The first step in marketing your house is to enter into a listing agreement with a brokerage. The listing agreement is a contract that grants authority by the seller to the brokerage for a designated period of time to sell or lease based on the owner’s stated terms, and under which the owner agrees to pay the brokerage a fee.
This written contract creates an agency relationship between the seller and the brokerage and establishes seller representation.
Occasionally, a real estate brokerage will represent both the buyer and the seller. This scenario is called multiple representation. The buyer and seller must consent to this arrangement in writing. In this case, the brokerage must do what is best for both the buyer and the seller.
Since the brokerage’s loyalty is divided between the buyer and the seller who have conflicting interests, a multiple representation relationship must be properly documented. Representation agreements specifically describe the rights and duties of everyone involved and any limitations to those rights and duties.
YOUR RESPONSIBILITY
We need to obtain a number of documents in order to complete the listing agreement and to properly assist you in the selling process. These include:
- Copy of an existing Survey: A survey of your property which outlines the lot, size and location of building as well as details encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. If there is no existing survey for your property, the buyer may be advised to purchase title insurance.
- Property Tax Receipts: Copy of your property tax bill and most recent tax assessment.
- Other documentation such as (1) list of improvements made to the property during your ownership; (2) a list of inclusions and exclusions (window coverings etc.) that you are selling with the house or taking with you when you move; (3) a list of rental items (hot water tank, alarm system etc.); (4) current maintenance fees and utility costs; (5) number of parking spaces and locker number (if applicable); (6) summer photos of the garden, if available.
- An extra set of keys.
