Representation Series - Listing Agreement Seller Representation (MLS & Exclusive) Form 200
In this episode I explain the new legislation, TRESA (Trust in Real Estate Services Act), which aims to provide greater transparency in real estate transactions. I go into detail regarding the major sections of the RECO Information Guide which is now 11 pages long and provides detailed information about agency and consumer expectations. I then focus on the Tenant Representation Agreement - Form 346, explaining its components, including the name of the Brokerage, the designated representative, the start and expiry dates, and the property type. I also discuss the commission structure, the relationship between the tenant and the brokerage, and the concept of multiple representation. Finally, I mention the use and distribution of personal information and the declaration of insurance.
Form 200 is a contract between a Seller and a real estate company & designated representative that gives the real estate company permission to act on
the Seller’s behalf when they offer their home for sale in the open market. A written agreement is necessary in order to secure commission and to ensure compliance with the Trust in Real Estate Services Act, 2002 and its Regulations.
The 2nd section of the Agreement identifies the parties involved and specifies the time period for the contract. The Trust in Real Estate Services
Act, 2002 and the Real Estate Council of Ontario require that the Seller(s) initial in the oval beside the bracket.
COMMISSION: An important section of the Agreement as it sets out fee that will be paid to real estate company. It also authorizes the real estate company to co-operate with any other real estate companies in order to sell the property. This section details how the commission paid to the Listing real estate company will be shared with the co-operating real estate company. In addition there is a period after the expiry of the Agreement where the real estate company would be entitled to commission if the Buyer was introduced to or shown the
property during the contract period. This is the "holdover period".
YouTube Video - Representation Series - Listing Agr Seller Rep
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