WHAT IS A LISTING AGREEMENT?

 

 

The listing agreement is a contract between you and your Realtor’s brokerage company. It will:

 

• Provide a framework for all forms and negotiations following it

• 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)

• List what stays and what goes under ‘inclusions’ and ‘exclusions’.  As a general rule fixtures are included; chattels, things which are movable, are not.

• List information about annual property taxes, and note any easements, rights of way, liens, or charges against the property.

 

This agreement binds both parties to its terms and conditions.  You and the Realtor sign the listing agreement and each of you receives a copy.

 

You may need to give your Royal LePage Realtors, Wendy and Doug, the following:

• Plan of survey or location certificate – a survey of your property showing the size of the lot, location of buildings, and any encroachments from neighbouring properties.  This may be needed to complete the sale of your home in some jurisdictions.  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 – Your mortgage details 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.