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Put a Listing Under Contract - Canada

  • Updated

Congrats on getting under contract!

Watch this 5-minute video to see how to put a listing under contract - or keep reading for step-by-step instructions.

Step 1: Click My Listings on the left side of reZEN. Then, click the deal you want to place under contract.

Step 2: Click Mark as In Contract. When you get the popup notification, click Create.

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Step 3: reZEN will walk you through some questions to convert the listing to a transaction. A lot of information will be copied over from the listing. Start by confirming the property address and MLS number. 

Step 4: Enter the transaction type, price, commission splits, and acceptance and closing dates. 

  • Don't forget to update the sale price based on the final executed agreement. By default, reZEN copies over the list price. 
  • If this is a dual-sided transaction, don't forget to change the representation type.
  • If you are using a sliding scale commission, use a commission calculator - like the ReallyTrusted Calculator - to calculate the dollar amount owed, then click the toggle () to enter the dollar amount. 

Step 5: Enter the buyer information. The seller information will come over from the listing.

Step 6: Select the Listing Owner & Enter any co-agents to the transaction.

  • If you are on a team or working as a transaction coordinator on behalf of an agent, select the agent who owns the transaction/client relationship.
  • If you have co-agents (team members, referrals), search from the dropdown and add them to the deal.

Step 7: Enter the buy-side brokerage information.

  • If the other side is represented by a Real agent, select Real Agent, search and select the agent in the dropdown.
  • If this is a dual transaction, you will skip this step.

Steps 8-9: If you have a Referral, enter it here.

Step 10: Allocate the total commission.

  • If you are the only agent on the transaction, just enter 100%
  • If there are other Real agents, allocate the commission according to your agreement. 
  • If you are a dual agent, split according to the list/buy-side commission breakdown
    • 57% / 43% for a 4% listing, 3% buy transaction
    • 50% / 50% for a 3% listing, 3% buy transaction

 

Step 11: If this is a personal deal, please select yes and enter information. 

Step 12: If you have fees, rebates, or reimbursements to enter, add them here. 

 

Step 13: Enter the information for the seller's lawyer and click Next.

Step 14: Enter the information for the buyer's lawyer and click Next.

Step 15: Let us know who will receive the commission document and process the commission cheques.  

Step 16: Review all the information and click Create Transaction

  • Remember to confirm the Sales Price - it should match the executed Purchase / Sale Agreement.

 

That's it! You're Done! Now that your listing was converted to a transaction, you can Upload your Transaction Documents. 

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