Electronically Signing Terms of Use Agreement Made Easy

Digital signature shareholders agreement

hi folks daryl murphy here your neighborhood realtor thank you for joining me again today today's video will be another in the series of videos that i'm calling what the heck am i signing in this series of videos i walk you through all the most common documents that you can expect to encounter as a buyer or seller of real estate here in ontario it's unavoidable whether you work with me or you work with any other real estate professional you'll be asked to fill out and to sign any number of legal documents as you go through the process of either buying or selling real estate and it's important to me as i'm sure it's important to you that you understand which what each of those documents is saying and what you might be committing yourself to by signing them [Music] this video will cover the listing agreement seller representation agreement authority to offer for sale that is form 200. this document is used to set out the details of the agreement between a prospective seller and his or her realtor in the very first section of the form the seller identifies the type of listing she is entering into either a multiple listing service agreement one that is listed in the mls systems like realtor.ca available to the general public or an exclusive listing that requires prospective buyers to contact the listing realtor for information related to the listing the seller indicates the type of listing they are agreeing to by initialing the appropriate field the next section of the form identifies the parties involved the property and all the basic details of the listing agreement the brokerage and contact information is identified first followed by the seller and the address of the property being sold at this point it's worth noting that when the seller enters into a representation agreement he or she is in fact entering into an agreement with a brokerage and not strictly speaking with an individual realtor that way if there were any friction to arise between the client and the realtor the client would have the option of working with any of the other realtors within the brokerage in the next section the parties stipulate the start and end dates of the agreement and if the listing agreement is longer than six months the text that follows explains that the seller must give special consent by initialing the acknowledgement the next section stipulates the listing price of the property next the seller states that he or she has not already signed a listing agreement that commits him or her to working with another realtor by initialing the acknowledgement the rest of the form includes 16 standard clauses clause 1 sets out the standard definitions applicable to the agreement defining among other things the seller as the person or persons selling or leasing a property and the buyer is the purchaser of the property or the person entering into a lease of the property the next clause stipulates that in exchange for the services rendered by the realtor the brokerage is entitled to compensation in the form of commission this clause states clearly that the seller agrees to pay the agreed-upon commission in this section the seller and the realtor indicate the total commission agreed upon there are options for either a percentage or a flat dollar amount either the two options are acceptable but it is not legal for the agreement to include a commission scheme that involves both a percentage and a flat amount the clause then continues to indicate the portion of the commission that will be paid to the brokerage representing the buyer here again there are options for a percentage and a flat dollar amount the seller also gives permission to this to the seller's brokerage to pay the buyers brokerage the agreed upon amount finally the clause includes a section in which both parties agree that if after the listening agreement expires the seller ends up selling the property to a buyer who is introduced to the property during the term of the agreement and within an agreed-upon period of time the listing brokerage is entitled to be paid the commission clause number three refers to the working with a realtor form and requires the seller to acknowledge that the realtor has explained to her the different types of relationships they might enter into that is either a client or a customer relationship you can check out my videos that break down the working with a realtor form and the client and customer relationships this clause also elaborates upon the realtor's obligations in the event that a multiple representation situation were to arise now there are a number of circumstances that are considered multiple representations and those include cases where a the same realtor represents both the buyer and the seller of a property b the same realtor represents one or more buyers making offers on the same property c the same brokerage but different realtors represent both the buyer and the seller of a property or d the same brokerage but different realtors represent one or more buyers making offers on the same property this clause obligates the realtor to inform the consumer if one of these circumstances arises as soon as possible this clause also explains that when the circumstance does occur there are five specific things the realtor is not permitted to disclose and that is to disclose to either party that they may represent those things include one unless the seller states otherwise in writing the realtor cannot disclose if the seller is willing to accept less than the asking price of the property two unless the buyer states otherwise in writing the realtor cannot disclose if the buyer is willing to pay more than the offered price three unless the seller or buyer states otherwise in writing the realtor cannot disclose the motivations of the consumer they're representing