Mary Davidson Real Estate, Wasaga Beach
- Real Estate Info > FAQs


Frequently Asked Questions:

What is the commission rate?

There is no set rate for commission. Be sure to ask your real estate agent what rate he/she charges and what services and marketing is included.

What is Market Value?

The most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming the price is not effected by undue duress.

What is a Comparative Market Analysis?

The Comparative Market Analysis uses the Direct Comparison Approach to Value in appraisal analysis which is based on the proposition that an informed purchaser would pay no more for a property than the cost of aquiring an existing property with the same utitility. The direct comparision approach is applicable when an active market provides sufficient quantities of reliable data which can be verified from authoritative sources.

What is a VPIS or Vendor Property Information Statement?

The "Vendor Property Information Statement" is a checklist of questions developed to assist Vendors and Purchasers in communicating necessary details regarding a property to be bought or sold. At the time of listing a property, a Vendor will be asked to answer questions on the form regarding their property with "No", "Yes", "Unknown", or "Not Applicable to This Property". There is also a space for the Vendor to add details or explanations as desired. This Statement is designed to protect ALL persons involved in real estate transactions. The objective is to encourage full and clear communication so that Purchasers and Vendors share information about the property being sold and bought. Lawsuits are expensive and frequently result from misunderstanding, a communication problem, or lack of information. We want to protect both Purchasers and Vendors in this area. The Statement is placed in the listing file and given to Purchasers who view the property if they request it. It should be attached as an Appendix to any offer which is presented as evidence of the Vendor's full disclosure of all details relevant to a property.

What does it mean to "sign under seal"?

The law binds someone to their promise if they sign under seal. It adds formality to the contract process and verifies that the parties are committed to what they are signing.

What is a Purchaser Agency Agreement?

The Purchaser Agency Agreement creates an express agreement between purchaser and brokerage. As with the listing agreement, there are important provisions and requirements that underscore the fiduciary relationship being established. The agency relationship, be it buyer or seller agency, is fundamental. Once established, duties of good faith and full disclosure, obedience, comptetence, and full accounting are owed to the purchaser. In dealing with other parties (e.g., the seller), the agent owes duties of honesty, fairness, and due care when answering questions.

What is an Agency Disclosure Brochure?

This brochure is designed for ititial disclosure of agency to both buyer and seller along with an acknowledgement. To see an example of "Working With a Realtor: Agency Disclosure To Be Given At The Beginning Of A Relationship".