London St Thomas Association of REALTORS

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Working with a REALTOR^®
	Organized Real Estate
	Working With A REALTOR®
	The Power of MLS^®
	Agency Disclosure
	MCE Courses
	Find a REALTOR^®

Consult a professional

How REALTORS® Help
When it’s time to make one of the most important financial decisions of your life, choose a REALTOR® to guide you. Members of the London and St. Thomas Association of REALTORS® belong to their provincial real estate association (in our case, the
Ontario Real Estate Association (OREA) , as well as the Canadian Real Estate Association (CREA) . They are licensed professionals who must not only abide by provincial laws and meet continuing education requirements, but must also adhere not only to the Code of Ethics of the Real Estate Council of Ontario (RECO) , but also to CREA’s strict Code of Ethics. Only Members of organized real estate have the right to call themselves by the trademarked name of REALTOR®.

Standard Real Estate Forms (explained in plain language)

Forms are created with a view to identify and satisfy general needs. The pre-set portion of any Form is complex and can be difficult to understand. The explanations are meant only to be a general simple overview and are not meant to replace the full text and legal ramifications of each Form and any provision, paragraph or section therein.

Form 100 - Agreement of Purchase and Sale
Form 200 - Listing Agreement (Legal Sale/Exchange/Lease/Sublease)
Form 201 - Seller Customer Service Agreement (Commission Agreement For Property Not Listed)
Form 300 - Buyer Representation Agreement (Authority for Purchase or Lease)
Form 310 - Buyer Customer Service Agreement (For Use When the Buyer is Not Represented By the Brokerage)
Form 320 - Confirmation of Co-operation and Representation
Form 520 - Industrial/Commercial Listing Agreement (Legal Sale/Exchange/Lease/Sublease)

Highest Professional Standards

Before receiving a real estate license, candidates must successfully complete an extensive course of study developed and administered by RECO’s designated provider, OREA. They must also, within the two years of receiving their license, successfully complete three additional courses as part of their articling. Once they have completed their articling with an experienced broker and to retain their license, they must take 24 hours of approved Mandatory Continuing Education courses over every two year period in which they are licensed to trade in real estate.

Find out how to become a licensed practitioner

How a REALTOR® Helps

For a comprehensive step-by-step guide to selling or buying a home, you can visit How REALTORS® Help .

Financing
A REALTOR® knows about different financing options, has experience working with local lenders and can direct you to someone with financing that’s right for you.

Searching
Using the MLS® database, your REALTOR® will conduct a thorough search for properties that meet both your budget and your wants and needs.

Selecting
Your REALTOR® can help you make your final selection by providing objective information about each property and the area in which it is located and can help you answer two very important questions objectively:

Will the property meet all of my needs in a home?
Will I make money on my investment when I am ready to sell the property?

Negotiating
Some of the many, often confusing details that might need to be negotiated in drafting the final contract include price, financing, terms, date of possession, and the inclusion or exclusion of repairs, furnishings, fixtures, etc. A REALTOR® is a trained negotiator.

Closing
Your REALTOR® will see you through to this final stage, when all the papers are signed and the keys are in your hand.

What you can expect from your REALTOR®

A REALTOR® is someone who acts as a sales person for another in a real estate transaction. A sales representative can act for the buyer or for the seller – or, to a limited degree, for both. But no matter whom they represent, REALTORS® and their representatives are legally obligated to protect and promote the interests of their clients, as they would their own – an agency relationship entails very serious legal responsibilities. Specifically, a REALTOR® commits to:

Provide undivided loyalty. The REALTOR® must protect the client’s negotiating position at all times and disclose all known facts that may affect or influence the client’s decision.
Keep the confidences of the client.
Exercise reasonable care and skill in performing all assigned duties.
Be accountable for all money and property placed in the his/her hands while acting for the client.

Find out more about the agency relationship

Who Pays?

In most transactions, the REALTOR® will be paid from the proceeds of the sale. However, the listing agreement usually specifies the REALTOR®'s fee. Buyers & Sellers will ALWAYS be told - in writing – for whom a REALTOR® is working.

Finding the right REALTOR® for you

Select a REALTOR® with whom you can work comfortably.

Get referrals from family and friends.
Go to Open Houses in areas where you want to buy to meet some local REALTORS®.
If you are relocating to a new area, ask a REALTOR® you know to recommend a REALTOR® in that area.
Check the Yellow Pages or REALTOR.ca for real estate offices in your area.
Use the Find a REALTOR® tool on this web site.

Ten good reasons for using a REALTOR®:

1. Chances are your REALTOR® can get you a higher price for your property than if you tried to sell it yourself.

2. You will likely sell your home a lot faster when you use the services of a REALTOR®.

3. Listing your home for sale through a REALTOR® on the MLS® of London and St. Thomas Association of REALTORS® means that you will get the widest possible exposure for your home. MLS® is a cooperative marketing system designed to bring sellers and buyers together.

4. REALTORS® have the skills and resources to market your home effectively.

5. Your REALTOR® knows your neighbourhood. REALTORS® assess market conditions and property values on a daily basis.

6. Your REALTOR® has been educated on the complex laws and regulations in real estate and is trained to put together a legally binding contract.

7. Negotiating price is an art. Your REALTOR® will negotiate in order to get the best possible price for your home.

8. REALTORS® are on call and are usually available six or seven days a week to show your home.

9. Your REALTOR® is aware of the many options available for financing the sale and has the latest information on mortgages.

10. Moving up or down? Your REALTOR® can open the doors to over a thousand properties through MLS® and provide you with information on those properties that match your wants, needs and budget.

If you are serious about selling your home, use an expert. REALTORS® are real estate marketing specialists. Get the professional service you deserve.
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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.