My partner and I are separating and want to sell our home. We can’t agree on the salesperson. Can we use different agents?
With Valentine’s Day just around the corner, you might expect a more romantic theme for this week’s column. But if reality television shows like The Bachelorette have taught us anything, it’s that sometimes relationships don’t work out.
The separation of assets can be tricky, and selling a home is no exception. Your home is probably the most valuable asset you will carry in a lifetime, so it’s up to you and your partner to determine the best course of action to take to get your home sold.
There are two options you can take if you can’t decide on one representative to work with.
The first option is working with more than one brokerage to list your home, otherwise known as a co-brokerage agreement or sometimes referred to as a co-listing agreement.
Keep in mind that not all brokerages will consent to a co-brokerage agreement, but if they do, the two brokerages would divide their services — including commission — between themselves. Be sure that the respective services and total commission you have agreed to pay has been clearly written into the agreement, including the split between the two listing brokerages, whatever it may be.
However, co-brokerage agreements can be complicated because of a blending of services and higher commission costs. Determine ahead of time with each representing brokerage what services they provide, and make sure the price point for those services will be reasonable for you and your partner.
Remember that real-estate professionals are required to put in writing the details of any arrangement concerning a sale or purchase of property. Determine which brokerage will be responsible for a specific service. For example, perhaps one brokerage will arrange the showings for the home while the other will register the listing on an online listing service, like realtor.ca.
It is important to read and understand everything before you sign — don’t be afraid to ask questions. A real-estate lawyer is another great asset to provide expert advice, and to help inform you of your options and rights. You may also want to consider separate legal representation.
Another option you could take is working with two representatives from the same brokerage. On the outside, this will look like a typical sale, and may be the best way to showcase your home to potential buyers.
With both options, it’s important to remember that the basic steps to selling a home don’t change, regardless of your situation. Be up front and establish clear expectations for how the sale will be handled, and determine which services will be provided by whom.
It’s important that these questions, including discussions on commissions and fees, be addressed early in the process, and any agreements made verbally should be put in writing so there are no surprises when the sale closes.
And for the happy couples reading this, we wish you a very happy Valentine’s Day.
Joseph Richer is registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real-estate professionals in Ontario. Email questions to askjoe@reco.on.ca . Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/RECOhelps .
Joseph Richer is registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real-estate professionals in Ontario. Email questions to askjoe@reco.on.ca . Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/RECOhelps .
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