Completing a Listing Agreement
What is a Listing Agreement? It is 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 and clearly spells out the rights and obligations of all parties and what is included and what is not included in the deal.
What happens?
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.Whether or not you wish your lawyer to review the agreement, you should in any case let him or her know that you’re selling your home.
The Fine Print
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
- the compensation is set out (Generally, you pay this only upon closing or when the house changes hands)