• Overview
• Sellers:
• Pricing Pyramid
• The Effect of Over Pricing
• Activity vs. Timing
• Where Buyers Come From
• Working With a Real Estate Licensee
• Listing Contracts
• Responsibilities of the Seller
• Completing the Sale
• The Process of Selling a Home
• Seller's Checklist
• Fixture or Chattel?
• 20 Tips for Selling Your Home
• Buyers:
• Moving Checklist
• What is a Real Estate Agent?
• Finding a Home that Fits Your Needs
• The Offer to Purchase
• Completing the Purchase
• Typical Expenses
• Nine Mistakes the Buyer Should Avoid
• Options and Choices to Help Customize Your Mortgage
• Glossary
• Mortgage Calculator

Listing Contracts

Once you have selected a realtor to assist you in the sale of your home and once you have determined a listing price, you will be asked to sign a listing agreement. The two most common types of listing agreements in British Columbia are the exclusive listing and the multiple listing.

1) EXCLUSIVE LISTING
An exclusive listing gives the listing agent the sole right to sell your property. This means that even if you sell the property on your own during the term of the listing, you are bound to pay the agreed commission to the listing agent, unless the prospect was specifically excluded on the listing agreement.

2) MULTIPLE LISTING
A multiple listing differs from an exclusive listing only in that the listing agent agrees to register your home on a Multiple Listing Services (MLS) so that its availability is made known to all real estate licensees who are members of the Real Estate Board. With a multiple listing agreement, 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. Typically, a multiple listing is most often used. Each type of listing lasts only for the time period specified in the agreement.

TERMS OF LISTING AGREEMENT
The listing agreement legally defines your arrangement with the agent, outlining the following:

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

In order to make sure you have a thorough understanding of all the terms in the listing agreement. I will provide you with a copy of this agreement which you should keep for future reference.

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