Listing Contracts
A Multiple Listing means that the agent agrees to register your property in a Multiple Listing Service (MLS)TM so that its availability is made known to all real estate licensees who are members of the real estate board. In this case, the listing agent agrees to share a specified amount of the commission with any other member of the real estate board who is able to find a buyer for your property.
Terms of the Listing Agreement
The Listing Agreement legally defines your arrangement with the agent, setting out, at minimum:
- the price and terms at which you are willing to sell your home.
- the existing financing arrangements and whether this financing can be assumed by a new owner.
- a list of items attached to the building (normally called fixtures) which are NOT to be included in the sale; for example, a fireplace insert or chrystal chandelier.
- the date on which you can give possession of the property to a new owner.
- the commission payable to the agent on the completed sale of your home.
- the time period for which the agreement will be in effect, ending on a specific calendar date.
BEFORE you sign the Listing Agreement ensure that:
- all the spaces have been completed to your satisfaction, and
- you have a thorough understanding of all of the terms it contains.
The agent will provide you with a copy of this agreement which you should keep for future reference.