REALTORS® Association of Edmonton
 
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Sign a Listing Agreement*

* otherwise known as an Exclusive Seller Representation Agreement in Alberta

The agreement authorizes your REALTOR® and their brokerage to market and sell your home on the MLS® System*. This agreement serves three purposes.

  1. It defines your relationship. Every detail of your work together, including the limits of your REALTORS® authority and sets a time limit for the REALTOR® to sell your home. will be clearly defined.
  2. It provides detailed information about the home. This information can then be placed on the board’s Multiple Listing Service®, to help potential buyers find you.
  3. It forms the basis for drafting offers on your home. Any formal offer on your home starts with the Listing Agreement.

* The MLS® System is a cooperative selling system paid for and operated by REALTORS®. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and cooperation amongst REALTORS® to effect the purchase and sale of real estate. So it can be used to spread the word to other REALTORS® to help find you a buyer resulting in maximum exposure. It really is the better way to sell.

Price

The real key to attracting buyers. You have the final say over this magic number, but your REALTOR® will have very useful advice. You can learn more about choosing the right asking price when marketing your home.

Real estate commission

This is usually a percentage of the final sale price and you only pay once your REALTOR® has found you an acceptable offer. This commission or percentage is negotiable and is agreed upon between you and the individual brokerage.

A physical description of your property

Your REALTOR® will itemize the lot size, the age of your home and the style of construction. They’ll list the style, number and size of the rooms. They will also be sure to include any outstanding selling features of your home such as “backs onto ravine” or “fabulous kitchen renovation.”

Legal information

Items such as the lot number, land surveys and the zoning code will be included.

Financial information

like the minimum deposit you require with any offers. If you have a mortgage that can be assumed (taken over by a buyer) that information should be listed because it could make your home more desirable, especially if you’re locked into a lower interest rate than what is presently available.

Completion date

This lets everybody know how long you need to move out, once your home is sold. The standard time is 60 or 90 days, but if you can be flexible be sure to make note.

How the home will be shown?

Normally your REALTOR® will arrange appointments. Any specific instructions, such as “make sure the cat stays in” can also be noted.

What exactly is included in the price?

Chattels and Fixtures

Chattels are moveable items like washers and dryers, microwaves and window blinds. Chattels are not automatically included in the sale, but sellers will often include them to sweeten the deal. Any chattels you wish to include should be clearly noted. Fixtures are permanent improvements to a property like central air conditioning, installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home unless you note otherwise. Maybe the dining room chandelier is family heirloom and you wish to take it with you. The line between chattel and fixture can get blurry, so leave nothing to chance! Go over every item with your REALTOR® and make sure it’s accounted for in the Listing Agreement.

The importance of a Seller Property Information Statement

Many real estate boards now request a Seller Property Information Statement. This can list any recent renovations or improvements, but more importantly, it lists all the known major defects and faults with the home, hidden or not. Be honest about imperfections. Maybe the basement leaks during the spring thaw, maybe the kitchen sink backs up when both showers are running. It is best to come clean and report it. If you don’t and a significant fault is discovered before the sale, it can cast a shadow of doubt over the rest of the home. If the fault is discovered after the sale and it can be proven that you knew about the problem, you may be sued for the cost of the repairs.

Be honest about imperfections

Maybe the basement leaks during the spring thaw, maybe the kitchen sink backs up when both showers are running. It is best to come clean and report it. If you don’t, and a significant fault is discovered before the sale, it can cast a shadow of doubt over the rest of the home. If the fault is discovered after the sale, and it can be proven that you knew about the problem, you may be sued for the cost of the repairs.

Honesty is always the best policy

A major defect does not mean your home will not sell. List the defect and state how your home’s price has been lowered accordingly. This can actually be attractive to some buyers, especially if they have experience with the required repairs!

Next Step: Determine the Asking Price

©2006 The Canadian Real Estate Association. All Rights Reserved.

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©2011 REALTORS® Association of Edmonton 14220 112 Avenue, Edmonton, Alberta T5M 2T8T: 780-451-6666 TF: 1-888-674-7479 F: 780-452-1135

 

Trademarks and their associated logos are owned and controlled by The Canadian Real Estate Association (CREA) and
identify real estate professional who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

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The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927 , is a professional association of over 3,200 Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice.

The Association advertises property listings and publishes consumer information on the Internet at REALTOR.ca, as well as in the Real Estate Weekly.
The REALTORS® Association supports charities involving shelter and homelessness through the REALTORS® Community Foundation.