Listing Agreement
The listing agreement is a formal contract which binds the right to sell your residential property to a real estate agent acting on behalf of a real estate broker. This agreement always includes:
1. The date when the agreement comes into force and the date when it expires.
2. The listing price which has been agreed to in order to place the property for sale on the market.
3. The level of compensation percentage which is offered to the real estate broker. In some cases this compensation is expressed as a flat fee, and not a portion of the final sale price.
4. The complete conditions and terms whereby the seller will pay the brokerage fee.
5. Specific authorizations to the real estate broker to lend full cooperation to other brokers acting as sub-agents or agents for the buyer(s) and the precise extent of the compensation authorized to be offered to those other brokers when their services enter into the transaction.
6. Specific authorizations to the real estate broker as to whether to reveal or not the existence of previously received offers.
There Are Many Optional Terms
Furthermore, there are a wide variety of other terms which may appear in the listing agreement including the ability for a broker to place a sign and/or a lockbox on the property, as well as to advertise the property and in which media. There are also mutual obligations which are typically specified such as the broker's obligation to ensure the seller is advised property about laws and regulations which may have an impact on the transaction, and the seller's obligation to inform the broker about all pertinent details with regards to the residential property's condition.
The listing agreement will also contain a summary of all the items that you have agreed will be sold as part of the property. These are generally listed under either the Chattels or Fixtures categories. Fixtures are the improvements to the property which are physically attached and are regularly sold along with a property, such as built-in kitchen appliances, heating and air conditioning systems, and installed carpeting. Chattels are the items which are generally not physically attached, such as window treatments, laundry machines, and microwave ovens.
Types Of Listing
There are two basic types of listing, Multiple and Exclusive. The Multiple is the most common form of listing where the real estate broker is authorized to market your residential property through the Multiple Listing Service, known as MLS. In Multiple sales there are often two separate brokers, your broker and a different one representing the buyer. The Exclusive grants the broker the sole right to locate a purchaser for your property within a specific set time limit.
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