List agreements are contracts between real estate agents and sellers. Through the offer, the seller accepts that the agent has permission to promote and take over the sale of a house. The terms of the agreement bind the seller and have binding financial consequences. The conditions include the agent`s obligations and what a seller can do if the agent does not fulfill them. Unless your needs require something else, your listing contract should be aimed at ensuring that your property can be promoted to as many advertising media as possible, exposing it to more potential buyers. (For example, the private professional association list service, local newspapers, nationally run newspapers or the Internet.) Non-exclusive listing agreements can benefit sellers because they do not have to pay a commission to an agent if they do the marketing to get the house sold. For example, if you find a buyer for your home on your own, you don`t have to pay commission to your non-exclusive listing agent at the time of the sale. You can hire a remote broker to represent you exclusively as a buyer of real estate. In this case, the broker represents you and reports to you. She must follow your instructions and keep everything you tell her, which can affect your purchase of real estate.
In negotiations on the best prices and conditions, it must put your interests first. Allow enough time in the purchase and sale contract to obtain financing. The purchase and sale agreement should also specify the number of “good faith” financing applications. Repeated unsuccessful applications can be costly and time-consuming. Examine “pre-authorization” before hunting at home to make sure you are clear about financial restrictions. A listing agreement allows a real estate agent to sell land and obtain a commission when the sale is completed. The listing agreement may or may not be exclusive. If it is exclusive, the real estate agent is entitled to a commission, no matter who sells the house. If it is not exclusive, the real estate agent will only receive a commission if he sells the house. At Pulgini and Norton, our real estate lawyers can help Boston homeowners make decisions about exclusive, non-exclusive listing agreements and other real estate transaction issues. Brokerage sellers often present a standard list agreement (an agreement that contains “standard language”).
These agreements are often used in practice. (However, they are not developed by the Real Estate Office or the State Government.) You can negotiate different terms acceptable to you and the broker. Whether you are a buyer, seller, landlord or potential tenant, the obligations of a real estate agent or seller do not absolve you of the responsibility to protect your own interests. If you have any questions about your transaction, present them to the agent. If you need legal, tax, insurance or other advice, it is your responsibility to consult a professional in these areas. If the broker or seller contains significant commitments or insurance regarding the property or what is included in the sale, these commitments must be included in the purchase and sale agreement.