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What Is Involved

Often when somebody is looking to engage the services of a Realtor to sell their home, they focus on 2 details – what’s the commission the Realtor charges and what’s the highest price they can list.  It’s my job as your Realtor to also explain some of the finer details in marketing a property for sale.  These include:

1.) Act in your best interests –  This is a fiduciary duty I owe to you as my client. It allows me to be your Designated Agent in the transaction, working only for you.

2.) The term of the Listing Agreement and release or termination options – Every listing contract has an expiry date.  This is the date the marketing stops on the property.  If priced correctly for the market and marketed for sale versus just listing it for sale, your listing should sell.  If you are unable to list to the full term of the listing, we can cancel the listing.

3.) Market Analysis – We will discuss comparable listed properties, recent sales and current market trends. We will take into consideration your timeline and motivation for moving to determine the proper value of your home and the right time to list.

4.) Cooperating Brokerage – Engel & Völkers Whistler is a cooperating brokerage which means Buyer agents from other companies can submit their offers to me.  The commission you pay me to sell your home will be shared with the Buyer’s Agent.

5.) Reciprocity – Engel & Völkers Whistler is a full Multiple Listing Service (MLS) and Whistler Listing Service reciprocity member. This means we allow your listing to be shared on other Reciprocity Broker and agent websites. We feel it’s better to have your property available to all Buyers on the greatest number of sites and not just limit your listing to one or two. This includes exposure to potential Buyers both locally, regionally and internationally.

6.) When Commission is due – Commission is due once you enter into a legally enforceable or unconditional Contract of Purchase & Sale. Commission is also due when a Buyer who was introduced to the listing during the listing term, purchases the property within 60 days of the listing termination.

7.) How much Commission is due – We will determine the commission that would be paid on the list price.  When a offer comes in I will send you a Disclosure of Sellers Expected Remuneration form that details how much commission you will pay based on that offer price.  The Goods & Services Tax (GST) will be charged on top of the commission.

Non Resident Sellers

If you are a non resident of Canada who is considering listing your Whistler property for sale, there are legal and accounting issues that arise that should be discussed with your Lawyer and Accountant.

The Income Tax Act of Canada stipulates that non resident sellers must report their property sale to the Canadian Revenue Agency within 10 days of the completion of the transaction. Any person purchasing Canadian real estate from a non resident has an obligation to withhold and remit to the Canadian Revenue Agency (CRA) a minimum of 25% of the gross sale proceeds with respect to the purchase. A purchaser who fails to withhold the applicable tax amount can be liable for it. This is especially important if you are clearing a Mortgage.  If you are carrying a large Mortgage, after withhold, there may not be enough funds available to clear the Mortgage off Title.

The withholding tax requirements can be reduced or eliminated if the seller obtains a “Certificate of Compliance” or Clearance Certificate from CRA on a timely basis. The certificate certifies that a certain amount of money payable for the taxes. The amount owing is deducted from the sale proceeds and sent to CRA by the vendor. As the certificate is required on the closing date, it should be applied for in advance of the closing once all subjects have been removed. The typical wait time for a Clearance Certificate is usually around 6 – 8 weeks but can take up to 16 weeks.

More information can be found at the Canada Revenue Agency website: Disposing of or acquiring certain Canadian property

***Please note: The above information is for reference purposes only and does not constitute professional advice. For more information please consult legal and accounting professionals as appropriate. For a list of Lawyers and accountants who can assist on the topic of Non residents selling Whistler real estate, please visit my Recommended Professionals on the Resources page.

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