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| Answers to Frequently Asked Questions1. What is the London and St. Thomas Association of REALTORS®?2. What is the Multiple Listing Service® (MLS®)? 3. What is a Listing Agreement? 4. How is the purchase price paid? 5. How quickly does the system work? 6. How do I know what price to list my home for? 7. How do I find a buyer for my house? 8. How do I make an offer on a house? 9. What does a REALTOR® do for me? 10. How can I be sure to get my money's worth? 1. What is the London and St. Thomas Association of REALTORS®?The London and St. Thomas Association of REALTORS®? (LSTAR) is made up of approximately 1,400 members belonging to approximately 136 real estate offices. These offices may consist of one broker working on his or her own, or an office may have, in addition to its broker, many sales representatives, all of whom are REALTORS®. LSTAR members are also members of the Ontario Real Estate Association (OREA) and the Canadian Real Estate Association (CREA). As members of CREA, they are bound a strict Code of Ethics and Standard of Business Practices and, as such, are entitled to use the trademarked term REALTOR®. Members of LSTAR are REALTORS® and are dedicated to providing you with the best possible information and service. It is through the Board that the Multiple Listing Service® is provided. (Please note that not everyone who trades in real estate is a REALTOR®, only Members of a real estate board. However, in order to trade in real estate in Ontario, a person must be licensed through the Real Estate Council of Ontario.)Top of Page 2. What is the Multiple Listing Service® (MLS®)?Nothing less than the best way to market property ever conceived! When you contract with a REALTOR® to place your home on the MLS®, the information on your property, along with a photo (extracted from our keyed-to-address photo library of approximately 130,000 properties or taken and scanned into that library) is immediately posted on our Internet-based online system for all our Members to see and uploaded to our national MLS® database, the Canadian Real Estate Association’s mls.ca, so that members of the public can view it as well.Top of Page 3. What is a Listing Agreement?The Seller grants the broker an exclusive right to market his or her property. This right is given for a specific period of time. Also granted is the right to place listing information on the MLS®, which is accessible to all members of the Board. The Seller agrees, by signing the listing agreement, to pay a commission to the Broker who lists his or her property.Top of Page 4. How is the purchase price paid?Usually the Seller will be presented with an Agreement of Purchase and Sale that contains the method of payment the Buyer will use to buy the property. It may be cash, cash to mortgage conditional upon arranging a new first mortgage, second mortgage or Seller take back mortgage. Our Members are professionals and qualified to assist you in this difficult area of financing and they just might make the difference between a sale that goes smoothly and one that is riddled with problems.Top of Page 5. How quickly does the system work?Technology make it possible for information about your home, including a photograph, to reach all the co-operating brokers and their sales representatives in your area the moment it is keyed into the system.Top of Page 6. How do I know what price to list my home for?Your home’s market value is determined by many factors, including its location, the general economic climate, the age of the property, wear and tear and what Buyers are willing to pay for a similar property. REALTORS® are experienced in real estate evaluation. They are in constant touch with the market. It is in their interest and yours that the right price is asked for your home. They will take into consideration any improvements, such as an extra room, garage, or patio, which add to the resale value.Top of Page 7. How do I find a buyer for my house?Selling a house is no job for the average home owner. Not only is it time consuming, but the pitfalls are plentiful. Once you have given the right to sell your house to a REALTOR®, every effort will be made to find you a buyer. When you place your property on the MLS®, you have caught the attention of approximately 1,400 area REALTORS®, one of whom may have a serious buyer looking for exactly what your home has to offer.Top of Page 8. How do I make an offer on a house?When you sign an Agreement of Purchase and Sale, you are signing a legal contract that should clearly contain everything you can or intend to do and exactly what you expect to receive. This is an area in which a REALTOR® can be of assistance. He or she will ensure that the Agreement of Purchase and Sale accurately reflects your intentions, and that all the details are correct.Top of Page 9. What does a REALTOR® do for me?A REALTOR® usually does the following:
Top of Page 10. How can I be sure to get my money's worth?The real estate industry is a service industry in which LSTAR members are able to give you the best service possible. REALTORS® are service providers. The services with which they provide you are complex, exacting and important. If you are not satisfied with the service, it is your right to look for satisfaction. Go first to the REALTOR® involved. Ask him or her to show you how he or she is working to sell your property. Many of his or her services may not be visible to you, and he or she can make you aware of what they are. As a client, you deserve the best possible service. However, you also have responsibilities when it comes to the sale of your property. Your salesperson's broker may also be of assistance. Remember that the broker is the one with whom you have the contract. LSTAR can also be contacted at 519-641-1400 or e-mail, if you require further assistance.Top of Page . This information is provided by the London and St. Thomas Association of REALTORS®. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. | |||||||||||||
London and St. Thomas Association of REALTORS®, 342 Commissioners Rd.W., London, Ontario. N6J 1Y3 - Phone 519-641-1400 - Fax 519-641-4613
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