four the price the buyer should offer or the price the seller should accept in other words any decision to offer or accept a price for a property must be the decision of the consumer and finally five the realtor cannot disclose the terms of any other offer to purchase in clause 4 the buyer acknowledges that the brokerage may receive a finder's fee in addition to the commission clause 5 explains that the realtor is obligated to work through their brokerage notifying them of any agreements or offers submitted to or on behalf of the consumer they're representing in clause 6 the seller give gives permission to the realtor to market the property including the exclusive rights to post a for sale signed and later a sold sign on the property to show the property to prospective buyers and facilitate other realtors to show the property to prospective buyers in clause 7 the seller states that she has the exclusive legal right to offer the property for sale and that she has communicated to the brokerage any other claims that might exist against the property like a mortgage or a lien in clause 8 the seller is agreeing that neither the listing brokerage nor any other brokerage involved in the sale of the property will be held liable for loss or damage to the property or its contents that may occur during the term of the agreement the seller is also stating that the property is insured and in the event that the seller is sued for damages relating to personal injury occurring on the property neither the listing brokerage nor any other brokerage involved in the sale of the property will be held liable with clause 9 the seller is stating that he or she does not require permission from their spouse to sell the property in the event that a spouse's consent is required to sell the property the spouse will be required to sign and date the spousal consent section on the bottom of the form clause 10 gives the listing brokerage permission to collect and verify information relevant to the listing and the sale of the property clause 11 gives permission to the brokerage to collect the seller's personal information as it relates to the sale of the property and to distribute the information for the purposes of marketing and finalizing the sale the clause makes clear that the brokerage is permitted to distribute the information through the mls system and that the data contained in the system may be sold to third parties finally in this clause the seller agrees that the brokerage is not liable for any loss or damage that might result from the distribution of this information this clause is followed by a section in which the seller indicates if she gives permission to other brokerages to contact them in the event that the listing agreement expires or is otherwise terminated without a finalized sale the seller indicates that they do or do not give this consent by initialing the appropriate field clause 12 requires that in the event the seller were to pass away the executor or executrix of the seller's will must fulfill the obligations of this agreement clause 13 explains that if anything is added to the agreement by the addition of a schedule like what might be added in clause 16 and if that additional part contradicts any of the standard parts of the agreement then the additional parts take precedence in other words if the seller and realtor add something in writing to the agreement and it does not agree with any of the clauses explained so far the new additional part takes the place of the standard clause in clause 14 and 15 the seller and the realtor agreed to exchange information and documents electronically for example by email and to sign documents electronically these clauses are included in the standard form however if the consumer is not comfortable with exchanging information by email or exchanging digital signatures the realtor should use conventional means to do so the last clause number 16 identifies any additional parts of the agreement if there are any just like in the buyer's representation agreement and the agreement of purchase and sale this form allows for the realtor and her client to add or augment the standard agreement by adding pages by adding pages to it in the form of schedules this is where those pages will be listed the document then contains a statement on behalf of the brokerage agreeing to market the property on behalf of the seller and to work to secure an offer to the to purchase the property that is satisfactory to the seller the acceptance of this agreement is indicated by the realtor who signs and dates the agreement on behalf of the brokerage the document then asks the seller to acknowledge that they have read and understood the agreement and to indicate their agreement by signing and dating the document this is followed by a section where the spouse of the seller if any would sign giving their consent to sell the property in the next section of the document the realtor declares that she holds the proper insurance required to trade in real estate one last signature is required from the seller acknowledging that they have received a copy of the fully executed agreement that is a copy that is signed by everyone finally as is the case with most of the real estate forms we've looked at each page is to be initialed if it does not already include a signature thanks again for watching my video i'm sure you found it informative and if you did feel free to check out the other videos in this series and of course the rest of the videos on my channel and if you did find these videos helpful and informative please be sure to hit the subscribe button and also feel free to share these videos with your friends more importantly though if you have any questions about what you've just seen or questions regarding real estate in general please don't hesitate to reach out to me my contact information will appear on the screen