|Details of a Listing Contract
Obviously the name of the seller and the
property address will be included in the listing contract. There
are many other things that are included, too, and you should be
aware of them.
Price and Terms of Sale
When setting the terms of sale, the main thing you are concerned
with is the price. You should have a basic idea of what your
home is worth by keeping track of other sales in the
neighborhood. Plus, you have probably interviewed at least two
real estate agents and they have given you their own ideas.
Exercise great care in determining your asking price, making
sure not to set it too high or too low.
In addition to the price, you will disclose what personal
property, if any, goes with the house when you sell it. Personal
property is anything that is not attached or fixed to the home,
such as washers, dryers, refrigerators, and so on.
There may be some item that is considered "real property" that
you do not intend to include in the sale. Real property is
anything that is attached to the home. For example, you may have
a chandelier that has been in your family for generations and
you take it from home to home when you move. Since the
chandelier is attached to the house, it is considered "real
property" and a reasonable buyer would normally expect it to go
with the house. The listing contract should make clear that it
does not, and your agent should also enter this information with
the Multiple Listing Service.