can help you and your former spouse navigate the sale of your home more smoothly and efficiently. While communication during such a transitional time isn’t always easy, seeking guidance and working closely with the right real estate professionals and legal advisors can ensure things stay on track.
Selling With Bahia Realty Group
If you’re looking for a high-performance real estate team that can guide you through the sale of your home, look no further than Bahia Realty Group.
Beyond ensuring a minimal hassle selling process for both parties, our fool-proof selling process ensures you get the highest return possible on your home regardless of market conditions. Ensuring you get 100% of your asking price, our approach to selling is backed by our performance guarantee. If for any reason we’re unable to sell your home, we’ll buy it from you!
Looking to accomplish a seamless, top-dollar home sale. Bahia Realty Group can help. Click here to send us an email or call 416-498-3444 to get in touch.
