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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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Before You Sign a Listing Agreement to Sell Your Vancouver Condo

Vancouver Condo Real Estate Video Blog #309 - May 4, 2009

Before You Sign a Listing Agreement to Sell Your Vancouver Condo

Ian Watt video blogs about another new client who didn't understand the difference between a Cancellation of the MLS listing and an Unconditional release. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt : Hi good afternoon. It's Ian Watt in Downtown Vancouver. I have a client who is not from Canada and he was trying to sell his properties with another realtor before. Didn't work out. He contacted me we tried to list up the properties. We found out that the properties are still under contract with the other brokerage. Now, I got to explain. If you are listing your property okay, there are two different types of cancellation that you can have. One is the cancellation which means its no longer in the MLS but it still attached to that brokerage or there's an unconditional release means you can do whatever you want. So with the cancellation you can't release it until the expired time has come about. So what the problem is this guy obviously he's not from Canada so he didn't know the system and he had a cancellation. But he didn't realize he needed an unconditional release. The other realtor will release it, again this is the second time this has happened to me in a little while if I pay the money or if my seller pays the money. So that's a bit of a problem because my seller doesn't want to because he feels like he's been tricked just cause he didn't understand the system. So if you are going to list up a property your property for sale with a realtor make sure they write in the schedule in the back which I always do it says the seller may cancel with an unconditional release at any date. Put that into the contract when you're signing the listing agreement. Then you won't have a problem. But it's the unconditional release what you need if you want to get out of the contract not a cancellation. So before you have this problem write it into your listing agreement. Then you'll never have this problem in the future. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca Thank you very much and have a great day!