Questions about selling your home

Home Sellers’ FAQs

1. Can I cancel my listing at any time?
   No. The Listing Contract is between you and the Brokerage and is intended to create legal and binding obligations on both parties. If you have concerns, they should be discussed with your Realtor or their Broker.
2. After my listing expires, how long do I have to wait until I can sell my house?
   You can sell at any time but you may still have to pay commission. Please check with your Realtor to clarify any “holdover” clause in your listing contract.
3. If I find my own buyer during the listing, do I only pay half the commission?
   You pay the commission agreed to in your Listing Contract.
4. What is the commission rate?
   Commission rates are negotiated at the time the Listing Contract is signed.
5. Do I have to pay GST when I sell my home?
   Not on private previously-owned primary residential property. All other types, please contact Revenue Canada. Note: there will be GST on any goods and services that you buy/employ in relation to your sale.
6. What is MLS®?
   The Multiple Listing Service®, a co-operative real estate listing service used by Realtors. It is a computer based information network combining current market information with historical data. In the Toronto area, MLS® provides over 24,000 Realtors with up-to-the-minute market information seven days a week, 24 hours a day.
7. If I get an offer I don’t like, do I have to counter it?
   No. You have the choice of accepting, rejecting or making a counter-offer.
8. Do I have to use a lawyer?
   In Ontario, only a member of the Law Society of Upper Canada can register a change in title.
9. If the buyer does not remove his conditions, who gets the deposit?
   If the buyer has not otherwise breached the contract, the buyer usually gets it all. Check with your Realtor or lawyer regarding the specifics of your contract.
10. If the buyer does not “complete” the transaction after removing conditions, who gets the deposit?
    If you have not otherwise breached the contract, you usually get it all as liquidated damages. Check with your Realtor or lawyer regarding the specifics of your contract. Based on your listing contract, you may be required to split any forfeited deposit with your brokerage.

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