Listing Agreements: What Do Pittsburgh House Sellers Need to Know?

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Maybe you are thinking, “I have to sell my house fast in Pittsburgh.” You may have prepared to list your house for sale and have already picked a trustworthy real estate agent. But before you dive in, there’s one essential first step: signing a listing agreement.

What Is a Listing Agreement?

Your listing contract is a contract between your seller and the broker doing the listing contract. It allows the agent to sell your property on your behalf and agrees upon a commission. In a case of representation, the buyers sign the buyer’s agency agreement, and the seller signs the listing agreement.

Key Elements in a Listing Agreement

A listing agreement is an agreement between you and your agent about expectations and responsibilities. There are several key elements included in the contract to make sure everything is clear at the beginning.

Contact Information: The contact information includes names, phone numbers, and addresses for you and your agent. This information varies according to specifics in the agreement.

Agent Responsibilities: Agent responsibilities are what the agent will do for you, from conducting open houses to placing your home on MLS. The process is greatly simplified when you know what the agent is responsible for.

Property Description: The description has what is included and excluded in the sale with appliances and what you will be taking.

Listing Price: The listing price is the price you agree with your agent to price your property for, discussing and analyzing market conditions.

Duration of Agreement: This section sets a time frame for the agreement and usually ranges between three months and six months. A client can negotiate this period through their agent.

Arbitration or Mediation: This part indicates how the dispute is to be settled, either through mediation or arbitration.

Agents Fee: Agents usually charge fees as a percent of the sale price of the home. In most cases, the commission is 6% and split between both agents. For example, if your house is sold at a value of $250,000, with a commission value of 6%, you will pay $7,500 to each agent.

Protection Period: A protection period, often called a tail period, protects the agent from not earning any commission from a buyer that they brought to the table in case the buyer decides to buy after the agreement has run out.

Types of Listing Agreements

There are several types, each with different levels of exclusivity and responsibilities:

1. Exclusive Right-to-Sell: The most popular type and gives the agent the right to exclusive property selling.

2. Exclusive Agency: It saves you the commission if you sell the house yourself.

3. Net Listing: This listing sets a minimum sale price, with any excess going to the agent. These are rare and illegal in some states.

4. Open Listing: This listing is non-exclusive, letting multiple agents work to sell your home; only the successful agent earns a commission.

Are You Considering Selling a Home Without a Listing Agreement?

If you don’t want to sell and want to mess around with listing, there are other ways. At 412 Houses, we buy houses in Pittsburgh as-is without you needing to worry about open houses, repairs, or commissions. Whether you’re facing foreclosure, liens, or minimal equity, they offer cash offers and a quick closing, taking the stress out of the process.

Author Bio:

The author is one of the leading cash home buyers in Pittsburgh. They are committed to offering fair all-cash offers to Pittsburgh homeowners and the surrounding Pennsylvania areas amidst the challenging real estate market. To learn more, please visit https://www.412houses.com/.