The legal docs

In order to put your home on the market, legal documents will come into play. The most important of these is the the listing agreement, which is a contract between you and my brokerage, Royal LePage. It 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 major form we’ll fill out is the MLS data form for putting your home on the Multiple Listings Service (exclusive agreements are different, more rare, and may be appropriate in some cases but we’ll discuss that during our consultation.) The MLS data form will:

  • Accurately describe the property (including 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 (As a general rule, fixtures are included; chattels, things which are movable, are not. If necessary, list what stays and what goes under inclusions or exclusions.)
  • Provide information about annual property taxes, and note any easements, rights of way, liens, or charges against the property

In addition to those two, there are other forms so that your preferences about showings, offer dates and the like are all spelled out in writing. These documents are binding for us both, so we’ll go over them very carefully before you sign anything! Please see a sampling of the forms on my website so you’ll know what to expect. Of course, you’ll get copies of all the signed documents for your records.

There are some things I’ll need from you, too…we’ll set aside a good chunk of time to review all this information, but you can also start digging up 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.
  • 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 – good to have especially if we’re offering your existing mortgage terms to the buyer, to sweeten the deal
  • 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.

I will make copies of all the above and return the originals to you.