A move that has been made by the Consumer Services Minister in Ontario means that sellers will be able to enjoy an increased level of protection when selling their property. Under the new regulations, phantom bids on properties could be stamped out, as bids will need to be provided in writing rather than just on a verbal basis. —
Another part of the real estate market shake up will see sellers benefiting from greater flexibility with regards to the services that they have to pay for from realtors. This means that when it comes to dealings in real estate, Mississauga sellers and those selling homes in other parts of Ontario could save money on the cost of the sale. Selling real estate in Oakville and other areas around Ontario could also work out cheaper because sellers will be able to tailor the services that they want and pay for only that they actually need.
Consumer Services minister Tracy MacCharles stated in a recent interview: "There is some evidence of misleading and abusive practices in the marketplace." She also went on to state that if the proposed changes she had put forward were passed, they could help to "provide consumers with greater choice in real estate services, and unleash greater competition and creative service offerings from real estate professionals."
The new regulations could also benefit some realtors, as it could make it easier for them to offer cheaper real estate services that are not bundled and can therefore be tailored to suit the seller's needs. The current fee that sellers pay to the selling and buying agents comes to around 5-6 percent of the property value. However, if the seller only has to pay for the services that they actually need, the amount they pay out could be far lower.
With the ability to negotiate fees, sellers may be able to enjoy far greater flexibility and affordability when it comes to how much they pay to sell their home. The move could also increase competition amongst realtors, with new and online service providers able to more easily compete in the market.
About Irinas Homes
Irinas Homes is an Ontario based real estate company, offering details on properties in the area as well as access to a range of free reports to benefit buyers and sellers.
Release ID: 14070