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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 the Sale
When setting the terms of sale, the main thing you are
concerned with is the price. 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 affixed 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 MLS.
Houston Multiple Listing Service
Your listing contract should specify whether or not the house
will be listed in the local MLS system. It is definitely in
your interest to have your house listed. There are currently over 12,000 real
estate agents listed with the Houston Area Realtors Association that will have
access to your listing through MLS. If your house is not listed, then you only
have one agent working for you instead of over 12,000!
Agency Duties of a Listing Agent
The listing contract will specify that your agent is acting
as a "seller’s agent." This means that, in the sale of your house, they are
working for you and only you. However, there may be times when your listing
agent has a client who wants to buy your home. The contract also provides
permission for your listing agent to act as an agent for others on other
transactions. They can continue to list other properties, and represent buyers
looking at other homes.
Your Lockbox
A lockbox is basically a padlock with a cavity inside where
a key to your home can be placed. Only someone with an electronic key can get
into the lockbox and access the key to your home. Having a lockbox available at your house
makes it easy for other agents to get access to your house.
Without the lockbox, agents representing buyers would have to
set appointments to meet you or your agent at the house so they could gain
access and view the home. This would be inconvenient. Since almost every other
house does have a lockbox available, if you do not allow one most agents will
simply not show your property. You will miss out on lots of potential buyers.
The listing contract specifies whether you allow a lockbox or
not. It is locked into place, usually on the front door and cannot be removed.
Only other agents can access the key that is located within the lockbox.
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©Copyright 2002