Selling A Home in Vancouver BC

The Decision to Purchase

Working with a Real Estate Licensee

Listing Contracts

Responsibilities of the Listing
and Selling Agents

Responsibilities of the Seller

Offers to Purchase

More about Subject Clauses

Financing...from a Seller's Perspective

Completing the Sale

Complaints about a Licensee

Working with a Licensee

You can sell your own house without the services of a real estate licensee, but selling a home is a complex process.

• What is the best possible price?
• Where do you find a buyer?
• What facts must you disclose?
• What paperwork is required?
• Will the contract be legal and binding?
• How is ownership transferred?
• What about the existing mortgage?
• Can the buyer qualify for a mortgage?
• Who ensures you will get your money?

To handle these problems and many other situations which may arise, you might wish to employ a licensed real estate professional to act as your agent.

What is an agent?

In many types of business dealings, including real estate transactions, an agent represents someone else, called the principal, in dealing with other people. The agent becomes a "substitute" for the principal: he or she acts, speaks and listens for the principal.

This relationship between a principal and an agent is called an agency relationship.

People often use the services of an agent to accomplish what they do not have the ability, time or desire to do themselves.

What is a real estate agent?

If you decide to employ someone to help you sell your home, that person becomes your agent for the sale of that specific property. You will probably refer to him or her as your "real estate agent".

It is important to understand that in British Columbia, the person you hire as an agent to assist you to sell your home must be licensed as either a real estate salesperson or a real estate agent. A real estate salesperson must be employed by a real estate agent and both must be licensed.

In the discussion that follows, the term "agent", in it's general sense, will be correctly used to refer to both types of real estate licensees.

How do you choose an agent?

There are many ways to find a real estate licensee with a reputation for excellence.

Word-of-mouth is one good source. Ask friends, neighbors and fellow employees who have recently bought or sold a house to recommend their choice of an agent.

You might meet an agent you like at an open house showing of one of the properties for sale in your neighborhood.

Or, you could contact several local real estate companies to inquire if they have an agent who specializes in selling homes similar to yours.

Make appointments with agents to discuss their range of services, background knowledge and fees or commission rates.

After these interviews, choose the agent who seems best able to render the services and produce the results you are seeking.

What will an agent charge?

In general, agents work on a commission basis and receive payment only after the successful completion of a sale. As the seller, you will be asked to agree to pay this commission as a fee for the agent's services. The commission is usually stated as a percentage of the total sale price or as a fixed dollar amount.

The commission rate is neither fixed by law nor by any Real Estate Board; it is negotiable between you and the agent you engage to help you.