Understanding Market Conditions
The real estate market is always changing so you need to understand how market conditions can affect your position as a Seller. The agents of the Terrace Real Estate Company will provide you with current information and explain to you the Seller the impact it will have on your property in determining a fair market value. A Comparative Market Analysis or CMA consists of the information we've collected about your home and how it compares with the active and sold properties in the area . This is NOT an appraisal. Our real estate agents have the knowledge and experience with negotiating, contract writing and problem resolution plus we take the personal attachment away from the house and focus on the business side of the transaction.
Signing the Listing Agreement
The first formal step to selling your property is entering into a Multiple Listing Contract. The listing agreement is a contract between yourself and the Brokerage who represents you. If you decided to list with the Terrace Real Estate Company, the Brokerage will assign a "Designated Agent" to you the Seller. This agent is to provide the services set out in the Contract with the Broker supervising the services that are to be provided by the Designated Agent. The Broker at the Terrace Real Estate Company is another contact should you have any questions or concerns. The contract will have terms and conditions that need to be discussed and understood before you sign, along with other forms such as the Individual Identification form: FINTRAC (verification of your ID) , Your relationship with a Real Estate Professional, the Privacy forms, a Property Disclosure Statement and the title search. The commission for the home will be negotiated between the Designated Agent and Seller at time of the listing so that it is in writing and understood by all parties involved. Once a sale happens, the agent is obligated to inform you of the amount of commission calculated in a dollar value based on the offer or counter offer until there is an accepted offer. This is important so you have a full understanding of the cost involved of the sale, not just a value in a percentage as it will show on your original listing contract. Transparency of all facts is key.