Multiple Listing Contract

A Multiple Listing differs from an Exclusive Listing only in that the listing agent agrees to register your home in a Multiple Listing Service (MLS®) so that its availability is made known to all real estate licensees who are members of our Victoria Real Estate Board.

One of two common listing contracts in BC, the MLC is used when a seller engages a Realtor to list their property on the Multiple Listing Service (MLS). The MLC outlines the professional relationship between the Seller, the Seller’s Realtor, and the Seller’s Realtor’s Brokerage and also outlines the terms of the listing and agreement. Sellers will have another way to help them better understand the Multiple Listing Contract and the terms and obligations of all parties. Everyone is better protected when they know their right and responsibilities.

We will review:

Basic listing terms;
Services to be provided by the Seller’s Realtor’s Brokerage;
Remuneration agreements;

BASIC LISTING TERMS

The Listing Contract legally defines your arrangement with the brokerage and, in accordance with the Real Estate Rules, it must contain:

your name and the name of the brokerage that you have chosen to work with;
the address of the property you are selling;
the effective date of the agreement;
the date the agreement expires;
a general description of services to be provided by the brokerage;
the remuneration to be paid under the agreement and the circumstances in which it will be payable;
a provision respecting the use and disclosure of personal information.

In British Columbia, the two most common types of listing agreements are: Each type of listing lasts only for the time period that is specified in the agreement. An Exclusive Listing gives the listing agent the sole right to sell the property.

Discuss your objectives with your real estate professional before deciding which type of Listing Contract will best suit your needs.

SERVICES TO BE PROVIDED BY THE SELLERS REALTORS BROKERAGE

REMUNERATION AGREEMENTS

A Multiple Listing is a form of exclusive listing which differs from the previous example only in that the seller’s brokerage agrees to register your home in a Multiple Listing Service (MLS®) so that its availability is made known to all real estate professionals who are members of the local real estate board.

In this case, the seller’s brokerage agrees to share a specified amount of the commission with any other member of the real estate board who is able to find a buyer for your home.