Once you have found a real estate broker for your home, you will be shown a listing contract. Prior to signing this document, it is important to understand what it encompasses. The Las Vegas listing contract provisions in this article will make you a better educated seller.
Commission is usually itemized as a percentage of the selling price. It is a violation of anti-trust laws for brokers to state that an amount is standard in the market. Each company sets its own fees and, like everything else in real estate, it can be negotiable. It is important to evaluate the knowledge and value provided by individual brokers and companies when comparing their fees. Merely selecting one with the best rate may not necessarily be in your best interest.
Listing brokers commonly split a specific portion of the commission with co-broke agents (buyer agents). The amount offered is shown in the MLS system. Higher percentages can sometimes encourage buyer agents to promote your home and, likewise, lower amounts may discourage them. This is particularly true when competition is high. Be sure to find out what the co-broke commission will be if it is not mentioned.
Finally, the contract also notes when the compensation are officially earned. It is important to read and understand this language. Your responsibility to your listing agent is not the same as those owed to buyers. Therefore, it is not strictly dependent on a closing.
You must enable your broker to manage certain tasks. The most obvious one is to enter the details of your home into the local MLS (multiple listing service). This service networks the listing to all real estate brokers and to a variety of authorized websites. By expanding the pool of individuals exposed to your listing, you will increase the chances of selling and for a better price. Putting up signs, attaching a lock box, and holding open houses are other items that you may be asked to authorize in the listing contract.
Real estate agents are not solely salespeople. They are in fact agents in the legal definition and have certain obligations under real estate law. These are called fiduciary duties and include confidentiality, care, obedience, accounting of funds, loyalty, diligence, and disclosure. Basically, your real estate broker must work for you and look out for your best interests. There may be times where a agent also works for an individual interested in purchasing your home. The paperwork will detail how this shall be addressed, such as additional disclosures, and what services will be due to each party..
Las Vegas Listing Contract Provisions
The Las Vegas listing contract provisions in this blog are only the most typical terms of listing contracts but may not address all language in your specific contract. As with any kind of contract, review the full document, inquire about anything that is not clear, and seek additional help if you require legal advice.