What Is In The Listing Contract?

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

Ohio Listing ContractWhat Is In The Listing Contract?

We're ready to put your home on the market, but first we have to complete the listing contract, 3 pages that delineate the key elements of what exactly is for sale, and the operating conditions for selling your home.  We use the Cincinnati Area Board of REALTORS® , INC. Exclusive Right To Sell contract.  This contract is reserved solely for use by REALTORS® and their clients.  There are of course other contracts available in the state, so our discussion below is specific to the CABR Exclusive Right To Sell contract.

The three pages are broken into 34 sections, and we're going to highlight some of the key sections, but not all.  You can assume that every one of these sections has been created because at some point, something wasn't clear, so the attorneys clarified!

So here we go with the key elements!

Who is being hired?  We are, via our brokerage RE/MAX Elite.
1321 Homestead
What are we selling?  The address and description of the property.  Additional lots included need to be detailed.

What is the offer price?  This is key to getting the right buyer attention.

How long is the contract?  We typically have a six month period, but we don't take hostages.  You're not happy or your needs change, we'll release you.

What's included in the sale?  What's excluded?  You need to take a REALLY close look at section 3.  Got a favorite plant you plan to take out of the yard?  Think you can take that window a/c unit?  Curtain rods?  Make sure you understand what you're REQUIRED to leave for the buyer.

Personal property to be included with the sale?  Built in appliances like the stove are expected to stay.  Other items like the refrigerator don't have to be and can be negotiable.

ClosingWhen are you willing to give possession of the home?  Not a date, but "at closing", 3 days post closing,etc.?  This will actually get negotiated as part of the purchase contract.  We typically recommend "Negotiable".

Section 7 is Seller's Certification.  Historic home?  HOA?  Shared driveways?  There's a host of questions here that will need your answers.

Disclosures and HOAs.  Requirements to accurately complete the Ohio Residential Property Disclosure and Lead-Based Paint Certification forms.  And if in HOA, PLEASE get your hands on a copy of the rules for your development.  Buyer will be entitled to review these as part of the purchase process.

Conveyance.  Section 11 indicates that you will transfer title free and clear at closing.  Anyone else have interest in the home?  We need to list them here.  Ohio is a dower state, so even if your spouse isn't on the deed, they've still got an ownership interest.

Prorations.  As seller, you're responsible for taxes through the day of closing.  And HOA fees too.

Our pay.  Here's where it's defined how much total commission is offered and how much goes to the buyer's agent. 

Civil Rights.  Bottom line, the ONLY concern should be green.  Can the buyers afford to buy your home?  There are protected classes per Federal and Ohio law.  Violate those requirements and we're out of here, pronto!  We'd like to keep our license and won't risk it because of someone's bias.

Marketing Authority.  You're giving us permission to provide non-confidential information regarding your home, place a sign, advertise on the 'Net, put a key in the lockbox, etc.

Seller's Cooperation.  You WILL allow every showing request, no matter how last minute or inconvenient.  Okay, that's NOT what it says, but we do expect REASONABLE cooperation to allow showing.  We understand you have a life too, and it's not ALWAYS going to work out.   Just understand the risk that a declined showing may not come back and we may now be looking for another JUST RIGHT buyer.

MoneyEarnest Money.  It's not yours, it's not ours.  It goes into a trust account.  If a dispute, there's a process for deciding where it goes.

Home warranty & title insurance.  Want to offer a home warranty or title insurance for the buyer?

Affiliated Business Arrangement Disclosures.  Our office, like most, does have some affiliated businesses.  We've got a separate form for this.

C.L.U.E. Report.  Did you know there's a report for homes similar to CARFAX for cars?  Buyers can ask for a report of home insurance claims.

Agency.  Disclosures on how we work with the public and a big paragraph on Dual Agency (section 26). 

Indemnity by Seller.  We operate based on the information you provide.  You fib and we get in trouble, we're SUPPOSED to be held harmless.  But let's face it, irritated buyer will potentially sue you, sue us, sue our brokerage and let the judge sort it out.  We'd rather not be in that position at all, so let's keep it straight and narrow.

Disclosure.  Again, we can put out non-confidential information to promote your home.  And if we get multiple offers, you CAN authorize us to inform all parties to try and get the best offer from them.

Additional terms and conditions.  Nothing specific here, but if there's something you want added, this is the place for it.

Sections 30-33.  Sex offender in the area?  You don't have to disclose, buyer beware state.  Sole contract, only ONE listing brokerage allowed.  Sellers acknowledgment.  Got questions?  Consult an attorney!  We can answer general questions within the scope of the contract, but we're NOT attorneys!

Signatures.  You sign, we sign, it's a deal!  Let's get started selling your home!

Any questions on the additional content or details of the contract, or on the home selling process in general, please don't hesitate to contact us!

