The word "contract" often makes the average person quiver! Many people will sign a contract without even knowing what it says. If you are considering selling your Lake Winnipesaukee area home and are not familiar with the Listing Agreement (the contract between you and the Agency you choose to hire to represent you) this post will help guide you through.
I am going to take you step by step through the listing agreement in easy everyday language- the kind I like to speak!
The Exclusive Listing Agreement the New Hampshire Association of REALTORS® standard form is made up of 6 sections.
1. Section 1 answers the following questions.
- Who is the seller?
- What agency are they hiring to market their home?
- What property is being sold?
- Where is the current deed located and recorded?
- What is the professional compensation?
2. Section 2 tells the dates that the contract is in effect. The property will be placed in the MLS within 48 hours after final signature, unless stated otherwise. There is also a blank in this section for a given time period after the contract expires that the agency will be due compensation if:
- a buyer that we provided information to,
- showed the property to,
- or presented an offer on the behalf of (procured),
should decide to buy the property.
This section also says that if there is deposit from a purchase and sales agreement that is forfeited, the deposit will be split between the seller and the agency.
You are also obligated by signing this contract to tell the agency and potential buyer any pertinent fact, event or information about the property. Be honest here, or it could come back to haunt you!!!
3. Section 3 is going to tell you how the professional fees for agency services will be split with cooperating agencies. I know I said I would use plain English. Let me try that again...This section tells you how your agent will split the commission with another agency that may represent or bring a buyer.
4. Section 4 allows you to agree or disagree to Dual Agency.
First, here is an example of dual agency.
You choose to hire me, Kim Carpenter, a real estate Advisor at Coldwell Banker Residential Brokerage in Wolfeboro. A fellow agent in my office represents a buyer who has been waiting for a property exactly like yours. If Coldwell Banker Residential Brokerage brings a buyer to your property it is a dual agency situation and it must be disclosed in writing.
*I HIGHLY advise my clients to agree to dual agency showings. If you don't agree to it you will limit your pool of buyers in a very big way, especially since Coldwell Banker Residential Brokerage is the #1 real estate company in New England!!
5. Special conditions. This section is pretty straight forward. It tells if you agree to a sign on the property, interior and exterior photos etc.
6. Last but not least, section 6 is a blank section that is for any additional provisions that might be necessary.
That's about it! When you know what the listing agreement says and you trust the person who is signing the contract with you (me), it is just one small step in the process of selling your Lake Winnipesaukee real estate!
If you have any further questions about selling your Alton, Wolfeboro, Gilford, Laconia, Meredith, Moultonborough, Center Harbor, Tuftonboro home, please email me or call my cell at (603)978-2165.
Kim Carpenter, Wolfeboro, NH, Lake Winnipesaukee REALTOR®
Lake Winnipesaukee real estate, Alton, NH real estate
(603)978-2165
http://www.kimcarp.com/
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