The Listing Contract
MULTIPLE LISTING CONTRACT
The first formal step in marketing your property is to enter into a listing agreement – a standard form provided by our provincial real estate association, which contains a term authorizing the listing brokerage to post the listing and allow cooperating member brokerages to access the property. The Multiple Listing Service ® Listing Contract outlines the terms of the listing contract, including the length of time for the listing, the price, the commission to be paid, all the parties to the listing, the address and the legal description of the property to be sold, how the seller is to be paid, the preferred possession date, the financial obligations, list of chattels included or excluded. You want a period that’s long enough to motivate your REALTOR® to advertise your home and respond to buyers, and reflective of current market conditions.
Remember that the listing agreement is a contract. You should get a copy for your records. Your REALTOR® is bound to the terms just as you are.
PROPERTY DISCLOSURE STATEMENT
A property disclosure statement is just that, a disclosure of information filled out by the seller of the home that indicates to the best of the seller’s knowledge, the details, and to an extent, the state of repair of the home. The seller is legally responsible for the accuracy of the information which appears of the property disclosure statement.
The buyer will rely on this information when the buyer contracts to purchase the premises. The buyer must still make the buyer’s own inquiries after receiving the property disclosure statement. The buyer can hire an independent, licensed inspector.
This is also a good time to father the following documents, if available, to help your REALTOR® in marketing your property:
-Survey Certificate: A survey of your property that outlines the lot size and location of buildings as well as details of encroachments from neighboring properties.
-Mortgage Verification: It is a good time to check with your lender on any financing you currently have on the property including the amount you currently we. Pay attention to any payout penalties.
-Permits: Building permits, Finals or Occupancy Permits, Owner Builder Declarations, 3rd party warranties, if applicable.
-Title Notations: Easements, rights of way, restrictive covenant, building schemes, etc. that you may have
-Other Documentation: This may include, but limited to, annual heating, electrical and water expenses, as well as any repairs or recent home improvement costs. If your property is serviced by its own well or septic, documentation as to the services and any available inspection reports should be available.