Exclusive Listing Contract:
In an exclusive listing contract, the seller agrees not to use the services of another brokerage for the sale of his property. This type of contract guarantees to the broker- age that their efforts to sell the home will be compensated at the time of the sale. The seller can also expect their brokerage to devote maximum time and effort to sell the property. The brokerage will cooperate with other brokerages unless instructed otherwise by the seller.
Non-exclusive listing contract:
In a non-exclusive listing contract, the owner retains the right to sell their property through another brokerage of their choice. This type of contract, although it may ap- pear advantageous at first glance, can have a major drawback in that the broker risks losing his compensation to a competing brokerage, regardless of the effort they may have put in, which could lead to devoting less energy to the sale of your property.
Multiple listing Service® (MlS®):
A property can be listed exclusively with the option of placing it on the MLS®, which is a cooperative marketing system of member brokerages. This means the property is marketed through the MLS® where the information on the property will be shared with all members of the MLS® system. The MLS® is operated under licence by the Canadian Real Estate Association.