Let’s have a look at the OREA standard form Listing Agreement and see what it says. This is Form 200 for Brokerage Representation. Essentially, this is the same Form as preceded the TRESA legislation.
“Listing Agreement
Seller Representation Agreement
Authority to Offer for Sale
This is a Multiple Listing Service® Agreement OR Exclusive Listing Agreement
(Seller’s Initials) (Seller’s Initials)
BETWEEN: BROKERAGE: …………………………………………………………………………………………………………………………………………………………………(the “Listing Brokerage”) Tel. No. ………………………
SELLER: ………………………………………………………………………………………………….(the “Seller”)
In consideration of the Listing Brokerage listing the real property for sale known as………………………………………………………………………………………. …………………………………………………………………(the “Property”)”
COMMENT
That was the introduction to the Listing Agreement. It sets out the names of the parties, and the Seller initials selecting either an MLS or Exclusive Listing.
All contracts are with the Brokerage directly.
The Seller also identifies the property.
The real estate agent should take steps at this point to confirm that the description is correct, complete and accurate. This would involve checking the Parcel Register in GeoWarehouse. In addition, the description can also be checked under MPAC.
For the protection of the Seller at the outset, they should check the registration status of the Brokerage and any real estate agent with whom they may be dealing on the RECO website.
Brian Madigan LL.B., Broker