So, you've been thinking of selling you're home but you really don't know what's involved with the agreement between you and your Realtor..
What is involved with the signing of a listing agreement?
The listing agreement is a contract between you and your Realtor's brokerage company. It will:
- Provide a framework for subsequent forms and negotiations
- Clearly spell out the rights and obligations of all parties, the length of the agreement, and the compensation
- Set the listing price, and accurately describe the property (including lot size, building size, style and materials, floor areas, heating/cooling systems, room sizes, and descriptions)
- Detail what is, and what is not, included in the sale (As a general rule, fixtures are included; chattels, things which are movable, are not. If necessary, list what stays and what goes under inclusions or exclusions.)
- Provide information about annual property taxes, and note any easements, rights of way, liens, or charges against the property
The agreement binds both parties to its terms and conditions. You and the listing Realtor sign the listing agreement and each of you receives a copy.
As Your Realtor I may also ask for:
- Plan of survey or location certificate - A survey of your property showing the lot size, location of buildings, and any encroachments from neighbouring properties. Some jurisdictions need this to complete the sale of your home. Your lawyer may recommend a survey, especially if significant changes have been made to your property.
- Property tax receipts - Most listing agreements include information about current annual property tax assessments.
- Mortgage verification - Details about your mortgage provided by a mortgage lender upon your authorization.
- Deed or title search - A legal description of your property, and proof that you own it.
- Other documentation - Annual heating bills, water and sewage costs, electricity bills, and recent expenditures on home improvements. Many provinces also require a signed property condition disclosure statement.
For more Information About Listings Agreements, Call Lisa Tollis Today! at 905 574-4600
Lisa Tollis, Sales Representative
Royal LePage State Realty, Brokerage
source:Royal LePage Canada
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