Ontario's Trust in Real Estate Services Act (TRESA) calls any agreement for a brokerage's services a representation agreement. Yours states the start and expiry dates (prominently on the first page), the list price, the fee and how the buyer's brokerage is paid, and how offers will be handled. Read it with us before you sign.
Offers arrive in writing with a deposit and an irrevocable deadline. You can accept, reject or counter. When several buyers compete, you set the offer date and the process in advance. We present every offer, explain conditions in plain terms, and negotiate price, deposit, dates and inclusions together, because terms can matter as much as price.
If the offer has conditions (financing, inspection, sale of the buyer's home, a condo status certificate review), the buyer has the agreed number of days to satisfy or waive them. Once all are waived or fulfilled the deal is firm and the sign changes to sold. Your lawyer then prepares the closing documents.
The buyer's lawyer sends the funds, your lawyer pays out your mortgage, the transfer is registered and the keys are released. Your proceeds follow from your lawyer, less the mortgage payout, fees and adjustments.
Sometimes. An offer date gives every buyer time to view and can bring competing offers together; it can also deter buyers who do not want to compete. We look at recent activity in your neighbourhood before recommending either.
Not freely. An accepted offer is a binding contract. Talk to your lawyer before doing anything.
The buyer's deposit is held in trust and credited to the buyer on closing, when the full price is paid to you through the lawyers.
Your lawyer pays out your mortgage (ask your lender about any prepayment penalty), then fees and closing adjustments come off, including the brokerage fee set out in your listing agreement and your legal fees. Land transfer tax is the buyer's cost, not yours.
A free, private evaluation from Rob or George, prepared for your home.
