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