QUOTE (RedlineBrett @ Jul 24 2008, 06:55 AM) In Alberta you can protect yourself here by using an `exclusion` clause. This means that if the property sells to someone that you name and put in writing on the listing contract then `such and such` a commission structure will take place.
No, again, you are agreeing to a price to sell your home. This is the number you should expect to pay unless there is a special circumstance that you can identify PRIOR TO LISTING that you wish to address with your agent. The municipality could be asking your agent dozens of questions, want to view the place a number of times, ask for referrals to other people etc. If your agent brings them to the point of offering they have effectively done the job of both agents and deserve both cheques.
It is up to your agent to explain to you how they will be compensated and also how they will be serving your best interests from beginning to end. But you are selling YOUR asset, so as the owner you certainly have the responsibility to make sure you understand everything before signing a listing contract!
Brett, thank you so much for your helpful responses!
Prior to the listing we informed the agent of the Municipality`s interest in the property, wondering if they had some sort of `right of first refusal`. At that point the agent asked for and got a listing agreement with regular commission. The agent said nothing of an exclusion clause. Is that negligence on the agent`s part or is the omission our fault for not being aware of such a clause? We understood what was in the listing agreement but obviously did not understand what was omitted...
Once the agent confirmed the Municipality`s interest, with no right of first refusal, the agent promoted the Municipality`s offer to purchase at a professionally appraised price. If the Municipality uses no agent, must our agent get a dual agency agreement signed by us? Is this omission negligence as well?
Thanks again.
No, again, you are agreeing to a price to sell your home. This is the number you should expect to pay unless there is a special circumstance that you can identify PRIOR TO LISTING that you wish to address with your agent. The municipality could be asking your agent dozens of questions, want to view the place a number of times, ask for referrals to other people etc. If your agent brings them to the point of offering they have effectively done the job of both agents and deserve both cheques.
It is up to your agent to explain to you how they will be compensated and also how they will be serving your best interests from beginning to end. But you are selling YOUR asset, so as the owner you certainly have the responsibility to make sure you understand everything before signing a listing contract!
Brett, thank you so much for your helpful responses!
Prior to the listing we informed the agent of the Municipality`s interest in the property, wondering if they had some sort of `right of first refusal`. At that point the agent asked for and got a listing agreement with regular commission. The agent said nothing of an exclusion clause. Is that negligence on the agent`s part or is the omission our fault for not being aware of such a clause? We understood what was in the listing agreement but obviously did not understand what was omitted...
Once the agent confirmed the Municipality`s interest, with no right of first refusal, the agent promoted the Municipality`s offer to purchase at a professionally appraised price. If the Municipality uses no agent, must our agent get a dual agency agreement signed by us? Is this omission negligence as well?
Thanks again.