Why work with a REALTOR® 2017-05-17T14:45:49+00:00
WHY WORK WITH A REALTOR®

Working with a REALTOR®

When it comes to your most valuable asset, or your soon-to-be most valuable asset, you want to work with someone you can trust. A REALTOR® is a trained professional who can help you buy or sell your home and educate you on every step of the process.

Selling or buying a home without the help of a REALTOR® is not as easy as it may appear to the uninitiated. Ask yourself the following questions: Do I know the home’s true market value or replacement value? Am I aware of the legal ins and outs? Can I arrange suitable financing? Can I qualify a potential purchaser? Can I negotiate a successful close? Can I write an enforceable contract?

Since today’s complex market demands expertise and resources not available to the average consumer, there are many compelling reasons why you should enlist the professional services of a REALTOR®.

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Why work with a REALTOR®?

Helping with transactions

WHEN SELLING

  • Your REALTOR® knows your neighbourhood and regularly assesses market conditions and property values.
  • Negotiating price is an art. Your REALTOR® will negotiate objectively in order to get the best possible price for your home.
  • REALTORS® have the skills and resources to market your home effectively.
  • Your REALTOR® is aware of the many options available for financing the sale, and has the latest information on mortgages.

WHEN PURCHASING

  • Your REALTOR® can open doors to thousands of properties through the MLS® and provide you with up-to-the-minute details on homes specifically suited to your needs.
  • A REALTOR® can get you the information needed to make an informed decision: comparable prices, current trends, housing market conditions, and more.
  • REALTORS® have extensive community and neighborhood knowledge that can help guide you in finding the perfect location for your new home.
  • Through their extensive network, a REALTOR® can help you find home inspectors, mortgage brokers, and tradesmen for renovations.
What are the documents involved when selling a home?
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 and the 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.

The standard MLS® Listing Contract explains that the seller is liable to pay a commission if the listing agent or a cooperating agent brings an offer which meets all of the stated terms and conditions of the seller.

As with other services, there is GST payable on commission, so when you are calculating your proceeds, take that into consideration.

The Data Input Form is the sheet the REALTOR® fills out with all of the information about the property, such as number and size of rooms, lot size, construction type, house style and more. The data is entered into the MLS® database, where other REALTORS® are able to search for specific criteria. As well, this form includes any descriptive comments that will be included for the public websites or private comments, only for other REALTORS®.
The Exclusive Listing Contract is used when a property is not going to be on the Multiple Listing Service®. The listing is publicized by advertising and the sign alone, without the benefit of the catalogue/computer. At times, the seller will prefer an exclusive listing in the belief that there will be fewer “lookers,” rather than buyers. Actually that is not the case. An exclusive listing is often overlooked by REALTORS® working with buyers, because the first place they look is in the MLS® catalogue/computer. The more people who know about a property, the greater the chance of a larger number of serious buyers viewing the property and making offers until the acceptable price and terms are reached.
A Listing Amendment form is used whenever a change is made to the original MLS® or Exclusive Listing Contract. This may involve extending the date, changing the price, altering wording on the print-out, correcting measurements or tax or financial information, etc. It must be signed by all owners, as on the original listing contract, as well as by the manager of the listing agency.
From time to time a listing is cancelled for various reasons. The Listing Cancellation form used in most areas has a preprinted clause which states that if the property sells within 60 days of cancellation, or before the natural expiry of the listing (whichever comes first), the seller is liable for commission. The reason behind this clause is that, at times a seller may be told by a buyer to cancel the listing so that the seller will not be liable for the commission and the buyer will pay less. This dishonest approach tries to cheat the REALTOR® out of a commission, even though the REALTOR® may have spent hundreds of dollars on advertising and hours at open house and other showings trying to sell the house.

If the seller is very dissatisfied with the service of a REALTOR®, the seller should speak to the manager of the listing agency and outline his/her concerns. The listing agency will make every effort to achieve satisfactory results.

At times, it is necessary to stop the marketing of a property for awhile because of illness or other personal circumstances of the seller. By definition, when your home is listed on MLS®, all REALTORS® have an opportunity to find a buyer for your property. The Hold Action Form communicates your wishes to all REALTORS® who have access to MLS® that you wish to delay the sale of your home.
The seller is legally responsible for the accuracy of the information which appears on the PDS. The seller indicates his or her knowledge of various aspects of the property, defects of which he or she is aware, and any upcoming expenses (as in special assessments in strata-titled properties).

Not only must the answers be correct, but they must be complete. The buyer will rely on this information when the buyer contracts to purchase the premises. Even if the PDS is not incorporated into the Contract of Purchase and Sale, the seller will still be responsible for the accuracy of the information on the PDS if it caused the buyer to agree to buy the property. The REALTOR® is not permitted to fill out the PDS on behalf of the seller. The buyer receives a copy of the PDS after signing and dating it. The PDS does not cover every aspect of the property. The buyer must still make the buyer’s own inquiries after receiving the PDS. The buyer can hire an independent, licensed inspector.

