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So when you embark on your journey, one of your first stops should be familiarizing yourself with the lingo. We’ve curated helpful information from our Homebuyers’ Road Map and Tips for Buyers, to share with you some of the most important terminology a new buyer needs to know—from pre-purchase to post-purchase.
- Real Estate Listing Paperwork
- Offer Paperwork
- Other Forms and Paperwork
The RECO Information Guide
The first document you will likely encounter is the RECO Information Guide, introduced in 2023. The Real Estate Council of Ontario (the consumer protection body) has mandated that this document be given to any prospective client in advance ofproviding any services or advice. It contains information anyone contemplating working with a realtor should know before deciding to enter (or not enter) an agreement to work together. The purpose of the guide is to help consumers understand: 1. The benef...
Listing Agreement
The Listing Agreement is the document that gives the listing brokerage permission to list your home for sale, along with all the terms and details that go along with representing you as a client. Important parts of the Listing Agreement include: 1. The top section of the listing agreement: 1.1. At the very top of the agreement, the Seller must initial if the listing will be on MLS or listed exclusively (Related: see Should You List Your Home Exclusively?) 1.2. The details of the listing broke...
Information and Disclosure to Self-Represented Party Form
Buyers and Sellers are, of course, free to represent themselves if they are confident that they have the expertise and/or experience to do so. In this case, a realtor would be prohibited from providing services, advice or opinions, including advice or an opinion on price, terms, or offer clauses. An “SRP” (Self-Represented Party) is 100% on their own! Of course, there is a form for that too—the realtor involved will supply it and ask you to sign the acknowledgement saying this is the route yo...
Agreement of Purchase and Sale
The Agreement of Purchase & Sale is the legally binding agreement for you to purchase a home and defines the price, terms and conditions of the sale. In Ontario, a real estate transaction has to be in writing to be legal. There’s a standard version of the form for house purchases and one for condo purchases. The most important non pre-printed parts of the Agreement of Purchase and Sale are as follows: 1. Legal names of the Buyers and Sellers 2. Legal description of the property (including the...
Confirmation of Cooperation and Representation
The Confirmation of Cooperation details the type of relationship the Buyer and Seller have with their agent/brokerage (eg. Client; SRP) and the commission agreement between the Seller’s brokerage and the Buyer’s brokerage. It also details what happens if the brokerage or designated agent represents both the Buyer and the Seller (and when multiple representation is or is not occurring) and the various combinations of these scenarios. Both brokerages are party to this agreement so both agents w...
You may also be asked to complete or sign: 1. A Staging Contract – if your REALTOR is including staging in their commission (like the BREL team does), there may be a staging contract outlining terms and expectations. 2. Showing Instructions– You’ll need to provide the information for booking showings – who to notify of a showing request, how much n...
Dec 10, 2023 · Signs help agents reach new audiences and drum up curiosity about the home being listed. If you haven’t made much use of real estate signs yet, it’s never too late to start. To help kickstart the process, we’ve answered 6 of the most common questions we receive about real estate signs.
Know popular real estate terms in Canada. Discover Canadian real estate concepts specific to home buyers, sellers, and agents.
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Jul 31, 2019 · In May, Hamilton updated its sign bylaw establishing a raft of new administrative penalties for different types of signs. On July 4, Mississauga’s rules were updated to allow sold and coming soon signs (the first municipality in the Greater Toronto Area to specifically allow coming soon signs).
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Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
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- Fall Sale: 40% off Real Estate Signs
