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The Home Selling Process Steps - The Listing Agreement
The Listing Agreement
- The listing agreement is a contract between the you
(the seller) and the listing broker (RE/MAX Realty Specialists Inc.). Did
you know that your agent (me) is legally an extension and representative
of the Broker (RE/MAX). The listing describes the property to be
sold and the terms under which it is to be sold. This
document also sets up our agency relationship and sets in motion all the
duties and obligations that come with the law and Agency.
- The listing agreement is on a standard form provided by our local real
estate board (for us, it's TREB - which stands for Toronto Real Estate
Board) and we must comply with their rules and regulations. For example:
a TREB rule is that 60 days is the minimum number of days on an
- You are appointing us to market your for a specified length of time and
agree to pay us a commission (usually a percentage of the sale price) for
bringing about an acceptable offer and successful completion of the transaction.
- On the MLS listing the listing broker agrees to share the commission with
the co-operating broker (i.e.: the agent who brings the offer from the buyer).
You should discuss with your agent how the commission will be split
and how much they offer to the selling agent and whether they deduct marketing
fees. This practice is growing but is considered unprofessional.
- Commissions are negotiable and in Mississauga
(members of the Toronto Real Estate Board) only the amount paid to the selling
agent is published on the MLS listing. The total commission is kept confidential
so no one knows for sure what the listing agent is paid and this can be subject
- You must also indicate whether you want the property to be advertised either
by only by the listing broker or whether to allow other agents to advertise
it as well. Whether your address is published on the internet mls sites
is also a decision you have to make.
- There is a holdover clause stating that if a buyer who was introduced
to the property during the active listing period and that buyer ends up
buying the property within a stipulated time period (the holdover period)
after the expiry of the listing you will still have to pay commission to
the realtor. This
is to protect the realtor from the situation where the buyer and seller make
a private deal to wait until the listing expires to avoid paying the realtor
who introduced the buyer to the property.
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