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Selling your House with Agent

Selling your house with agent

What is a listing agreement? 

The process of selling a home with a REALTOR starts with the Listing Agreement.

  • It’s a contract between you and the brokerage company that the agent represents.
  • It is a framework for subsequent forms and negotiations.
  • It’s important the agreement accurately reflects your property details and clearly spells out the rights and obligations of all parties.
  • Both you and the listing agent sign the listing agreement and each receives a copy.
  • The agreement binds both parties to its terms and conditions.

What is the main idea about this agreement?
Generally, in the agreement you appoint the brokerage company as your agent and give its representatives the authority to find a purchaser.

  • The duration of the agreement is indicated, and the compensation is specified.
  • The agreement also sets out the listing price, and accurately describes the property you are selling.
  • That will include the lot size, building size, building style and materials, floor areas, heating/cooling systems, room sizes and descriptions.
  • This is when you must also decide what you are taking with you and what you are leaving with the house. Generally, unless stated otherwise, fixtures remain with the property, while chattels — things which are movable — aren’t included in the sale. If necessary, what stays and what goes are listed under “inclusions” or “exclusions.”
  • Finally, the Listing Agreement also details the financial conditions of the property, including the mortgage balance, mortgage monthly payments and the mortgage due date. It should also provide information about annual property taxes; and references for any easements, rights of way, liens or charges against the property.           

Here’s a quick overview of the listing agreeement: