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.
Your Royal LePage Realtor 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.
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