Selling your House

Selling your House

 

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)

 

The agreement also:

  • sets out the listing price
  • describes the property you are selling - lot size, building size, building style and materials, floor areas, heating/cooling systems, room sizes and descriptions

 

Here you 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." 
And finally, the agreement gives the financial details:

  • mortgage balance
  • monthly payments
  • due dates for all mortgages
  • annual property taxes
  • any easements, rights of way, liens or charges against the property

Posted By:Cindy

 
 
 
 
 
 
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