Once an offer price has been set, you will be prompted to sign a service contract. This service contract is usually referred to as a sales contract. Sellers may prefer this type of agreement if they want a shorter listing period, more privacy or the marketing of a pre-sale property. An exclusive listing gives the listing agent only the right to sell the property. This means that, even if you sell the property to your own interested party for the duration of the listing, you will have to pay the agreed commission to the listing agent, unless this interested party has been expressly excluded in the listing agreement. In this case, the listing agent agrees to share a certain amount of the commission with any other member of the real estate committee able to find a buyer for your property. If you sell the house yourself while the listing contract is active, you may have to pay the commission. Check the terms of the listung agreement. A listing agreement contains the name of your broker and their broker, as well as the full legal name and address(es) of the owner. If more than one owner is on the title deed, a signature is required for each owner on all documents. If one or more owners cannot sign or are not available, a legal power of attorney must be obtained to authorize the other party to sign on their behalf. In British Columbia, the two most common types of listing contracts are: they may even have to pay commission if the house is sold when the listing contract expires – if the agent had previously shown the house to the buyer or was the “actual reason for the sale”.
Check the list price, commission rate and contract duration. Your agent will provide you with a copy of the contract for your documents. If your broker indicates that you can terminate the offer at any time, make sure you receive this provision in writing. Most list agreements are standardized forms from the local real estate authority. The agent may not have much leeway to negotiate terms. However, there are a few notions that you need to pay close attention to: all commissions and fees are negotiable between you and your broker. It is important that you discuss the remuneration and that it is indicated in the listing agreement….