The Multiple Listing Contract ...an Explanation Guide

THE MULTIPLE LISTING AGREEMENT

The Multiple Listing Contract (MLC) is used when a seller engages a Realtor to list their property on the Multiple Listing Service (MLS). The MLC outlines the professional relationship between the Seller, the Seller’s Realtor, and the Seller’s Realtor’s Brokerage and also outlines the terms of the listing and agreement including listing price & date your property will be on market.

* This contract is giving permission to "market" your property (to attract a buyer) this is not "selling" your property. *

Short on time?! ....Here’s a quick Summary Video (3 min 40 sec video)

Here's a concise breakdown to help you understand it better

1. Listing Authority and Term: You're hiring us as your exclusive agent to sell your property for a specified period.

1B. Seller's Permissions: You allow us to gather, share, and advertise property details, show the property to prospective buyers, and the option to place 'For Sale'/'Sold' signs.

2. Property Details: Your property's specific information (unit number, street name, city, postal code, PID).

3. Terms of Sale: What price you will listing your property for and the terms you want.

4. Listing Service and Cooperating Brokerages: We'll list your property on the Multiple Listing Service® and work with other brokerages to find buyers.

5. Listing Brokerage's Remuneration: You agree to pay my brokerage a commission if a legally enforceable sale contract is entered into during the term. This section will review how commission payments will be handled, both in total and how they will be distributed between buyer brokerage and listing brokerage.

6. ASSIGNMENT OF REMUNERATION:

The seller agrees to give the real estate agency (Listing Brokerage) the commission they are owed from the sale of the property. The Listing Brokerage can share this commission with another agency (Cooperating Brokerage) if needed. The seller allows their lawyer or notary to pay the commission directly to the Listing Brokerage and any other involved agencies from the sale proceeds.

7. Designated Agency Relationship (Section 7): We assign an agent solely for you who won't disclose your confidential information unless required by law or authorized by you.

8. Duties of the Designated Agent (Section 8): Our agent works only for you, promotes your property, and fulfills obligations as per the Real Estate Services Rules.

9. Obligations of the Listing Brokerage (Section 9): We monitor the agent, ensure contract compliance, treat all parties fairly, and hold all received monies in trust as per law.

10. Seller's Responsibilities (Section 10): You'll refer all inquiries to your agent, confirm your authority to sell, disclose any third-party interests, and provide accurate property information.

11. The Seller Acknowledges & Agrees that..

A. Information about the property may be shared with interested parties and government agencies.

B. Rules apply only to the designated agent, not other agents in the brokerage representing buyers or sellers.

C. The brokerage or agent may work with other sellers or buyers, except in cases of conflicting interests.

D. If conflicts arise, certain services to the seller may need to stop to comply with rules.

E. A clients expectations of confidentiality are absolute. An Agent’s responsiblity to their client’s confidentiality cannot be overidden or negated by any rule or regulations.

F. Non-resident sellers must meet Canada's Income Tax Act requirements before completing the sale.

12. Conflicts of Interest (Section 12): If a conflict arises, we'll follow certain steps to ensure fair representation for all parties involved.

13. Personal Information (Section 13): You agree that we can collect, use, and disclose your personal information for listing, marketing, and selling the property.

14. Termination (Section 14): The contract ends under several circumstances, including upon sale of the property or if our license gets suspended.

15. Miscellaneous Provisions (Section 15): This includes definitions, guidelines, and binding of the agreement to successors.

16. Entire Agreement (Section 16): This contract represents the full agreement between you and us, and no outside information or understandings apply.

Please remember this is a simplified summary and it's important to read and understand the entire contract. If you have any questions, don't hesitate to reach out!

Solutions Real Estate Group

hub@solutionsREG.com

Keller Willams Elite Realty