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Before you sign that Limited Service Agreement

If you are thinking of foregoing the use of a Realtor® in the sale of your home and opting for a MLS listing only broker (or limited service brokerage) make sure you carefully read the listing agreement that you are about to sign. 
Most For Sale by Owners (FSBO) are unaware that they are signing an Exclusive Right to Sell agreement which is required to be able to list your home in the MLS.  Most of these agreements contain no provisions for cancellation other than the expiration date.  In addition many of these agreements do not spell out the responsibility of the owner vs. the responsibility of the brokerage.  As a result if 30 or 60 days into your listing agreement you wish to cancel and list with a Realtor ® you may find that you are unable to do so.
 So what are your options?
First make sure that you understand the terms of the agreement that you are signing.  Does it spell out responsibilities for each party?  Does it give you the option to cancel the contract for any reason?   Does it list all of the charges for MLS changes, extra photos, lockboxes, signs and when those charges ... more

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