When you are selling your home, your broker or salesperson will ask you to sign a listing agreement. The listing agreement is the contract between you and the brokerage that permits them to market and sell your home. These agreements should be in writing in order to protect the interest of all parties.
To protect the interests of all involved, agreements should be in writing. In fact, the Code of Ethics Regulation under the Real Estate and Business Brokers Act, 2002, contains a number of provisions specifically related to agreements.
An agreement must indicate the date it will take effect and the date it will expire. The agreement must describe the services that will be provided to you by the brokerage and provide information related to the amount of commission or other fees payable to the brokerage as well as how these amounts will be paid to the brokerage. Consumers should be aware that commissions and other remuneration are not set or fixed by RECO, government authorities, real estate associations or real estate boards.
– Source: The Real Estate Council of Ontario (RECO)