Lease
A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time. terms of payment. A commission is generally payable to the broker upon closing.
Listing Agreement
The legal agreement between the listing broker and the seller, setting out the services to be rendered, describing the property for sale and stating the terms of payment. A commission is generally payable to the broker upon closing.
Source: The Canadian Real-Estate Association (http://www.crea.ca)
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