Everything must have a basis on which it is built. The MLS service is no different as it too has its block on which it is built. This is what guides and informs all decisions made in all matters pertaining to the MLS listings. A foundation of which it in the case of crisis and conflicts, people can refer to the pillars holding the service together and be able to make decisions that can balance the tip on the scale.The MLS listing foundation is a clear statement that offers guidance on matters pertaining to the different types of listings allowed to be made on the MLS service and what the policies, rules, and regulations for these listings are. Discipline in respecting and upholding the pillars that the MLS listing service stands on has seen to the remarkable of the real estate industry that is now the most lucrative business in Toronto. They include:
This is where a real estate broker will act on behalf of the seller. The seller and the broker enter into an agreement where the seller is to pay a percentage commission when the property is sold. An open listing is a contact between the seller and the broker. When the agreement is signed, the broker becomes the official legal representative of the seller.
If the seller enlists the service of a broker then ends up finding a buyer for themselves, the broker does not get the commission that was agreed on. The commission is only applicable if the broker is the one responsible for finding a buyer and closing the sale.
In an agency listing, the real estate broker acts as a representative of the seller, but the seller gives the commission to any broker who sells the property for them. This means that the broker is not the only one responsible for the sale of the property.
Just like in an open listing, the commission is kept by the seller if the property is sold through the efforts of the seller.
Right to sell listing
The seller who looks to sell their property enlists the services of a real estate broker to act as their representative on the sale. A formal contract is signed, and both parties agree to the terms. Whether the seller can find a buyer by themselves or that anyone else besides the broker gets to sell the property, the seller is still obligated to pay the agreed on a commission to the broker who was representing the property.
These are some of the pillars that are clearly stated so that all parties involved in any transaction are able to understand the kind of contract they are getting themselves in to. The main aim of these foundations is to ensure that the MLS system is able to achieve what it was founded to do. The MLS listing service is founded on:
All the undertakings of MLS are clearly stated and displayed for all parties to be able to see, read and understand all aspects of the service. MLS listing Toronto is built on ensuring that all information related to the sellers and buyers from their real estate agents and brokers is accurate and reliable. This is why the MLS service is insistent on formal contracts that ensure all transactions are transparent and can be referred to in future and confirmed.
All transactions carried out by MLS are legal, they abide by all legal requirements by states, municipals and even by the legal standard of any seller or buyer. Legality of services is ensured by having the services of lawyers in all transactions. This ensures that before anyone enters into a legally binding contract, they clearly understand the terms stated in the agreement and they agree to these terms in the presence of their legal counsel.
All services offered by MLS listings are properly licensed and insured to protect both users and the system. This ensures that in a case of conflicts and confusion, the legal documents can be presented to a court of law and help in a speedy resolution of the dispute.
The MLS listing service is a free service and is built to serve. It serves a number of different parties:
Real estate agents and brokers
The MLS system is a platform that allows real estate agents and brokers to interact with each other, network and grow themselves and their careers. Through the MLS listing service, the work of agents and brokers had been greatly simplified.
Buyers and sellers
Using the MLS service has proven to be over ten times faster than the use of lawn and newspaper ads. The MLS service serves buyers in that they are able to get exactly what they are looking for within the shortest time. The sellers are able to market their property to a larger market and get buyers faster and easily.
Real estate industry
In as much as the growth of MLS listing can be attributed to the growth in the real estate industry and technological advancements, the growth of the real estate industry can also be directly attributed to the MLS listing service. The MLS has made everything easier, the tedious process of purchasing and selling real estate have been simplified leading to the continued expansion of the real estate industry. This has attracted more investors into real estate and even more, people are demanding to be allowed the use of the MLS listing system.