Treb Listing Agreement
The Holdover RECO clause often receives calls from consumers about maintenance clauses in the agreements and what they mean. This is a legal issue and you should get legal advice if you have any doubts. List representation agreements generally contain a „hold-over clause.“ Generally speaking, this means that you sell to a buyer who was presented to you during the term of the contract within the „X“ days after the expiry of the contract (the „transition period“) to a buyer who was presented to you during the term of the contract, responsible for paying commissions to your broker. The length of the retention period is negotiable. An agreement must indicate the effect it takes and the date on which it expires. The agreement should describe the services provided by the intermediation and information on the amount of commission or other fees to be paid to the brokerage, as well as on how these sums are paid to brokerage. Consumers should be aware that commissions and other remunerations are not set or fixed by RECO, public authorities, real estate associations or real estate boards. Discuss all the services provided. Take the time to clarify the costs and costs associated with these services and to ensure that the written agreement is clear. Content of agreements In order to protect the interests of all parties involved, agreements should be concluded in writing. Indeed, the Code of Ethics, under the Real Estate and Business Brokers Act of 2002, contains a number of provisions that specifically relate to agreements.
Don`t sign if you don`t understand, never sign an agreement, unless you`re sure how long it will be in effect, what geographic area it covers and what the different clauses mean. This is one of the most important steps you can take to protect yourself. Take the time to read it in depth. Any questions. Your broker or seller cannot provide legal advice, but he is familiar with these agreements and should be able to answer your questions and explain what the clauses mean and the effect they will have. The listing agreement is the contract between you and the broker, which allows them to market and sell your home. These agreements should be concluded in writing to protect the interests of all parties. Remember that you have a legally binding contract with the broker that authorizes the brokerage agency and the seller to represent your interests when selling your home. You and the brokers are bound by the agreement. If you decide not to sign an agreement, intermediation is still responsible for the presentation of the services provided by the brokerage.
Once all parties have signed the contract, the brokerage will provide you with a copy. Fax Cover Sheet – offers – and related documents Termination of the agreement by Optionee – Option to the sales contract . . Buyer Assistance Contract – Use if the buyer is not represented by the brokerage.