The listing of a property is a relatively straight forward process, however there are a number of documents that your agent will want go over with you. We will outline a few of these documents to help you understand the process of listing your home with a REALTOR®.
The first, is the authority to represent document – known in Nova Scotia as the Seller Designated Brokerage agreement. This document, which is accompanied by the listing addendum and the property condition disclosure statement (PCDS) – sets out the relationship between you and the agent, including all of the duties they are bound to complete for you, and all of the disclosures they are going to require you to complete for the selling process. The listing Addendum, is a data collection sheet used for uploading the details of your property to the Multiple Listing Service.
The PCDS is a form that you will use to make any declarations about the home to prospective buyers, and goes a long way to creating some awareness about the issues that exist in the home for those who have interest in the property. It is the seller’s opportunity to disclose all that they know about the home – a key step in helping to minimize liability in the transaction. The PCDS will only be filled out if the owner is also the occupant, or has recently been. If it is a bank owned property, or being sold as a part of an estate, then likely there will be no PCDS.
The other forms that are required at time of listing are informational document – including forms discussing what agency means, what elements of the property are leased, and information gathering for the federal government through the FINTRAC data collection process.
In terms of advertising your property – there are a whole host of options that you and your agent can discuss, including online, print, television, radio and more. Your agent will develop a marketing plan for your home, and in most cases, the agent will fund the marketing efforts during the listing time – thereby assuming much of the financial risk for the promotion of the home.
You should expect that your home should be marketed 24/7 through online efforts like REALTOR.ca, and the brokerage website. And finally, believe it or not – the old fashioned sign on the front lawn continues to be one of the best forms of advertising – so having the strength of a great agent and great brand suggests that you are approaching the sale of the property professionally.