1. A REALTOR® must disclose to you in writing, who they represent. They may represent a buyer or a seller or in some cases, both buyer and seller in the same transaction. Your listing REALTOR® is, in law, your agent. An agent owes his or her client the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss Agency Relationships with your listing REALTOR®.
2. Your REALTOR® will sit down with you to prepare a Listing Agreement also known as a Seller Brokerage Agreement. It’s a contract between you and the brokerage company that the agent represents. It’s important the agreement accurately reflects the details of your property and defines the rights and obligations of all parties. Both you and the listing agent sign the listing agreement and each receives a copy. Some of the other items set out in the listing contract include the length of time of the agreement, compensation, your asking price, what is included with the sale, and if there are any defects to the property that must be disclosed by law.
3. A REALTOR® has a number of marketing tools and options to promote your property. First is therealtor.ca web site. Only a REALTOR® is able to place your listing on the MLS® or Multiple Listing Service® where it can be found by other co-opertating REALTORS® in your area. Your REALTOR® may also recommend open houses as a marketing strategy. There are two types: first is a private open house, where members of your REALTORS® brokerage are invited to view your home. If you have signed an MLS® agreement, REALTORS® from other brokerages may also be invited. The second type of open house is a public open house, where members of the public are invited to view your home. Your REALTOR® may be able to give you tips on how to make your home show at it’s very best. Talk about the marketing plan with your REALTOR® to find out all your options and to choose the ones that are right for you.
4. Once a buyer is found, you’ll be receiving an offer that will detail how much, specify any terms or conditions that may apply, state a possession date, and how long the offer is open for. You can also expect a deposit to accompany the offer. You have several options once you receive an offer that include accepting the offer as written, preparing a counter offer or letting the offer expire. Your REALTOR® will be there to guide you as you decide which option best suits your needs. The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of it’s terms and conditions. Remember: You always have the option to have the contract reviewed by a lawyer before signing, if you should choose to do so. Before closing you will be asked to provide a current “Real Property Report,” showing the location of the house and other buildings with respect to the property. The buyer may also wish to make the purchase conditional to inspection by a qualified engineer or property inspector.
5. On or before possession day, lawyers representing you and the buyer will set up a trust account for the money coming from the sale and will pay off any mortgages or other liens on your property so that a clear title can be transferred to the new owners. After these are paid, you will receive the remaining money coming from the sale. You should make arrangements to deliver keys to your REALTOR®. Your lawyer will register the mortgage discharge and transfer the title at closing. Your lawyer should also ensure that you receive compensation for prepaid expenses, such as property taxes. Here, your responsibilities under the listing agreement end. Your lawyer will have advanced your listing REALTOR® the agreed-upon remuneration.If you have any questions, check with your REALTOR®.
Now that you know how the process looks, give us a call today and let’s get started! (The comments contained on this site are for information purposes only and do not constitute legal advice.)