Details of a Listing Contract
the name of the seller and the property address will be included in the
listing contract. There are many other things that are included, too,
and you should be aware of them.
Price and Terms of Sale
setting the terms of sale, the main thing you are concerned with is the
price. You should have a basic idea of what your home is worth by
keeping track of other sales in the neighborhood. Plus, you have
probably interviewed at least two real estate agents and they have given
you their own ideas. Exercise great care in determining your asking
price, making sure not to set it too high or too low.
addition to the price, you will disclose what personal property, if
any, goes with the house when you sell it. Personal property is anything
that is not attached or fixed to the home, such as washers, dryers,
refrigerators, and so on.
may be some item that is considered "real property" that you do not
intend to include in the sale. Real property is anything that is
attached to the home. For example, you may have a chandelier that has
been in your family for generations and you take it from home to home
when you move. Since the chandelier is attached to the house, it is
considered "real property" and a reasonable buyer would normally expect
it to go with the house.
Lockbox - Yes or No?
lockbox is a basically a padlock with a cavity inside where a key to
your home can be placed. Only someone with an electronic key or the
combination can get into the lockbox and access the key. Having a
lockbox available at your house makes it easy for other agents to get
access to your house.
the lockbox, agents representing buyers would have to set appointments
to meet you or your agent at the house so they could gain access and
view the home. This would be inconvenient. Since almost every other
house does have a lockbox available, if you do not allow one most agents
will simply not show your property. You will miss out on lots of
contract specifies whether you allow a lockbox or not. It is locked into
place, usually on the front door and cannot be removed. Only other
agents can access the key that is located within the lockbox.
Multiple Listing Service
listing contract should specify whether or not the house will be listed
with the local MLS (multiple listing service). It is definitely in your
interest to have the house listed. This is because your sales force is
automatically multiplied by however many agents are members of the local
MLS. If your house is not listed, then you only have one agent working
for you instead of many.
Agency Duties of a Listing Agent
listing contract will specify that your agent is acting as a "seller's
agent." This means that, in the sale of your house, they are working for
you and only you. However, there may be times when your listing agent
has a client who wants to buy your home. For that reason, there is a
little "wiggle room" in the listing contract. If your agent also
represents the buyer, the listing contract should specify that they
provide an additional disclosure that details their duties as a dual
The contract also
provides permission for your listing agent to act as an agent for others
on other transactions. They can continue to list other properties, and
represent buyers looking at other homes.