Selling a home can be emotionally difficult – and even more so when it isn’t your own.

When an older parent or relative becomes ill or suddenly passes, the last thing people want to look after is selling a home. However, there are a number of important and crucial items to keep in mind to ensure the property’s best interests are kept intact during the sale and that emotions don’t override these decisions.

“Selling a home suddenly for an elderly parent can be very tough on clients,” says Drew Woolcott, broker of record, Re/Max Escarpment Woolcott Realty Inc. “When you’re not prepared in advance of these situations, it can be tough for all involved.”

Woolcott says planning in advance, when possible, can help make the process easier.

Here are some things to keep in mind when selling your parent’s home:

• Ensure Wills Are in Place – Sometimes not having a proper will can extend the process and can also lead to tax implications. Woolcott recommends speaking to a lawyer who specializes in wills and estates to help guide you through the process.
• Contact the Bank or Mortgage Holder – In the event of an unexpected sale, there may be penalties on breaking a mortgage early. Sit down with your parent’s mortgage broker or bank to determine what is owed on the mortgage and what, if any, penalties you may face
• Create a List of Service Providers – From cable to gas, the list of providers for a home can seem endless. Having a list created before selling will help curb any unexpected costs and ensure a smooth closing.
• Declutter the Home – If at all possible, don’t wait until the last moment to clean things out. Though it can be difficult to do when parents are still in the home, your emotions will be raw in the event of their passing and this will be the last thing you’ll want to do.

The Woolcott Team has worked with a number of families who have unexpectedly had to sell a parent’s or loved one’s home. If you’d like more information on the steps involved or have questions about how to get the home ready for sale, they can be reached at 905-332-9223.