What form is what?
Documents you'll see when buying and selling
a home "Working with a real estate agent"
Buyers and sellers will be presented with this brochure early
in their contact with a real estate agent. Industry regulations
have made it mandatory for a real estate licensee to disclose
how he or she is working with you. This means is the realtor
representing the buyer, the seller or acting as a dual agent.
The agent will ask you to sign a statement acknowledging that
this disclosure of agency representation has taken place. He
or she will keep the signed statement and you will be given
the brochure for future reference.
Signing the disclosure statement in the Working with a real
estate agent brochure does not bind you to any obligation;
it confirms that you have discussed your agency representation
options with the agent.
MLS Listing Contract
The Multiple Listing Service Listing Contract outlines the
terms of the listing contract, including the length of time
for the listing, the price, the commission to be paid, all
the parties to the listing, the address an legal description
of the property to be sold, how the seller is to be paid, the
preferred possession date, the financial obligations and other
information regarding the property.
The listing agreement is the seller's agreement with the listing
agency, not the salesperson individually. If the salesperson
leaves that company, it is up to the seller and the listing
company to decide whether or not the listing will go with the
salesperson, or whether it will stay with the original company
and be assigned to another salesperson.
As with other services, there is GST payable on commission,
so when you are calculating your proceeds, take that into consideration.
Property Condition Disclosure Statement:
This form is filled out by the seller indicating his or her
knowledge of various aspects of the property, any defects,
which the seller is aware of, and any upcoming expenses (such
as special assessments in strata-titled properties).
For a listing to be placed on the Multiple Listing Service
(MLS), this form must be filled out by the seller, not the
realtor. The form does not cover every aspect of the property.
A buyer is still advised to consult an independent inspector
if there are any questions or concerns that are not adequately
answered.
Limited Dual Agency Agreement:
This form is used when the agent represents both the buyer
and the seller in a single transaction. It is used when the
situation involves either one salesperson who represents both
the buyer and the seller, or when two salespeople from the
same company are involved.
This agreement modifies the prior Listing Contract and the
Buyers Agency Contract (or verbal buyer's agency agreement)
and gives the agent the authorization to represent both parties
in a limited capacity. It allows the agent to maintain both
parties' confidences regarding motivation, negotiating positions
and personal information (unless either party gives the agent
written permission to disclose such information).
Contract of Purchase and Sale:
The Contract of Purchase and Sale standard form is the basic
contract signed by the parties (the sellers and the buyers).
It outlines every aspect of the transaction, including the
price, the terms and conditions, the dates, the inclusions
and exclusions, the handling of existing tenancies, the deposit
and increase (where applicable) and other legal matters as
described in the pre-printed contract and added as clauses. |
