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Things to know about the Listing Contract. Charlotte NC

The Soto & Ferreira Group is  listing specialist. Our state of the art marketing strategy, professionalism, and proactive communication with the sellers have given us 100% client satisfaction. As professional listing agents, we make that our clients and customers are as knowledgeable as possible about  everything involved the listing process. Following, you will find some very useful information about the listing process and contract.

The Listing Contract 

Also referred to as a listing agreement, the listing contract gives a licensed real estate professional/Realtor authorization to act on behalf of the seller. Listing contracts come in all shapes and sizes, but there are characteristics which are common to them all. Among the elements of any valid listing contract are:

Writing - All real estate contracts must be in writing.

Employment - The listing contract is a personal services contract between the seller and the Realtor/realty company. It contains all of the terms and conditions of employing and authorizing the broker to represent the seller in marketing and selling process. The Listing contract protects the seller and the Realtor from any illegal and unethical issues. 

Compensation - For any contract to be valid, there has to be compensation. The listing contract will specify the amount and timing of payment to your Realtor. Typically, payment is an agreed upon percentage of the sales price, payable at closing. It is important to note that sellers obligation to pay the broker may not absolutely depend on a finalized sales transaction. For example, if the broker finds a bona-fide buyer who is willing to pay the asking price and agree to the terms, but the seller for some reason decides not to sell, the broker has done his job and is entitled to his compensation under the terms of the listing contract. The Realtor compensation is always negotiable; however, the old saying "You get what you pay for"  also applies here. The Realtor compensation cover both agents in the transaction with 50% going to the listing agent and 50% to the selling agent. 

Title - All listing contracts contains the names of the  owners who are in the  title of the property. Property can't be sold unless everyone who holds title interest in the property agree to the sale. In North Carolina, it takes one to buy but two to sell. Meaning that if the owners  are married, both of them need to sign in order for the property to be sold. 

Termination date - Sellers shouldn't sign any listing contract without a specific termination date. The most common duration is 180 days (6 month). If the contract has an indefinite duration such as until sold, or no duration specified at all, don't sign it. The listing contract is a legally binding document so don't get locked into a contract that doesn't clearly state a definite termination date. If the contract expires before the home is sold and the seller and Realtor wish to continue with the agreement, then an extension to contract needs to be signed. 

There can be and often are other elements to a listing contract. As with any legal document, it is important for the parties to be familiar with the terms and conditions so it is advised that both, seller and agent carefully, read the contract in its entirety to be sure that they understand what they are signing. If there is any unclear questions about the listing contract, it would be wise to consult a lawyer for clarification.

We hope you find this information useful. Please give us a call if you have any questions or if you would like to talk about the possibility of selling your home. We would give you a free market analysis.  

 

 

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