Legal Requirements to Selling Your Home

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					                                Honesty and Integrity
                                Most real estate professionals in our province are
                                members of the Ontario Real Estate Association
                                (OREA) and only members of OREA can call
                                themselves REALTORS.

You want your home to sell as   When you work with a REALTOR, you can
quickly and as profitably as    expect not only strict adherence to provincial
possible. However, selling      laws, but also adherence to a Code of Ethics.
                                And that code is very important to you because it
your home is a complex – and
                                assures you will receive the highest level of
often emotional – process,      service, honesty and integrity.
involving large sums of
money and stringent legal       Highest Professional Standards
requirements.                   Before receiving a real estate license, candidates
                                must successfully complete an extensive course of
For the best results you'll
need the help of a REALTOR –
                                study developed by OREA on behalf of the Real
                                Estate Council of Ontario. That is only the                                             Selling
                                                                                                                        a Home
                                beginning: in the first two years of practice,
a licensed real estate          licencees are required to successfully complete
professional who is a           three additional courses as part of their articling
member of the Ontario Real      with an experienced broker. In addition, all
Estate Association.             licencees must continue to attend courses
                                throughout their careers in order to maintain                                           What To Expect
                                their licence.                                                                          From A REALTOR
REALTORS have the
knowledge, the training and
the experience to effectively
market your home and look
out for your best interests.

                                                             Toll Free: 1-800-265-OREA (6732)

                                *REALTOR is a trademark which identifies real estate professionals who are
                                members of the Canadian Real Estate Association and of the National
                                Association of REALTORS (U.S.) and, as such, subscribe to a high standard of
                                professional service and to a strict code of ethics.

                                                                                                    Printed June 2002
Choosing a REALTOR                                  The Marketing Plan                               Your Negotiator
As a seller, your relationship with a REALTOR       Depending on your circumstances, and on the      Your REALTOR has the knowledge and
is vital – so meet with several before making a     prevailing market, your REALTOR will             experience to negotiate an agreement
final decision. A good place to start is right in   develop a plan to help sell your home quickly    on your behalf according to your
your neighbourhood. Check "FOR SALE" signs          and effectively. This plan may include:          instructions. He or she will assist in
to see which REALTORS are doing business in                                                          negotiating a better offer, acting as
                                                    · A listing on the MLS (Multiple Listing
your area. Ask them about their track record,                                                        mediator between you and the buyer to
                                                      Service) to maximize your home's market
their knowledge of neighbourhood selling                                                             head off any potential conflicts, and will
                                                      exposure. Only REALTORS have access to
prices and other reasons why you should list                                                         participate in drawing up a legally
                                                      the MLS which puts your home in front of a
with them. Also choose a REALTOR you feel                                                            binding contract that protects your
                                                      broad base of potential buyers and can
comfortable with; one who will handle the sale                                                       interests.
                                                      help deliver fast action and the best
of your home as if it were his or her own.
                                                      possible price. MLS is a valuable sales tool
                                                      that makes the details of your property        Professional Service
What to Expect                                        available to a whole network of local real     You hire a REALTOR to sell your home
Your REALTOR will not take for granted that           estate professionals looking to match your     by signing a "Listing Agreement." This
you know all the in's and out's of the selling        home with a buyer.                             is a legal contract that gives your
process. He or she will provide you with a full     · Promotion on, the public web portal     REALTOR the right to act as your
explanation of what to expect so you are not          of the MLS which enables the public to         exclusive agent in the sale of your
faced with any surprises along the way.                                                              house for a specified period. The listing
                                                      preview properties for sale
                                                    · Open Houses for other REALTORS and for         agreement spells out exactly what your
Getting to Know You                                   the public.                                    REALTOR will do on your behalf and
One of the first things your REALTOR will ask                                                        he or she will take all the time
                                                    · Advertising in newspapers, specialty           necessary to explain it to you.
is, "Why are you selling your house?" Your
                                                      publications and cable TV  .
REALTOR will also explore any time
constraints you may have, your financial            · Tips and hints – whether it be a fresh coat    The agreement will also specify the
situation and any future plans. It's all part of      of paint, flowers or rearranging furniture –   amount of professional fees to be paid
getting to know you so the sale will be handled       your REALTOR will help you with advice to      to your REALTOR from the sale of your
to your complete satisfaction.                        enhance your home's "saleability."             home. Usually fees are set as a
                                                                                                     percentage of the selling price of your
Setting the Price                                   Pre-qualifying Potential Buyers                  home. The agreement will also spell
Arriving at an accurate estimate of value for       Your REALTOR knows how to separate the           out the formal agency relationship
your home is one of your REALTOR's prime            "lookers" from the "buyers," identifying those   between the real estate company and
tasks. It involves analyzing your home and          who are likely to be interested in your home     you. Under the relationship, your
comparing it to other, similar houses for sale or   and qualified to buy it. This will save you      REALTOR is responsible for looking
recently sold in the neighbourhood. It may          time and wear and tear on your home              after your best interests including full
also include a broader market survey, using         because it helps ensure only serious buyers      disclosure of any information that may
sales statistics available only to qualified        visit your house.                                influence your decisions, as well as
REALTORS. In the end, you will be sure the                                                           complete confidentiality.
price you set reflects the true value of your
home under current market conditions.

Description: Legal Requirements to Selling Your Home document sample