The listing agreement

The document that lists a house is a written agreement with a brokerage, not a conversation and not a form on a website. London Sellers Realtor reads that agreement from the seller's chair. Sending the form on this site does not list a house.

RECO says representation agreements can be called buyer representation agreements, or seller representation or listing agreements. The agreement must be put in writing and presented as soon as possible. If you do not want to sign, you should not expect services. Nothing here is legal advice. If you want a second reading, RECO's seller checklist says to seek independent legal advice.

It has to name the property

If you are a seller, RECO says the agreement identifies the specific property. A draft that does not name the house is not a listing agreement yet. It should also describe the duties owed to you, the services you will receive, your rights and responsibilities, what you will pay, how long it lasts, and whether you can cancel it.

There is no standard set of services. Some sellers enter an agreement only to have a property advertised on a local listing service. If a service matters, it belongs in the agreement or in a schedule. Do not assume a photograph, an open house, or a particular reply to an offer is included because the meeting was warm.

The fee is a clause, not a rate on this site

You and the brokerage decide the amount. RECO says it is not fixed or approved by RECO, any government authority, or any real estate association or board. It can be a fixed dollar amount, a percentage of the sale price, or a combination. The agreement cannot specify an amount based on the difference between the listing price and what the property sells for.

A seller's agreement needs to indicate the amount you agree to pay your brokerage, or how it will be calculated. It needs the amount, if any, you agree to pay to compensate the buyer for their brokerage fees. It needs how those amounts change if you consent to multiple representation. A blank money clause is not ready to sign. This page will not quote a figure or a percentage.

Expiry, holdover, and how it can end

The expiry date must appear prominently on the first page. RECO says there is no set term. The agreement should list when it can be terminated, and any penalty or cost that applies. You do not have to agree to multiple representation. The draft should say what happens if you do not.

A holdover clause may require you to pay the brokerage for a sale after the agreement expires, for the period the clause states. RECO says there is no minimum or set length. Its page uses 30 days as an example, not as a standard. Read the number in the draft before you sign.

The work that is not this document

Preparing the house, and refusing promises you cannot stand behind, is on preparing a house. A pricing conversation without a published figure is on pricing a listing. Reading an offer as terms is on offers and conditions. RECO's seller checklist also says to budget for closing costs, and it names real estate commissions, legal fees, and moving expenses among them. This page does not price those either.

Confirm a registrant on RECO's public register yourself. This page names no registrant. A reply to the form is not a listing.

Questions