Maine Listing Contract Provisions

Once you have found a listing broker for your home, you will be shown a listing contract. Before signing this paperwork, it is important to understand the terms typically included. The Maine listing contract provisions in this blog will better prepare you for this.

Professional Fees

Commission is normally specified as a percentage of the selling price. It is against the law for brokers to indicate that an amount is fixed in the market. Every brokerage determines its own fees and, like everything else in real estate, it can be negotiable. It is important to evaluate the expertise and services offered by individual real estate brokers when comparing their rates. Simply finding one with the lowest rate may not necessarily be the best choice.

Listing brokers usually share a specific portion of the commission with co-broke agents (buyer agents). The percentage offered is displayed in the MLS system. Higher percentages can sometimes influence buyer agents to show your listing and, conversely, low rates may sometimes discourage other agents. This is particularly true when listing volume is high. If the percentage is not specified, you can ask for the figure.

Finally, the contract also notes when the fees are technically earned. It is important to read and understand this condition. Your obligation to your agent is not the same as those due to buyers. Therefore, it is not merely dependent on a closing.

Marketing Services

You must enable your agent to manage certain tasks. The most obvious one is to submit the details of your listing into the local MLS (multiple listing service). This service networks the listing to all real estate brokers and to a list of authorized websites. By widening the exposure of your listing, you will improve the likelihood of it being sold and for a better amount. Placing signs, installing a lock box, and holding open houses are other services that you may be asked to authorize in the listing contract.

Agency Duties

Real estate brokers are not only salespeople. They are in fact agents in the legal sense and have distinct duties under the law. These are called fiduciary duties and include confidentiality, care, obedience, accounting, loyalty, diligence, and disclosure. In general, your broker must work for you and protect your best interests. There can be situations where a real estate professional also represents an individual interested in purchasing your property. The listing contract will stipulate how this shall be addressed, such as required disclosures, and what services will be given to each party..

Maine Listing Contract Provisions

The Maine listing contract provisions in this blog include only the most common terms of listing contracts but may not include all language in your specific contract. As with any type of contract, read through the entire document carefully, ask questions about things that are confusing, and seek additional assistance if you require legal advice.

About Mini Major

Mini views the purchase or sale of a home as a major life transition that usually evokes a wide array of challenges and emotions She brings her strong analytical, communication, and mediation skills to that process. For buyers, she helps to assess realistic goals and maps out a facilitation strategy that is uniquely designed to meet their individual styles with limited stress. For sellers, she provides honest, factual information necessary to set the right price and, together with the extraordinary resources of the Bean Group, provides state-of-the art marketing materials to present that property with appeal to the most appropriate potential buyers.

Ask a Question..

* indicates required field