Listing Contracts and Commissions
Listings Contract Basics
A listing contract is a personal service contract between you and a licensed real estate broker. This gives an overview of the types of listing agreements and explains your listing contract obligations.
This section explains in detail the two types of exclusive listings -- Exclusive Right to Sell and Exclusive Agency. The former is the most widely used in the U.S. and here's why it's popular with both sellers and brokers.
An open listing is a non-exclusive authorization for brokers to find a buyer for your property. You're obligated to pay a commission to the first broker who fulfills some basic conditions, and it's generally much less effective than an exclusive.
In the following list, we try to answer every question you've ever had about commissions but were too embarrassed to ask: who pays, how they're set and whether they're negotiable.
Seller Disclosure Statements
The days of 'buyer beware' are gone forever. Consumer protection laws enacted over the last couple of decades have caused this to be the era of 'let seller beware.' This covers what information you should and must disclose as well as why.