Listing Agreement: What to Know Before You Sign

Abstract

The listing agreement will include things like: Contact information Listing price Agent fees Agent duties Property description Items included in the property sale Items that will be removed after closing Agreement duration Conflict resolution details Protection periods Type of agreement Here's what to expect from each one: Contact information This can include names, phone numbers, addresses, and other information for the seller and real estate broker or agent. A protection period kicks in when the agent shows the house to someone during the listing agreement period, but that person doesn't buy the home until after the listing agreement has expired. 5 easy things to double-check before you sign a listing agreement The entire listing agreement is important, but you can double-check five crucial details in a handful of seconds: These details are easy to verify, but they aren't the only things you should look for in your listing agreement. Listing agreement FAQs When do you sign the listing agreement? You'll sign the listing agreement after you and the agent have agreed on all the details of your real estate transaction. These include: Agent commission Agent duties List price Agreement duration Listing type Most minor changes can be made right on the contract, but bigger changes might need to be added to an addendum at the end of the agreement. What if my home doesn't sell? If your home doesn't sell within the time frame outlined in the listing agreement, you have two options: If you choose to find a new agent, review the termination section of the agreement to make sure you won't owe any fees for the expenses incurred during the listing period. Most modifications to a listing agreement are done in writing, either directly on the agreement itself or through a listing agreement addendum.