After you have found a listing broker for your property, you will be provided with a listing paperwork. Prior to signing this paperwork, it is helpful to understand what it encompasses. The NH listing paperwork terms in this article will make you a well informed seller.
Commission is generally itemized as a percentage of the sales price. It is a violation of anti-trust laws for real estate professionals to state that an amount is standard across the industry. Every company sets its own rates and, like everything else in real estate, it may change. It is important to assess the expertise and value offered by individual brokers and companies when comparing their rates. Simply finding one with the lowest fee may not actually benefit you in the end.
Listing brokers typically split a certain portion of the commission with buyer agents. The percentage shared is displayed in the MLS system. Higher percentages can sometimes influence buyer agents to show your home and, likewise, lower amounts can discourage other agents. This is especially true when listing volume is high. Be sure to ask what the percentage will be if it is not shown.
Finally, the paperwork also indicates when the professional fees are officially earned. This is very important. Your responsibility to your agent is separate from that to any buyers. Therefore, it is not merely based on a closing.
You must permit your broker to manage particular tasks. The most important one is to enter the details of your property 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 the information, you will increase the likelihood of it being sold and for a higher price. Putting up signs, attaching a lock box, and performing open houses are other services that you may be requested to authorize in the listing paperwork.
Real estate brokers are not solely salespeople. They are actually agents in the legal definition and have certain responsibilities under the law. These are referred to as fiduciary duties and include care, obedience, accounting of funds, confidentiality, diligence, disclosure, and loyalty. Basically, your broker must work for you and look out for your best interests. There may be situations where a real estate professional also works for a party attempting to purchase your home. The listing contract will specify how this shall be addressed, such as additional disclosures, and what services will be due to each party. Make sure that you completely understand this and agree with the terms.
NH Listing Paperwork Terms
The NH listing paperwork terms above are only the most common components of listing paperwork but may not address all language in your specific paperwork. As with any type of paperwork, read through the complete document carefully, ask questions about things that are confusing, and consult with an attorney if you desire legal advice.