Services provided to seller as client
Upon signing a listing contract with the seller wishing to sell the real estate, the brokerage attempts to earn a commission by finding a buyer for the sellers' property for highest possible price on the best terms for the seller. In Canada, most provinces' laws require the real estate agent to forward all written offers to the seller for consideration or review.
To help accomplish this goal of finding buyers, a real estate agency commonly does the following:
- Listing the property for sale to the public, often on a Multiple Listing Service, in addition to any other methods.
- Based on the law in several states, providing the seller with a real property condition disclosure form, and other forms that may be needed.
- Preparing necessary papers describing the property for advertising, pamphlets, open houses, etc.
- Generally placing a "For Sale" sign on the property indicating how to contact the real estate office and agent.
- Advertising the property. Advertising is often the biggest outside expense in listing a property.
- In some cases, holding an Open house to show the property.
- Being a contact person available to answer any questions about the property and to schedule showing appointments
- Ensuring buyers are prescreened so that they are financially qualified to buy the property; the more highly financially qualified the buyer is, the more likely the closing will succeed.
- Negotiating price on behalf of the sellers. The seller's agent acts as a fiduciary for the seller. This may involve preparing a standard real estate purchase contract by filling in the blanks in the contract form.
- In some cases, holding an earnest payment cheque in escrow from the buyer(s) until the closing. In many states, the closing is the meeting between the buyer and seller where the property is transferred and the title is conveyed by a deed. In other states, especially those in the West, closings take place during a defined escrow period when buyers and sellers each sign the appropriate papers transferring title, but do not meet each other.