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

Posted by

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

 FacebooktwitterWordpressYouTube Pinterest

 

 

 

 

OUR SERVICE AREA:


View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Joy Daniels 02/04/2013 04:52 AM
Topic:
Home Selling
Location:
Ohio Warren County
Groups:
Realtors®
RE/MAX Active Rain Bloggers
Ohio Active Rainers
Advice for Sellers
Bananatude
Tags:
listing contract
selling your home in warren county ohio

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Anita, No doubt pretty long, but didn't want to break this into a multi-parter, I always prefer a one-stop shop for blog topics whenever practical.  Thanks for the endorsement!

May 28, 2012 01:42 AM #5
Rainmaker
544,206
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519
BLiz, the way you break it down makes is so much easier to understand. The typical "lawyer-speak" usually confuses a lot of people.
May 28, 2012 02:09 AM #6
Rainmaker
876,608
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

EXCELLENT topic.. I just went over this with clients that were not particularly interested in listening. I think that you spelled it out and when it is written like this is helpful to be able to show it in writing!!Sellers need to know what they are signing.

May 28, 2012 02:41 AM #7
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

It's always so ineresting for me to read about the standard of practice in other areas.  While some of the same here, you've got a few we don't have, and miss some we do.  :-)

May 28, 2012 03:17 AM #8
Rainmaker
809,919
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Liz and Bill:

Another great post about something we take for granted.  We go over the listing agreement so often we don't give it a second though.  However, our Sellers need a thorough explanation of what the listing agreement entails. 

May 28, 2012 03:42 AM #9
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Eric, I think the less attorney-speak and real estate-speak we can use in our blogs, the better off we'll be communicating with the public.

Janis, They do need to know.  Avoids bad surprises later on.

Carla, I'm sure whatever we've missed will migrate east and land in the contract at some point :)

Evelyn, We're thinking this post will be a handy link to send to future seller prospects prior to the actual listing review.

May 28, 2012 03:44 AM #10
Rainmaker
905,441
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

I did not know we had access to a CLUE report and will look into this.  Thanks for the great list - bookmarked!

May 28, 2012 04:00 AM #11
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Joy, We've NEVER had someone ask for it yet, but they're allowed to.

May 28, 2012 04:09 AM #12
Rainmaker
1,078,575
Gary Frimann, CRS, GRI
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Glad to see Ohio is pretty much the same as California.  Out listing agreement is also 3 pages.  I saw one from 30 years ago that was half a page.  They used to be handed out by Title/Escrow companies.

May 28, 2012 06:17 AM #13
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Gary, So many of the elements would almost have to be common.  It's the differences that make it more interesting :)

May 28, 2012 07:24 AM #14
Rainmaker
622,611
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

The fine detail of the listing agreement is always important to fully understand, naturally the price, commission and length of contract are the main focus, however everything you mentioned plays an equally important role in the sale of the property.

May 28, 2012 09:48 AM #15
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Morgan, Definitely worth knowing the other points too to make sure no surprises during the process....and it's a great cure for insomnia too!

May 28, 2012 10:13 AM #16
Ambassador
854,069
Brenda Mullen
RE/MAX Access - Schertz, TX
Your San Antonio TX Real Estate Agent!!

How funny, this was going to be a FAQ of mine...now I don't know if I should do it..don't wanna copy lol :)!  This is great information BLiz...maybe I will do a different twist!  QUIT writing such great stuff lol :)!  Just kidding congrats on the feature.

May 28, 2012 11:09 AM #17
Ambassador
759,137
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)
I don't think you could have made it any clearer if you tried. Very concise.
May 28, 2012 05:43 PM #18
Ambassador
1,439,216
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Bliz,

So many sellers seem to forget that it all starts with the listing agreement. For some reason, it tends to be glossed over, even though it's a contract. Great breakdown for potential clients.

Rich

May 28, 2012 06:51 PM #19
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Brenda, Go for it!  As always, put your own unique spin on it and you're set :)

Charita, We left a few of the more obscure things out to keep it more to the point.  They get those other topics covered in person.

Rich, I do think sometimes people forget it's not just some piece of paper, but an obligation for both sides.

May 28, 2012 08:06 PM #20
Rainmaker
316,101
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

So these are just the key elements? Very comprehensive! And just points to the fact that the process cannot be DIY.... too many important details!

May 29, 2012 04:34 AM #21
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Sandy, I'd say we covered about 80+% of the contract with these Cliff Notes type bullets.  Still plenty of detail to absorb during actual review.

May 29, 2012 04:38 AM #22
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

This is one of the best written descriptions of real estate that I have seen.  good job!

Feb 04, 2013 09:04 AM #23
Ambassador
2,693,595
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Thanks Kathy!

Feb 04, 2013 11:10 AM #24
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
2,693,595

Liz and Bill Spear

RE/MAX Elite Warren County OH (Cincinnati/Dayton)
How Can We Help You? Just Let Us Know!
*
*
*
*
Spam prevention

Additional Information