If you’re considering selling your home in Calgary, it’s important to know your rights as there may be some aspects of the process that you are unaware of. Having a solid understanding of your rights as a seller can help ease the stress of selling your home. Here are some guidelines for selling your property in Calgary.
Your Relationship with the Brokerage
According to RECA (Real Estate Council Alberta), there are three different types of relationships you can have with a real estate agent or a brokerage. A ‘common law agency relationship’ means that the brokerage as a whole – and every agent within it – is acting as your agent. A ‘designated agency relationship’ is when a specific individual real estate agent is acting on your behalf. In both these types of relationships, the agent has the highest level of legal responsibility to protect you and your rights. The third type of relationship is when you are a customer to a real estate professional. This is usually when either you are representing yourself in a sale or can be the relationship you have with the agent who is working on behalf of the seller.
Written Services Agreement
In Alberta, an agent and client must complete a written services agreement document, outlining the terms of the relationship. As a seller, you have the right to negotiate the terms of this agreement, including the duration of the agreement, fees, clauses for early termination, and whether it is exclusive or non-exclusive – meaning whether you will use the services of other brokerages as well.
RMS and Property Sizing
You are not required to include the property size in your listing, however, it is generally recommended. Alberta uses a Residential Measurement Standard (RMS) for residential properties, which specifies which parts of a property can be included in its measured area. The RMS size of a home includes only above-grade level areas (no basements) that adhere to certain standards. You have the right to include the measurements of these excluded areas in your listing as additional information, as these can increase the value of your home.
A property is considered ‘stigmatized’ if it has some quality or history that may make it less appealing to buyers but is not related to the physical condition of the property (i.e.: not considered a latent defect). This can include things like if a death occurred in the home or if the home was the scene of a crime. You are not required to disclose these issues to potential buyers and you have the right to refuse to answer any questions regarding possible stigma.
If you receive multiple offers on your home, you are not required to disclose the situation to potential buyers, and your real estate agent must not disclose the multiple offer situation without your consent. Your agent can help you decide whether it is the best decision to disclose this or not to buyers.
Want to learn more about the process of selling a property? Contact one of our licensed and highly-experienced real estate agents in Calgary, and let us prepare you for your next move.