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Types of Real Estate Agency Contracts

Listing contracts contain the names of the seller and the real estate broker. It includes a description of the property, the price, and the conditions of sale, the length of time of the listing, the real estate broker’s authority and an agreement to pay commission.

Exclusive Listing

In British Columbia an exclusive listing is usually an “exclusive right to sell” although it might be more accurate to say “an exclusive right to market”. This contract gives the real estate broker the sole authority to sell the property. If the owner should sell the property on their own they are still obligated to pay the real estate broker a commission.

Multiple Listing

A multiple listing is an “exclusive right to sell” granted to one real estate company in cooperation with other members of the real estate board. This means the listing is distributed to all members of the real estate board. This contract is the only listing that will give the seller maximum marketing exposure.

Open Listing

An open listing gives a real estate company the right to a commission at a negotiated rate if that company brings an acceptable offer to the seller. This type of listing may be granted to many real estate companies; also the seller may sell privately with no obligation to pay commission. The marketing of the property is the sole responsibility of the property owner. This listing is sometimes used in commercial or industrial sales.

 
Marketability of Your Home
The Marketability Test is an evaluation of improvements on properties types. This evaluation is on any extras over and above a specified set of points allotted to that particular property type.

Your Homes Value
Knowing the value of your home or property is essential if you are thinking about selling.



 

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