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Details of
a Listing Contract
Obviously the name of the seller and the
property address will be included in the listing contract. There are
many other things that are included, too, and you should be aware of
them.
Price
and Terms of Sale
When setting the terms of sale, the main
thing you are concerned with is the price. You should have a basic idea
of what your home is worth by keeping track of other sales in the
neighborhood. Plus, you have probably interviewed at least two real
estate agents and they have given you their own ideas. Exercise great
care in determining your asking price, making sure not to set it too
high or too low.
In addition to the price, you will
disclose what personal property, if any, goes with the house when you
sell it. Personal property is anything that is not attached or fixed to
the home, such as washers, dryers, refrigerators, and so on.
There may be some item that is considered
"real property" that you do not intend to include in the sale.
Real property is anything that is attached to the home. For example, you
may have a chandelier that has been in your family for generations and
you take it from home to home when you move. Since the chandelier is
attached to the house, it is considered "real property" and a
reasonable buyer would normally expect it to go with the house. The
listing contract should make clear that it does not, and your agent
should also enter this information with the Multiple Listing Service.
copyright 2000 by Terry
Light and RealEstate ABC, revised 2002
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