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

Offers to Purchase

Once you have selected an agent to work with, that agent will use market research along with his or her knowledge and expertise to assist you in setting the best possible listing price for your home. However, you must keep in mind that the price you set must be attractive to potential purchasers under the current market conditions.

Before finalizing the listing price, you may wish to ask your selected agent to prepare an estimate of the net cash proceeds you will receive on completion of the sale, based on the suggested listing price and the financing arrangements currently in place.

After a listing price has been established, you will be asked to sign a listing agreement.

Types of Listing Agreements

In British Columbia, the two most common types of listing agreements are:

• the exclusive listing
• the multiple listing

Each type of listing lasts only for the time period which is specified in the agreement.

An Exclusive Listing gives the listing agent the sole right to sell the property. This means that even if you sell the property to a prospect of your own during the term of the listing, you must pay the agreed commission to the listing agent, unless the prospect was specifically excluded on the listing agreement.

The listing agent may agree, at his or her option, to share the commission with any other real estate licensee who is able to find a buyer for your property. The other licensee will be referred to as the selling agent.

You should be aware that even after the exclusive listing expires, you may be obligated to pay the listing agent a commission if you sell your property to a person who purchases because of the agent's actions during the time of the listing.

A Multiple Listing differs from an Exclusive Listing only in that the listing agent agrees to register your home in a Multiple Listing Service(MLS) so that its availability is made known to all real estate licensees who are members of the local real estate board.

In this case, the listing agent agrees to share a specified amount of the commission with any other member of the real estate board who is able to find a buyer for your property.

Discuss your objectives with your agent before deciding which type of Listing Agreement will best suit your needs.

Terms of the Listing Agreement

The Listing Agreement legally defines your arrangement with the agent, setting out, at a minimum:

• the price and terms at which you are willing to sell your home.
• the existing financing 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.
• the date on which you can give possession of the home to a new owner.
• the commission payable to the agent on the completed sale of your home.
• the time period for which the agreement will be in effect, ending on a specific calendar date.

BEFORE you sign the Listing Agreement ensure that:

• all the spaces have been completed to your satisfaction, and
• you have a thorough understanding of all of the terms it contains.

The agent will provide you with a copy of this agreement which you should keep for future reference.