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Types Of Real Estate Listing Contracts
Date Added: November 13, 2008 06:18:29 AM
A listing contract is an agreement between you and a licensed real estate broker that authorizes the broker to represent you in the process of selling your home. There are several different types of listing contracts:
This type of contract is for people who want to both sell their home and work with real estate agents. What the contract does is gives the right for agents to show your home and gives them an amount of commission if the client chooses to buy your house. The up side about open listing is that there is usually nothing exclusive or painfully bonding about them. The downside is that you can expect no, or less, marketing or advertising.
This type of listing contract is pretty much the same to open listing. It’s generally used by people trying to sell their own home but allows an agent to show the home. The listing contract identifies the potential buyer and guarantees the agent a commission if that buyer purchases the home. Just like open listings, this type lacks any marketing effort.
During your home selling, you will find that different types of listing contracts involve a lot of different people. This one involves a broker. Basically, an exclusive agency listing will give you the right to sell your own home, without paying the broker any commission, unless the house is sold through a licensed real estate professional. Should the house be sold without any help of agents, the contract allows homeowners to pay no commission at all. The reason why this type of listing contract is widely used is the lure of not having to pay your broker.
The most popular type of listing with sellers and brokers, this contract gives the full right for your broker to do whatever it takes to sell your house. For obvious reasons, this is probably the type of contract where you can expect the most motivation from the agent – a good marketing effort can take place here, and the homeowner’s work is much reduced.
Before you choose your contract, always make sure you know every type of listing contracts available to you. Keep in mind how much effort you would like to put in to the selling process – this is often what distinguishes the types. Discuss the possibilities and disadvantages of each type. Remember, a listing contract is your first legal step in selling your house – take that step very carefully. |
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