Frequently Asked Questions

How does Properly work?

Properly allows you to buy a home before selling your existing home, so you’ll never miss out on a great home because you haven’t sold your current one. 

 

Here is how it works:

Step 1

Tell us about your home

Connect with the Properly team to determine if buying first and selling later is right for you. Properly will provide you with Sale Assurance for your qualifying home, allowing you to access your equity and secure financing so you never miss a chance at a home you love. 

Step 2

Tour homes to find one you love

We’ll match you with an experienced local Real Estate Agent so you can start looking for your next home with the confidence that you’ll be able to make an offer when you find the one. Your agent will recommend personalized listings, schedule showings, and negotiate the right offer for you. 

Step 3

Buy your new home and move in

When you find the home you love, take Properly’s Sale Assurance to the financial institution of your choice to secure the financing you need to make it official - no traditional offer on your current home required. Close on your new home with support from the Properly team, and then move in!

Step 4

Properly lists your old home

After you’ve moved out of your old home, we’ll sell it on the market. You’ll set it’s listing price, empowered with our advice. Properly’s team of experts will take care of cleaning, staging, handyperson services, and marketing to attract buyers. We’ll show your old home at it’s best while you relax in your new one.

Step 5

Sell for the best price on the market

Start getting offers on your home and choose the highest one from potential buyers.

9 out of 10 homes sell on the market within 90 days, but if for some reason the market conditions change, Properly will purchase your home. It’s our one-way commitment to you.

 

What happens if my home doesn’t sell?

You are not on the hook for two properties if your home doesn’t sell. With Properly, you can take advantage of all the upside that the market has to offer but feel confident knowing that Properly is there to protect you from any unanticipated downside risk. While very rare, if your home hasn’t sold within 90 days, Properly will buy your home from you at your Sale Assurance value less standard real estate commissions (5%). Our team is incentivized to sell your home for the highest price while it is listed on the market, since we receive commissions that are directly proportional to your home’s selling price. 

If Properly buys your home directly, we’ll still try to sell it for the highest amount possible. If we end up selling your home at a higher price than we paid, we’ll refund 100% of the upside back to you (less land transfer tax). 

If you decide that you don’t want to proceed with selling your home to Properly, you can always cancel the Sale Assurance contract altogether. Sale Assurance is our one-way commitment to you, and you’re not locked in. 

 

Can I work with any financial institution for my mortgage and bridge loan?

Yes, you can take Properly’s Sale Assurance to any financial institution to get approved to buy your new home before listing your old home on the market. We recommend reaching out to multiple lenders to ensure you get the best possible mortgage terms.

 

How do I know Properly won’t just buy the home even if I get a higher offer on the market?

Your Properly real estate agent is bound by fiduciary duties to present any and all offers to you that are obtained during the listing period. Properly is also not incentivized to buy the home in order to earn a profit: if Properly buys your home from you because it does not sell while on the market, but goes on to sell it for a higher price than the Properly’s Sale Assurance, we’ll refund you 100% of the difference. This is detailed in our Sale Assurance contract. Additionally, because of land transfer taxes, holding costs (financing, insurance, utilities, etc.) and real estate commissions, Properly typically loses money when we end up buying a home. 

We provide this service so that you have the comfort of knowing that your home will sell, but our objective is to sell your home on market for the highest possible price and not to actually buy it.

 

What if I get a higher offer on the market but the closing date is too far out?

It is rare for a home to not sell within the 90 day window. In the event that it doesn’t, or that the closing date on a sale is beyond the 90 day cutoff, Properly will purchase the home and refund 100% of any profits earned back to you. This 90 day cutoff exists because it is the maximum amount of time that Canadian lenders are willing to extend a bridge loan, and a bridge loan is what allows you to buy your next home before selling your current home. 

If you decide that you don’t want to proceed with selling your home to Properly, you can always cancel the Sale Assurance contract altogether. Sale Assurance is our one-way commitment to you, and you’re not locked in. 

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