Listing your property

Now that you have selected a REALTOR, you will discuss and sign a Listing Contract to include your home for sale on the Multiple Listing Service. MLS® is a co-operative marketing system used by all members of the EREB to match buyers with properties for sale.

The Listing Contract will include:

• The price of the property.
• The address and legal description of the property.
• The existing financing arrangements.
• A list of chattels, unattached items, that will be included in the sale.
• A list of fixtures—attached items—that will not be included.
• The commission amount.
• The expiry date of the listing contract.
• An explanation of agency relationship.

A REALTOR generally works on a commission basis and only receives payment upon the sale of your home. The commission can be a percentage of the total sale or a flat rate—this is entirely negotiable between you and your REALTOR. The commission is not set by law or by local real estate boards.

Besides covering the costs of marketing your home, your REALTOR must share the commission fee with the real estate agency for which he or she works as well as the buyer's REALTOR, if there is one.

You'll learn more about Agency relationship from your REALTOR.

Contracts aside, it's time to learn about marketing your home.

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