2015 MY LISTINGS SELL FOR 5-8% OVER LIST IN 7 DAYS!!
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THE ART OF LISTENING - STANDARD OF EXCELLENCE
Seller’s Relationship to Realtors
A real estate company must do what is best for the seller of a property. A written contract, called a Listing Agreement, establishes seller’s agency. It also explains services the company will provide, establishes a fee arrangement for the REALTOR’s services and specifies what obligations a seller must have.
Confidence a seller shares with their REALTOR must be kept confidential from potential buyers and others. That REALTOR must tell the seller anything known about the buyer. For instance, if the REALTOR knows that a buyer is willing to offer more for a property, that information must be shared with the seller.
A seller must understand that a REALTOR working with a buyer as a sub-agent is ultimately working with the seller’s best interest in mind. A REALTOR working with a buyer, as a Buyer Agent, is working for the buyer’s best interest in mind, but may still be compensated by the seller through provisions made to the Listing Agent.
Occasionally a real estate company will be the agent for both the buyer and the seller. The buyer and seller must consent to this arrangement in their listing and buyer agency agreements. Under this “dual agency” arrangement, the company must do what is best for both the buyer and seller.
Since the company’s loyalty is divided between the buyer and seller who have conflicting interest, it is absolutely essential that a dual agency relationship be established in a written agency agreement. This agreement specifically describes the rights and duties of everyone involved and any limitations to those rights and duties.
Can be as much as 1/2 to 1% of the sale price of the property. Shop around if you do not have a lawyer who specializes in Real Estate.
Real Estate Commission
5% + hst (13%) on exclusive or on MLS, of the sale price of the property.GST
scharge of Mortgage
May be a penalty of three months' interest, the interest differential between an old and new mortgage or a combination of the above. Check with your lending institution.
Can vary greatly depending on the method you use (i.e. renting your own truck, packing yourself, having professional movers do the whole move, etc).
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