How do I list my property?
Once you have decided to sell your property, the first thing is to list your property – establishing with your Realtor the terms and conditions of the sale.
The Realtor will ask you to sign a Listing Agreement – an official document granting the listing Realtor and his or her brokerage permission to represent you in the marketing and sale of your property.
Listing Agreement
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.
Listing Questions
What kind of questions should I ask a potential Realtor about listing my property?
Can the Realtor that helps me list my house represent me when I buy my next one?
In most cases, the answer is yes. Ask your Realtor to explain the concept of agency and how it works in your province. Be sure to ask what limitations, if any, your representation will have.
What happens when my listing Realtor is not available?
Realtors work extremely long hours and try to be available whenever and wherever you need them. But you should ask your prospective Realtor what arrangements he or she has in place when they can't meet with you.
What would you tell a buyer considering my home?
A good Realtor will quickly spot your home's best features and tell you the best way to showcase them. Be sure you're comfortable with the way your house will be presented.
What do you think is the key to selling a home: advertising, Internet exposure, or promotion to other Realtors?
Since the success of the listing Realtor's marketing plan will be based on how to attract prospective buyers, be sure you understand and agree with the approach.
What sold the last three properties you listed?
Realtors should be able to explain how they have sold properties in the past, and how these experiences can influence your sale.
What advice would you give a buyer considering my home?
Do you want top dollar for your home, or as many offers as quickly as possible? Make sure you know and agree with the way your home will be framed for buyers and their selling Realtors.
What distinguishes your personal service from other Realtors?
The number one complaint from both homebuyers and sellers is that Realtors don't return their phone calls. Listen carefully when prospective Realtors describe their communication skills.
You've spoken to several Realtors, and it's time to make a choice. Think about what they told you, and ask yourself:
- Did they seem trustworthy and honest?
- Were they realistic when discussing your home purchase?
- Did they communicate well? Were you on the same page?
- Were they committed, motivated, and experienced?
Understanding Agency
What is agency?
Under agency law, the Realtor legally owes you the duties and obligations associated with agency: utmost care, integrity, confidentiality, and loyalty.
A stringent Code of Ethics and Standards of Business Practice guides all Realtors. It's your assurance of fair and honest representation.
A Realtor must disclose, in writing, whose interests he or she represents in any real estate transaction. A Realtor may represent you both as a buyer, and as a seller. In some cases, the Realtor may represent both the buyer and the seller involved in the same transaction.
Marketing Your Home
How will you market my property for sale?
Your Royal LePage Realtor will develop a detailed marketing plan that will give your property the maximum exposure and attention it deserves.
When you list with a Royal LePage Realtor you will:
- always know what actions are being taken to sell your home
- receive regular progress updates
- be kept informed of changing market conditions
- be kept up-to-date on sales of other homes in the area
Receiving an Offer
How does my Royal LePage Realtor help me manage my offers?
A buyer interested in purchasing your property will make an offer and, as an act of good faith, put down a deposit.
The buyer's Realtor communicates the offer, sometimes known as an Offer to Purchase (a legal document specifying the offers terms and conditions) to you or your representative. The offer states how much the buyer is willing to pay and details the conditions.
The offer can be firm or conditional.
Firm Offer to Purchase: Usually preferable to the seller, because it means that the buyer will purchase the home without any conditions. If the offer is accepted, the house is sold.
Conditional Offer to Purchase: Means the buyer has placed one or more conditions on the purchase, such as subject to home inspection, subject to financing, or subject to the sale of buyer's existing home. The home is not sold until all the conditions have been met. The seller can accept the offer, reject the offer, or make a counter offer.
Acceptance: The seller agrees to all the terms and conditions exactly as set forth in the Offer to Purchase.
Rejection: The seller does not agree with any of the terms and conditions set forth in the Offer to Purchase.
Counter offer: The seller agrees with some of the terms and conditions of the offer, but not all of them. The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions. When the buyer receives the counter offer, he or she can accept the new terms and conditions or reject them.
A signed offer is a binding contract. Make sure you understand and agree to all of the terms before you sign. You may want to have a lawyer review the offer first.