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 salespersons from the same company are involved.

This agreement modifies the prior Listing Contract and the Buyer’s Agency Contract (or verbal buyer’s agency agreement) and gives the agent the authorization to represent both parties in a limited capacity. It authorizes 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).

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 preprinted contract and added as clauses.
The basic contract will be accompanied by a special addendum form with preprinted clauses where there is either financing to be cleared from the title before the seller can provide clear title, or where there is financing to be put into place after the title is registered in the buyer’s name.
The basic blank addendum for is used to write additional clauses on the contract when there is not adequate space to do so on the contract itself. When that has been done, the buyer signs this form indicating that this clause is being removed.
This form is used to remove conditions (subject removal) when they have been satisfied, as in the situation where a buyer has to find financing by a certain date.

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What are the documents involved when buying a home?
The seller is legally responsible for the accuracy of the information which appears on the PDS. The seller indicates his or her knowledge of various aspects of the property, defects of which he or she is aware, and any upcoming expenses (as in special assessments in strata-titled properties).

Not only must the answers be correct, but they must be complete. The buyer will rely on this information when the buyer contracts to purchase the premises. Even if the PDS is not incorporated into the Contract of Purchase and Sale, the seller will still be responsible for the accuracy of the information on the PDS if it caused the buyer to agree to buy the property. The REALTOR® is not permitted to fill out the PDS on behalf of the seller. The buyer receives a copy of the PDS after signing and dating it. The PDS does not cover every aspect of the property. The buyer must still make the buyer’s own inquiries after receiving the PDS. The buyer can hire an independent, licensed inspector.

Many listing contracts for properties listed for sale on the Multiple Listing Service® stipulate the compensation offered to the agent who obtains a buyer for the property. However, some listing contracts do not provide for the remuneration for the buyer’s agent. To ensure that they will be adequately compensated for their service to you, some REALTORS® may request that you as buyer enter into a written agreement with them. The remuneration to the buyer’s agent will still come from the transaction and will be able to be financed as part of your mortgage. REALTORS® who use buyer’s agency contracts feel that this commitment on the part of both REALTOR® and client enables them to provide better service and offer the buyer a wider selection of property from which to choose.

The Exclusive Buyer’s Agency Contract outlines the services you will receive from the REALTOR®, and the obligations of both you as buyer and the REALTOR® in the buying transaction.

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 salespersons from the same company are involved.

This agreement modifies the prior Listing Contract and the Buyer’s Agency Contract (or verbal buyer’s agency agreement) and gives the agent the authorization to represent both parties in a limited capacity. It authorizes 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).

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 preprinted contract and added as clauses.
The basic contract will be accompanied by a special addendum form with preprinted clauses where there is either financing to be cleared from the title before the seller can provide clear title, or where there is financing to be put into place after the title is registered in the buyer’s name.
The basic blank addendum for is used to write additional clauses on the contract when there is not adequate space to do so on the contract itself. When that has been done, the buyer signs this form indicating that this clause is being removed.
This form is used to remove conditions (subject removal) when they have been satisfied, as in the situation where a buyer has to find financing by a certain date.
Other Documents
Usually leases are used more in commercial transactions than in residential ones, but you may be a landlord or a tenant who prefers to use a lease for a specified time period for any number of reasons, including stability of tenure. A commercial lease is very involved and should be drawn up by a specialist in the commercial field and reviewed by a lawyer for each party. A residential lease is less complex and normally involves little more than a standard rental agreement with an outline of the rules and regulations of the building or complex, or expectations of the owner and tenant above and beyond what the Residential Tenancy Act sets out. If you have any doubts about how to draw a lease or how to interpret specific clauses, consult a lawyer or a REALTOR®.
Mortgages come in a wide variety of formats, depending on the lending institution. Now, many institutions use a simplified form and make reference to the larger form where any deviations from clauses in their standard form may occur. The buyer should check that the document matches the commitment letter they have signed outlining the terms, including the interest rate, the term, the amortization period, the prepayment privilege (“penalty”), the options (if any) for increasing the number of payments or making lump sum payments, the assumability of the mortgage if the property is sold, and the portability of the mortgage if the seller wishes to use it on another property.

If you are a seller who is carrying financing for a buyer of your property, make sure that your lawyer reviews the documents before you sign them. If you are a buyer who is asking a seller to carry financing, make sure your own lawyer reviews the documents as well. Many serious issues may arise where the parties are unfamiliar with the law concerning mortgage financing.