The Listing Contract legally defines your arrangement with the brokerage and, in accordance with the Real Estate Rules, it must contain:
- your name and the name of the brokerage that you have chosen to work with;
- the address of the property you are selling;
- the effective date of the agreement;
- the date the agreement expires;
- a general description of services to be provided by the brokerage;
- the remuneration to be paid under the agreement and the circumstances in which it will be payable;
- a provision respecting the use and disclosure of personal information.
- the existing financial 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 a crystal chandelier; and
- the date on which you can give possession of the home to a new owner.
Before you sign the listing contract
Ensure that:
it has been completed to your satisfaction, and
you have a thorough understanding of all of the terms it contains, especially the list price, the commission rate, and the length of the contract.
The real estate professional will provide you with a copy of this contract which you should keep for future reference.
Remember: the Listing Contract is a contract. You cannot simply back out of the contract without the consent of your real estate professional. If your real estate professional says that you can cancel the listing agreement at any time, ensure that you get this in writing.
Ensure that:
it has been completed to your satisfaction, and
you have a thorough understanding of all of the terms it contains, especially the list price, the commission rate, and the length of the contract.
The real estate professional will provide you with a copy of this contract which you should keep for future reference.
Remember: the Listing Contract is a contract. You cannot simply back out of the contract without the consent of your real estate professional. If your real estate professional says that you can cancel the listing agreement at any time, ensure that you get this in writing.