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MLS Listing Form Clauses in Plain English

Easy to understand explanations for the legal clauses used on the MLS Listing Form.

1. TO

Your Listing is being signed with Century 21 Millennium Inc., Brokerage. Century 21 is your Agent and I am representing them to market and sell your home.

2. IN CONSIDERATION OF

This gives the address and legal description of your property.

3. I HEREBY IRREVOCABLY

The listing price and the expiration date of the listing is spelled out here on the contract.

4. IT IS UNDERSTOOD

The price is your decision, but you have had the benefit of my professional advice regarding the potential market value of your property.

5. FOR THE PURPOSE OF

A sale of your property would include an option or an exchange during the listing period as well as a normal sale.

6. I AGREE

The commission is spelled out here and is subject of GST, Commission is payable on the date set for closing if any offer is accepted during the listing. Commission may be deducted from any deposit monies held by my office. I must pay any cooperating broker out of what you pay me. I must keep their money safe in a trust account.

7. SHOULD

This is called the Holdover Clause. For 60 days beyond the expiration date of this listing agreement, anyone who is exposed to your home being for sale through my marketing who comes to you with a side deal to wait till after the listing expires; the commission would still be payable. Should you re-list after expiration of this listing with another broker at a lower commission, the difference would still be payable for a sale to a buyer who knew of your home during my listing period.

8. SHOULD

You agree to order your solicitor to forward any commission due out of the proceeds of the sale upon closing. This is an irrevocable direction which means, you will not reverse this order to your solicitor.

9. AGREEMENT CHANGE

If there are any special conditions, they would be written here.

10. I AGREE

During the listing period, anyone who inquires about your home should be referred to me. The Holdover Clause applies to these people as well.

11. I AGREE

You agree to allow showing at reasonable times and will allow only Century 21 Millennium Inc., Brokerage to place a for Sale sign on your property.

12. I WARRANT

You promise and guarantee that you have authority to list and sell this property. You also promise that you have informed me of any monies owing or other clouds on title. You promise to not further mortgage or encumber the property during the listing period without notifying me.