If you are selling real estate, you may want to “list” your property for sale with a real estate firm. If so, you will sign a “listing agreement” authorizing the firm and its agents to represent you in your dealings with buyers as your seller’s agent. You may be asked to allow agents from other firms to help find a buyer for your property.
Be sure to read and understand the listing agreement before you sign it. Your agent must give you a copy of the agreement after you sign.
Duties to Seller
The listing firm and its agents must do the following
- Promote your best interests
- Be loyal to you
- Follow you lawful instructions
- Provide you will all material facts that could influence your decisions
- Use reasonable skill, care, and diligence, and
- Account for all monies they handle for you
Services and Compensation
To help you sell your property, the listing firm and its agents will offer to perform a number of services for you. These may include:
- Helping you price your property appropriately
- Advertise and market your property
- Give you all required property disclosure forms for you to complete
- Negotiate for you the best possible price and terms
- Review all written offers with you, and
- Otherwise promote your interests
For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the sales commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.