If you are thinking about listing your home, know that Minnesota law has a couple requirements of the listing agreement. Here are a few things to look for:
- In Writing - all listing agreements must be in writing
- Legal Description - while in some cases the address might work, it is best to have the full legal description of the real estate you are selling to avoid any confusion. It has been know to happen, though it is rare, for the wrong lot to be sold.
- Price - make sure it clearly states the listing price and any additional terms. Don't forget to spell out in writing what personal property you are excluding from the sale.
- Negotiable Commission Clause - most listing agreements will have a paragraph that states what the agreed to commission will be, and that the commission is due when a ready,willing, and able buyer is brought to the table.
- Expiration Date - well, you have to know when the agreement ends, so this one is straight forward
- Dual Agency Disclosure - this provision will explain how dual agency will affect the representation of all parties. A seller can either choose to accept it or deny it.
- Closing Services - the listing agreement must have an area that states who will be taking care of the closing, the broker or the seller.
Of course, there are so many more things that happen during a real estate transaction other then just the listing agreement. Make sure to choose an agent that will keep you apprised of events and decide on an appropriate following up system that fits your schedule.
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