Frequently Asked Questions - Sellers
Frequently Asked Questions – Sellers
1. Can I cancel my listing at any time? No. The Listing Contract is between you and the Brokerage and is intended to create legal and binding obligations on both parties.
2. After my listing expires, how long do I have to wait until I can sell my house? You can sell at any time but you may still have to pay commission. Please check with your REALTOR® to clarify any ‘holdover’ clause in your listing contract.
3. If I find my own buyer during the listing, do I only pay half the commission? You pay the commission agreed to in your Listing Contract.
4. What is the commission rate? Commission rates are negotiated at the time of the Listing Contract.
5. Do I have to pay GST when I sell my home? Not on private previously-owned primary residential property. All other types, please contact Revenue Canada. Note: there will be GST on any goods and services that you buy/employ in relation to your sale.
6. What is MLS®? The Multiple Listing Service®, a co-operative real estate listing service used by REALTORS® is a computer based information network combining current market information with historical data. In the Edmonton region, MLS® provides over 3000b REALTORS with up to the minute market information seven days a week, 24hrs a day.
7. If I get an offer I don’t like, do I have to counter it? No. You have the choice of accepting, rejecting or making a counter-offer.
8. What is an RPR? Real Property Report. This is the relatively new name for a survey certificate.
9. Do I have to use a lawyer? While highly recommended, the final decision is yours.
10. If the buyer does not remove his conditions, who gets the deposit? If the buyer has not otherwise breached the contract, the buyer usually gets it all. Check with your REALTOR® or lawyer regarding the specifics of your contract.
11. If the buyer does not ‘complete’ the transaction after removing conditions, who gets the deposit? If you have not otherwise breached the contract, you usually get it all as liquidated damages. Check with your REALTOR® or lawyer regarding the specifics of your contract. Based on your listing contract, you may be required to split any forfeited deposit with your brokerage.
12. What is the difference between condition day and possession day? Condition day is the day the buyer has to remove the conditions on the property. The house is then sold. Possession day is the day that the keys are handed over to the new owner – and they take possession.
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