The Listing Agreement

The process of selling a home begins with the Listing Agreement. It's a contract between you and Royal LePage that builds the framework for subsequent forms and negotiations. It's important that the listing agreement accurately reflects your property details and clearly spells out the rights and obligations of all parties. Once the listing agreement is signed, both you as the property owner and Royal LePage as your selling agent are bound to its terms and conditions.

By signing the listing agreement, you are appointing Royal LePage as your sales agent with the authority to find a buyer for your property. The agreement sets the duration of the listing period, states the listing price, and accurately describes the property you are selling. This includes the lot size, building size, building style and materials, floor areas, heating/cooling systems, room sizes and descriptions.

It is at this point that you decide what you are taking with you and what you are leaving with the house. Generally, unless stated otherwise, fixtures remain with the property, while chattels(things which are movable) aren't included in the sale. If necessary, what stays and what goes are listed under "inclusions" or "exclusions."

Finally, the Listing Agreement also details the financial conditions of the property, including the mortgage balance, mortgage monthly payments and the mortgage due date. It should also provide information about annual property taxes; and references for any easements, rights of way, liens or charges against the property.

Disclosure is an important part of the Listing Agreement. It is a seller's obligation to disclose facts about properties for sale. The buyers will need to know material facts about the property - that is, anything that could materially affect the sale price or influence a buyer's decision to buy it. A major cause of post-sale disputes and lawsuits center around defects and disclosure, but most disputes can be avoided if proper disclosures are made. Intentionally withholding information about a property when selling it can have serious legal consequences.