The listing agreement is a contract that outlines forms and negotiations related to selling a home. The contract is between you and your Toronto real estate agent’s brokerage company. It is important that the agreement clearly outlines the rights and obligations of you and your real estate agent and that it is an accurate representation of your property details.
The listing agreement will outline:
Ask your listing real estate agent about disclosure. Disclosure is the seller's obligation to disclose any relevant facts about property for sale. Relevant facts include material details about the property such as anything that could materially affect the sale price or influence a buyer's decision to purchase. Post-sale disputes and lawsuits often relate to defects and disclosure; however, many of these disputes can be avoided if accurate and appropriate disclosures are made. When selling a home, purposefully withholding information can have significant legal consequences.
When you decide to sell your house, you may have a ballpark figure of how much the property is worth, but it's important to have a professional value your home. You should be cautious about not pricing your property too high or too low. If it's too high, it will be difficult or impossible to sell your house, and if it is too low, you’ll sacrifice a portion of your investment.
Experienced realtors in Toronto can review the prices at which similar Toronto luxury real estate listings have sold, and thus help you determine an appropriate price. An agent can also provide market history including the number of Toronto luxury homes, condos, or townhomes sold in your neighbourhood recently.
If your listing is on the MLS system, then all other agent members can find and view information about Toronto homes for sale, including your own. This increases the exposure of your property.
Your real estate agent may recommend hosting open houses. There are two types of open houses:
Open houses are an efficient way to show and sell your house to many potential buyers at once. Your agent will act as the host and answer any questions.
Selling a house takes time, so remember to be patient and persistent. There are three common reasons that a home may not sell quickly: location, condition, and asking price.
You cannot change the location of your property, but you can improve the condition of your home, and you can adjust your price. While your property is listed, you should be continuously comparing your asking price to similar luxury homes for sale in Toronto.
On a regular basis, review your marketing strategy with your agent. Your agent should provide you with updates on the following items while your property is listed:
When you receive an offer it will detail the buyer’s price, any conditions that may apply, the desired date of possession, and the date the offer expires.
The buyer will give a deposit with the offer as an act of good faith. You are able to make a counteroffer if you are not happy with the offer from the buyer. The seller and buyer may go back and forth to negotiate the final terms and conditions of the sale.
Once the offer is agreed upon and signed off by all parties, then it is a binding contract. Therefore, ensure that you understand and agree to all of the terms in the offer. In addition, you may want your lawyer to review the offer before you sign it. Your lawyer should also make sure that compensation is received for any prepaid expenses such as utility bills or property taxes.
Once these expenses are paid, then you will receive the money from the sale.
Before closing, the buyer may ask you to provide a number of things such as:
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