WHAT IS A CONTRACT?
A contract is a legally binding agreement between two or more parties. When you use a broker to help sell your home, you must sign what is called in the trade, a Listing Contract. The contract stipulates the terms of your agreement with that Broker. This includes the services the broker will provide; the obligations that you, as the seller, undertake; the compensation that will be paid, and the start and end date of the contract.
When you sign the listing contract with a Real Estate Firm you, the home seller, and the Broker are both legally obligated to fulfill all of the terms of the contract. It is important that you fully understand any contract that you sign. You might want to consult with an attorney if there is any part of the agreement that you do not understand.
STANDARD LISTING CONTRACTS:
Most Brokers use a standard listing contract. They usually require at least a six month agreement. That means you are obligated to use only the Broker you are signing the contract with for the entire six months. A standard contract typically forbids you to deal directly with any potential buyers. You agree to pay the selling broker a percentage (usually five percent) of the sale price of the house if they find a buyer ready, willing, and able to purchase your home. You are also usually obligated to pay that broker a commission if, after the listing expires, someone who viewed the home while it was listed purchases the home. The time frame for this obligation is also typically negotiable, and varies with company policy.
PREOH LISTING CONTRACTS:
The Preoh listing contract is short and easy to understand. The Preoh listing agreement is a six month agreement. You can cancel any time with thirty day notice. Preoh doesn't need an onerous contract to keep customers. In the Preoh listing agreement you, the seller, agree to pay a total of one percent commission. Preoh will use a portion of that 1% to offer a small commission to a Buyer Broker,
per MLS regulations. Unlike most brokers, you can always find your Listing Contract with Preoh online in your Preoh personal dashboard. You can access all the documents quickly and easily when you log in to your site. At any time, you can change the price of your listing, or increase the commission paid to a Buyer broker through the Preoh online system. You can see all the details of your listing and local market activity in one place.
NON-INTERFERENCE:
The National Association of Realtors® in article 16 of the Code of Ethics and Standards of Practice precludes Real Estate Brokers from interfering with any active listing contracts. If you are under contract with a Broker to sell your home, other Brokers cannot solicit or accept your listing. If you are unsure about your listing contract, it is best to consult an attorney.
