Frequently Asked Questions
Q. What is the LexTerra Real Estate Corporation?
We are a licensed real estate brokerage in B.C., specializing in representing law firm clientele in the sale of their properties. Law firms using LexTerra are able to offer their clients the comfort and expertise of their own lawyer working together with our experienced REALTORS® to get your home sold safely, effectively and with distinct cost advantages for you.
Q. How does it work?
Sign a retainer agreement with your lawyer, together with a REALTOR® listing agreement, and for one competitive fee receive legal representation from your own lawyer plus the services of an experienced LexTerra REALTOR®.
Your lawyer's role is primarily as 'listing manager'. He or she supervises your sale process while interacting with the LexTerra REALTOR® who works "hands on" with you. You'll have full access to your lawyer from the beginning of your sale process to answer any questions you may have.
Q. Who does what?
Your lawyer will typically review land title searches and market reports, assist the REALTOR® in negotiations, review all accepted offers before the subjects are removed and prepare the legal closing documents. There are no additional legal closing costs for you to pay.
The REALTOR® facilitates the listing, (MLS® details, LexTerra and MLS® website loading, signage, feature sheets, lock boxes), conducts the appointments and showings, provides market updates, and ensures continual feedback to you and your lawyer.
Q. What do you mean by "one fee"?
"One fee" means that the combined fees of your lawyer and the LexTerra REALTOR® are no more than one half of the most common full service real estate commission charged by REALTORS® [i.e. 3.5% on the first $100,000 and 1.25% on the balance], and includes all legal closing costs. Buyer agent commission, if applicable, is extra and is chosen by you in consultation with your lawyer and REALTOR® but is usually set at a typical rate in your area to ensure maximum buyer agent cooperation in the sale of your home.
Sales without a buyer agent benefit you with direct cost savings. Unlike common arrangements, you do not pay extra buyer commission when no buyer agent is involved in your sale.
Q. Can I use the LexTerra program to buy a house as well as sell a house?
Absolutely. Our LexTerra team can service you in your home purchase, not just your sale. There are normally no commissions or legal fees payable by you when you buy.
Q. What makes LexTerra unique in the real estate industry?
Independent representation and undivided loyalty are the hallmarks of our services; we represent only you for your transaction and not the party on the other side. It's one-stop shopping with peace of mind.
- Professional legal and REALTOR® representation from start to finish
- Legal closing costs included
- Potential significant savings on buyer agent commissions
- Indpendent representation and undivided loyalty
Q. Still have questions?
Please contact us!
