When you entrust the sale of your home to a real estate brokerage, you will be required to sign a listing contract. The listing contract establishes a professional relationship between you and your brokerage for a given period of time. It details the obligation of the brokerage and the seller. It is officially called the “Seller Brokerage Agreement”. There are two main types of listing contracts, Exclusive Listing Contracts and Multiple Listing Service Contracts (MLS®).
When you sell your home several important details must be collected and verified right from the beginning (lot size, amount of taxes, general condition of the house and its main components, etc.)
The listing contract must contain a detailed description of the real estate, including:
- Lot measurements and area (plot plan);
- Property details; and
- What does or does not remain (exclusions and inclusions).
Along with location, size and price you must also identify the elements that can affect the value of your home:
- Number of rooms;
- Constructions materials used;
- Features specific to the area;
In the case of a condominium, you also have to specify the number of parking and storage spaces included in the sale, and their identification numbers, the condo fees and condo number and other information that is relevant to your condominium.
The Multiple Listing Service ® (MLS)® is no doubt one of the most frequently used promotional tools, as it informs the brokerage representatives who work in your area that your property is on the market. This service is a central directory listing all the real estate for sale in a given region. Now available on the Internet, the Multiple Listing Service ® is an effective promotional tool.