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WHAT IS MLS®?

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The Multiple Listing Service® is a co-operative marketing system that maximizes exposure of properties for sale. It is a central registry of properties used by REALTORS® to match buyers with properties for sale. Most homes sold in Canada are sold via the MLS® systems operated by real estate boards across the country.

The MLS® system includes a sophisticated computer database of properties indexed by price, location, type of home, number of bedrooms, amenities and so forth.

The Toronto MLS® system maintains information on between _______________ active listings of property for sale in the greater Toronto area, and typically receives 500 new listings every day. Listings range from undeveloped lots to business opportunities or special properties. Listings are updated throughout the day.

Why does it work?

The strength of the MLS® system rests in the quality and accuracy of the information. Government, economists, financial institutions, appraisers and others all rely on MLS® data. This is because REALTORS® who submit the listing information, and MLS® staff at real estate boards who conduct quality control, are trained and educated in the complexities of real estate.

REALTORS® know how to describe a property accurately and what information must be disclosed in an MLS® listing. For instance, if there is a restriction on the use of a property, something called an easement, this information must appear in the MLS® listing.

Also, the MLS® connects buyers and sellers. If the MLS® system did not exist, sellers would have to choose an individual real estate brokerage to list their home and only that brokerage would have the information about it and the ability to show and sell it. If the MLS® system did not exist, buyers would have to go from REALTOR® to REALTOR® to view the listings of each individual brokerage.

Many alternate systems and services exist to buy and sell homes and they all compete for customers. The MLS® is the REALTOR® option.

How does MLS® benefit consumers?

A large part of the REALTORS® job lies in finding properties that meet a buyer’s needs. Using the MLS®, a REALTOR® can search the database for homes that suit budgets, location preferences and family requirements, and quickly put together a short list of suitable homes. This way a buyer can decide what home they want to see, what their options are and what types of properties the market has to offer.

For sellers, the MLS®, matches your property with as many qualified, motivated buyers as possible. The MLS® exposes your property to people most likely to purchase it and makes sure you won’t waste your time showing your home to those who are not truly interested. When you make the decision to sell ensure you ask your REALTOR® about an MLS® listing. The MLS® will ensure wide exposure of your home to a broad range of interested people.

What about REALTOR.ca?

The public website www.realtor.ca is not the MLS® system. Local MLS® systems are owned and operated by local real estate boards, for use by REALTORS®. Realtor.ca is an advertising vehicle that gives consumers direct access to information about MLS® listings. The website is provided by REALTORS® across Canada to help market properties on behalf of their clients. The home listing information on www.realtor.ca streams from the MLS® but does not contain the full collection of information on the system.

How to inform a good home buying decision.

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If you are interested in making an offer on a property, you should consider the questions and concerns to be investigated. Don’t simply rely on the seller or your agent to tell you things you should know.

Here is a partial list of items that help to inform good home buying decision:

Property disclosures or sellers indormation

Deed restrictions, rights-of-way or easements that might affect the property.

A boundary survey, If a boundary survey if one is available. Not all “surveys” are boundary surveys. I one is not available it should be requested as a condition of purchase,

The zoning of the property and a copy of the zoning by-law plus any other restrictions that might affect the property

A carefull market analysis of recent sales and ‘off-markets’ in the area

Price reductions and how long property has been on the market

Curent and proposed PropertyTaxes

Proposed developments or changes in the neighborhood.

Availabity and quality of schools and other neighbour amenities you might need.

There is cosiderable information that is not available through public sources such as reports from MPAC school boards.

Inspections to consider, such as the home inspection, septic inspection, water and air quality testing,etc.
Inspections can be costly, so inform yourself about their nature and scope before including them in an offer.

You can also inform yourself by simply asking the seller questions. The right questions will help you to envision the pros and cons of living in a specific property and decide whether this is truly the right property for you.

The best time to avoid home buying mistakes or regrets is before to make any comittments.

Rely on Authentic Information Only

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The number one rule of the real estate agency business …
it’s all about the deal. The listing agent, the buyer’s agent, the lender or mortgage broker, the lawyers, the seller…all of these people only get paid if the buyer buys! Everyone involved wants the deal to happen so they can get paid and they want to deal to happen as quickly as possible.

Remember this and you will be ahead of the game. And it is a game. The buyer has all of the control, but very few buyers know it. Ultimately, you count on a Realtor to know the true value of a property but very few of them realy do … or if they do, tell you. Realtors are paid a percentage of the selling price … so the higher the price the better.

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