Atlanta Real Estate

Realtors and buyers occasionally work together without a written contract, but the opposite is true for realtors and sellers. On the listing side, written contracts are overwhelmingly the rule, not the exception. A listing agreement is a binding legal contract that shouldn't be taken lightly. The necessity of reading the contract carefully and understanding what it means before you sign it can't be overstated. If you need legal advice, consult an attorney.

Listing contracts vary considerably from place to place. However, most realtors use established listing agreement forms that are the de facto industry standard in their area or are dictated by their real estate brokerage company.

Here are some basic terms to consider:

1. Term of the Agreement. A longer agreement benefits you and the real estate agent because it allows him or her more time to find a buyer for your home. If the property doesn't sell within the initial period and you're satisfied with the agent's efforts, you can extend the term of the agreement before it expires.

2. MLS. A listing agreement typically authorizes your real estate agent to post your home in the Multiple Listing Service (MLS). Unless you're selling a very exclusive home or have serious personal privacy concerns, the MLS is a no-brainer because it helps your agent market your? home to the widest possible group of potential buyers. Today, most MLS databases are accessible by consumers on the Internet.

3. Lockbox. A lockbox is a tiny key-holding safe that can be inconspicuously attached to the front of your home. Any real estate agent who has the means of accessing the lockbox (e.g., the key or combination) can retrieve the keys to your home, unlock your door and show your home to prospective buyers even when neither you nor your real estate agent is present. If you're concerned about strangers entering your home alone, ask your agent to accompany showings. The more people who see your home, the better chance you'll have of selling it for a favorable price.