Seller Step 3 - Listing documents
Your listing contract is only 3 pages long. We will go over these carefully so you fully understand what it all means. Click here to view a sample listing contract.
Paragraph 1: This talks about the property, where it is and the legal description etc. The checked boxes are so we can a) start marketing right away, b) hold off on marketing until a specific date or c) allows the realtor to show the property, but not to place it in the MLS (Multiple Listing Service)
Paragraph 2: This is all about how I represent you, I know we have been thru that many times, but remember, I represent you exclusively!
Paragraph 3: The nuts and bolts, what are we going to list it for!
Paragraph 4: Title insurance – you must prove that you really do own the property and have the right to sell it – seems reasonable.
Paragraph 5: How we get paid. This will show you what you are paying Jack White to sell your home. This fee is then split with the other Realtor that actually brings the buyer and writes the contract for your home. So if the total fee is $6000, then $3000 would go to Jack White and $3000 would go to the other brokerage. Now take a look at section 5C, this is something important. If a realtor shows your property and then you take it off the market, and then those same people come back and buy it from you personally, I am afraid you will still owe Jack White the commission. This is what this paragraph is talking about, so make sure you read it over and we can talk about it too.
Paragraph 6: If you are using a relocation company, that this section is for you. If not, you can disregard.
Paragraph 7: As you know, there are a lot of people that will be involved in getting your transaction to closing, this allows us to share information to these companies so that can prepare documents.
Paragraph 8: Everyone knows the MLS is key to getting your home sold. But, we need your authorization to put it on the MLS. This also give authorization for us to extend that to Zillow and Trulia and Realtor.com and all the other sites that people use to find homes.
Paragraph 9: Another authorization, sign and lockbox. It’s important to have both these things at the home for seeing the home quickly as you drive down the road and easy access to the property.
Paragraph 10: Yes, this one is very important. I will have your home listed, but it doesn’t mean that I am taking care of your home like a property manager. You will still have to keep the power on and the heat and make sure the driveway gets plowed in the winter and lawn is mowed in the summer.
Paragraph 11: Disclosures! State of Alaska requires a written statement about the condition of your home. This is really important, I will provide this form to you and you need to be as accurate as possible, and if you don’t the answer to something, just say, “I don’t Know”.
Paragraph 12: If you owe the IRS money, they will want it when the house sells! You know how they are!
Paragraph 13: Got to have this! We all agree that we will in good faith market to everyone!
Paragraph 14: The legal-eze. If anyone wants to sue anyone over this contract, the winning party is entitled to attorney’s fees.
Paragraph 15: If there is a dispute, everyone will go to mediation before arbitration or litigation.
Paragraph 16: Check a box if this a Foreclosure, Short Sale, Relocation transaction or other.
Paragraph 17: If there are any other unusual terms and agreements to this contract, they would be listed here.
*** Key items to Note ***
That’s it for the listing contract, but a few other documents are needed to get your home listed. We will need to have an AREC or Alaska Real Estate Commission Consumer Disclosure signed. This is not a contract! It’s a State of Alaska Disclosure; Click here to view. Anytime there is the State of Alaska Seal on a document, you know it’s required by the state. This goes into detail about how you are represented. In your case, I only represent you. I can assist the buyer, but I represent you. Click here for a quick explanation on representation. Other documents required are the disclosures. The Jack White Affiliated Business Disclosure of Conflict of Interest disclosures is a federally required document that explains that some of the owners of Jack White also have ownership interests in Alyeska Title and HomeState Mortgage Company. Click here to view. You will also need to complete a State of Alaska Property disclosure where you need to disclose any material defect, repairs or damage done to your home, and any other relevant info that you know. This document just needs to be filled out to the best of your knowledge, and its ok if you don’t know the depth of your well, the name of the original builder of the home, or other questions. This disclosure can prevent you from trouble with a potential buyer, so take care in disclosing anything that has happened to your home that a buyer may want to know. For instance, a leak under your kitchen sink that was repaired, or fire in your oven. Click here to view