Listing your home

Signing a Listing Agreement

The first formal step in selling your property is entering into a Listing Agreement with Joanne. The Listing Agreement is a contract in which Joanne commits to actively market your home for a specified period of time. It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale.

As part of the Agreement, your agent may require the following documents:

Plan of Survey or Location Certificate. A survey of your property which outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. Your legal professional may recommend a survey, especially if significant changes have been made to your property.
Property tax receipts. Most Listing Agreements require that current annual property tax assessments be shown.
Mortgage verification. Few homeowners know the exact balance of their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
Deed or title search. This document is a legal description of your property and the proof that you own it.
Other documentation. In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs. Some provinces require that you sign a property condition disclosure statement.

Understanding market conditions

The real estate market is always changing, and it helps to understand how market conditions can affect your position as a seller. Your agent can provide you with info on current conditions and explain their impact on you.

Buyers' market:

The supply of homes on the market exceeds demand.

Characteristics
- High inventory of homes
- Few buyers compared to availability
- Homes on the market longer
- Prices tend to drop
Implications
- More time to look for a home
- More negotiating leverage

Sellers' market

The number of buyers wanting homes exceeds the supply of homes on the market.

Characteristics
- Smaller inventory of homes
- Many buyers
- Homes sell quickly
- Prices usually increase
Implications
- May have to pay more
- Must make decisions quickly
- Conditional offers may be rejected

Balanced market

The number of homes on the market is equal to the number of buyers.

Characteristics
- Sellers accept reasonable offers
- Homes sell within an acceptable time period
- Prices generally stable
Implications
- More relaxed atmosphere
- Reasonable number of homes to choose from