TYPES OF LEGAL LISTING AGREEMENTS:
Exclusive-right-to-sell listing - The listing broker is paid commission no matter who sells the property, even if the seller finds the buyer all by himself.
Exclusive-agency listing - The seller retains the right to sell the property and doesn't have to pay commission if he finds the buyer on his own without using the brokers advertisements and/or materials
Open listing - The seller can sell the property and not pay commission. Any broker can sell it and get commission.
The agent must ask that both husband and wife sign the listing agreement, even if one of the couple owns the property separately by himself or herself. So don't give the agent a hard time about it and get upset. It is the safe standard procedure.
The agent should warn you to put the valuables away before the open house. If something gets stolen, the agent is not liable. But the keys to the house must be taken good care of, and the agent is liable for lost or damaged keys.
If your listing agent finds a buyer, you can agree or not agree to the agent representing both of you - to be a dual agent.
The listing agent must present you with a marketing plan.
If you want to also advertise on your own, you must have your agent look over the ad and approve it, to make sure it is done properly and doesn't say anything that could cause problems.
Your agent must present to you all offers as soon as they are submitted. No exceptions or excuses, period.
Your agent must follow all your instructions, as long as they are legal. If your agent notices a crack in the wall, and you quickly paint it over or hang a painting to cover it up before the open house, the agent still must disclose the knowledge of the crack. So don't expect your agent to cover up facts he knows or lie for you. But asking your agent to require the selling agents to call or make an appointment to show the property is the kind of instruction the agent must follow.
Exclusive-right-to-sell listing - The listing broker is paid commission no matter who sells the property, even if the seller finds the buyer all by himself.
Exclusive-agency listing - The seller retains the right to sell the property and doesn't have to pay commission if he finds the buyer on his own without using the brokers advertisements and/or materials
Open listing - The seller can sell the property and not pay commission. Any broker can sell it and get commission.
The agent must ask that both husband and wife sign the listing agreement, even if one of the couple owns the property separately by himself or herself. So don't give the agent a hard time about it and get upset. It is the safe standard procedure.
The agent should warn you to put the valuables away before the open house. If something gets stolen, the agent is not liable. But the keys to the house must be taken good care of, and the agent is liable for lost or damaged keys.
If your listing agent finds a buyer, you can agree or not agree to the agent representing both of you - to be a dual agent.
The listing agent must present you with a marketing plan.
If you want to also advertise on your own, you must have your agent look over the ad and approve it, to make sure it is done properly and doesn't say anything that could cause problems.
Your agent must present to you all offers as soon as they are submitted. No exceptions or excuses, period.
Your agent must follow all your instructions, as long as they are legal. If your agent notices a crack in the wall, and you quickly paint it over or hang a painting to cover it up before the open house, the agent still must disclose the knowledge of the crack. So don't expect your agent to cover up facts he knows or lie for you. But asking your agent to require the selling agents to call or make an appointment to show the property is the kind of instruction the agent must follow.
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