The Legal Side
You have decided to list your property. In order to put your home on the market with the MLS system legal documents will have to be filled out. The most important of these is the listing agreement, which is a contract between you and my brokerage, Re/Max 2000 Realty Inc. This document will:
- Provide a framework for subsequent forms and negotiations
- Clearly spell out the rights and obligations of all parties, the length of the agreement, and the compensation (commission rate)
- Set the listing price
The second form to fill out is the MLS data form for putting your home on the Multiple Listings Service. The MLS data form will:
- Accurately describe the property:
- lot size, building size, style and materials, floor areas, heating/cooling systems, room sizes, and descriptions
- Detail what is, and what is not, included in the sale, usually fixtures are included; chattels, things which are movable, are not. If necessary, list what stays and what goes under inclusions or exclusions.
- Most recent full year property taxes, and note any easements, rights of way, liens, or charges against the property
There are additional forms which show your preferences about showings, offer dates all spelled out in writing. These documents are binding for us both, I will explain them carefully before you sign anything! You will get copies of all the signed documents for your records.
There are some documents regarding your house that I will ask you to supply such as the following:
- Plan of survey or sketch - A survey of your property showing the lot size, location of buildings, and any encroachments from neighbouring properties. You should hopefully have this from when you bought your property. If you don't, we will advise you of either a new survey or Land Title Insurance for the buyer.
- Property tax receipts - The listing agreement will include information about your annual property tax assessments, so I will need to verify your taxes with a receipt.
- Mortgage verification - Details about your mortgage provided by a mortgage lender upon your authorization.
- Deed or title search - A legal description of your property, and proof that you own it
- Other documentation - Annual heating bills, water and sewage costs, electricity bills, and recent expenditures on home improvements.
Fintrac documents - I'll need your personal information like date of birth and ID to verify for the new Federal listing requirements.
We will make copies of all the above and return the originals to you.