Setting Things Up
When working with any real estate agent, there are two standard documents you will sign along the process to formalize your working relationship to create an “official working relationship”. Each form is linked below so you can see a sample of the form which also includes red text that explains all of the legal jargon!
Listing Agreement
States that you are confident with us and our brokerage to help you sell your home. It outlines the duration of time us and the brokerage have to sell your home, what price your home will be listed at, the commission agreed to for both me and the cooperating agent, etc. This is a completely standard real estate form.
RECO Information Guide
This guide will go over the following:
Working with a real estate agent
The benefits of working with a real estate agent, what you can expect, and the responsibilities of clients.
Know the risks of representing yourself
Explaining the risks if you chose not to work with a real estate agent and the risks of receiving assistance from a real estate agent who is working for the person on the other side of the transaction.
Signing a contract with a real estate brokerage
When you work with a real estate agent, you sign a contract with the brokerage the agent works for. These contracts are called representation agreements. This section highlights what you should look for before you sign.
Understanding multiple representation —
This means the brokerage, or the agent represents more than one client in the same transaction. This section explains how multiple representation works, the risks, and what to expect if you agree.
How to make a complaint
Ontario brokerages and real estate agents are accountable for their conduct. The guide can go over how you can raise a concern with the brokerage and with RECO
Another form we will have you fill out to save time later…
The FINTRAC Identification Form
This form was created approximately 10 years ago to try to curb/stop money laundering in Ontario. By filling it out, you are confirming that you are who you say you are. Yep, some people give false names to other Realtors as a way of laundering money. Crazy, but it does happen. Every single trade in real estate requires this form to be filled out by all parties.
We don’t need you to sign anything right now but please take time to review them and let us know if you have any questions! We will send you the official paperwork later on in the process for your review and signatures. Stay tuned for that!
Speaking of paperwork…
here’s a heads up on a few things your lawyer/lender or we will need from you later in this process. We suggest keeping these things handy when you’re packing and preparing your home, so you don’t pack them away.
Latest property tax bill - FYI, your lawyer will arrange the transfer of property tax.
Home insurance policy
Name, address, and account number of any mortgage or line of credit registered against the property. (e.g. furnace, A/C unit -proof of payment or direction to lawyer to pay off from proceeds)
Do you have ownership of any other properties? You most likely will need to show documentation for these to your lawyer and/or lender, as well.
Government issued IDs - Typically, two pieces of Canadian photo ID. This is mandatory for title insurance purposes.
Parking permit payment proof (if applicable)
A copy of your deed and survey if you have one
Recent pay stubs - Your lender will want these if you are buying a new home.
Utility bills/account numbers - Buyers like to know the rough costs associated with running your home. Transparency is key to make buyers feel comfortable to bring us an offer. Dave might be asking you for these at some point. Also, you will need to transfer your utilities on closing. Your lawyer won’t do this for you.
Keys - Your lawyer will usually ask that you bring all the keys to their office when signing the documents. Make sure you know where all keys are and have them.