Without any obligation to hiring a Realtor, you can ask a REALTOR® to come to your house to give a "listing presentation." The REALTOR® will present his or her qualifications, explain how they will market your home, and most importantly provide you with a comparative market analysis (CMA). The CMA details information on past sales in your neighbourhood, homes that didn't sell and homes that are currently for sale. The REALTOR® will use the CMA, market statistics and his or her knowledge of the neighbourhood to help you set a price for your home.
The REALTOR® can also prepare an estimate of the net proceeds you will receive when your home sells. This is based on the suggested sale price of your property and any financing you have in place.
Once you have selected a Realtor, you will need to sign a listing contract in order for your REALTOR® to list your property for sale on the Multiple Listing Service (MLS®), a central database of properties for sale that is available to REALTORS®.
The contract will contain:
- The price of the property.
- The address and legal description of the property.
- The existing financing arrangements.
- A list of items (known as fixtures) that will not be included in the sale, i.e., a light fixture.
- The commission amount.
- The expiry date of the listing contract.
Your REALTOR® will also get you to fill out a Property Disclosure Statement, a form where you indicate the condition of your property.
Usually a REALTOR® works on a commission basis and only receives payment upon the successful sale of your home. The commission can be a percentage of the total sale or a flat rate. The commission is not set by law or by local real estate boards. It is negotiable between you and your Realtor.
(source - www.realtylink.org)