Real Estate News – The listing appointment

Tom Dunne writes: You have decided how you want to sell your home, you have decided which Brokerage or company you wish to deal with and which agent you want to help you sell it. You have prepared your home and gathered all the information and paperwork to facilitate your listing appointment.

When your Realtor® arrives, please sit around the kitchen or dining room table. There will be a lot of paper shuffling and a lot of signing and the largest table in the house is the best place to do it. Here are some of the forms you will see:

Working With a Realtor (WWR)

This form defines the relationship you will have with the Listing Brokerage. It will allow you to choose whether you want your brokerage to treat you like a Client or as a Customer. There is a difference and this form affirms that this very crucial difference has been disclosed to you, allowing you to make an informed decision.

FINTRAC

This document is designed to help combat the money laundering of organized crime, terrorist organizations and other unsavoury entities. It helps make organized real estate in Canada a safe place to invest. Some real estate people hold the opinion that this would be better off in the hands of the lawyers. I jokingly tell my clients that the government seems to trust Real Estate Agents more than lawyers. 


LISTING AGREEMENT

This form gives the Listing Brokerage exclusive right to offer your home for sale. It specifies the commission to be paid by you to the Listing Brokerage and by the Listing Brokerage to the Co-operating Brokerage representing the Buyer of your home. It is designed to cover many of the usual contingencies involved in the sale of a home.

DATA ENTRY FORM

This form is designed to provide a full description of your property to a potential buyer via the Multiple Listing Service (MLS). The Realtor® will measure your home and may take photographs concurrently.

SELLER PROPERTY INFORMATION STATEMENT (SPIS)

Although variations on this form are mandatory in some places, it is not (yet) required in Ontario. It can be a wonderful way to disclose certain features or past problems with your home and what you have done to correct or improve them. Some Buyers’ Agents will ask for this document as a matter of course. Your Realtor® can help you decide if completing this form is necessary or to your advantage. Every Realtor® does things differently. Some will do the paperwork and have a member of their team measure and take pictures. Some will measure but have someone else do the photography. Some will do it all themselves.

Next time:DEALING WITH OFFERS

Thomas Dunne is a Broker with Royal LePage Performance Realty. He is a father, a martial arts student and a chess player. If you have questions, comments or suggestions, please feel 
free to e-mail Tom at [email protected].