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Home / Real Estate Information / Home Seller Tips / MA Listing Paperwork Terms

01.07.13 Home Seller Tips, Local Information

MA Listing Paperwork Terms

After you have found a real estate broker for your home, you will be given a listing paperwork. Before signing this paperwork, it is important to be familiar with what it encompasses. The MA listing paperwork terms in this blog will better prepare you for this.

Broker Compensation

Commission is usually specified as a percentage of the selling price. It is against the law for brokers to imply that a rate is standard in the market. Every brokerage determines its own fees and, like everything else in real estate, it may be negotiable. It is important to understand the knowledge and services offered by individual real estate brokers when comparing their fees. Simply finding one with the best fee may not necessarily benefit you in the end.

Listing brokers traditionally share a certain percentage of the fee with buyer agents. The amount is entered in the MLS system. Higher amounts can sometimes encourage buyer agents to promote your listing and, likewise, lower percentages can discourage other agents. This is particularly true when the number of available homes is high. If the amount is not mentioned, you can ask for the figure.

Lastly, the paperwork also notes when the compensation are actually earned. It is important to read this language carefully. Your contractual responsibility to your agent is different from that to any buyers. Therefore, it is not merely dependent on a closing.

Professional Services

You must permit your broker to handle certain tasks. The most obvious one is to submit the details of your listing into the local MLS (multiple listing service). This service shares the information to all real estate agents and to a variety of authorized websites. By widening the exposure of your listing, you will improve the chances of it being sold and for a higher value. Placing signs, installing a lock box, and performing open houses are other items that you may be asked to sign off on in the listing paperwork.

Agency Obligations

Real estate professionals are not solely salespeople. They are actually agents in the legal sense and have distinct obligations under the law. These are referred to as fiduciary duties and include care, lawful obedience, accounting of funds, confidentiality, diligence, disclosure, and loyalty. In general, your real estate broker must work for you and protect your interests. There can be times where a agent also works for an individual wanting to buy your property. The paperwork will stipulate how this should be handled, such as prior disclosures, and what services will be due to each party. Make sure that you fully understand the potential scenarios and are comfortable with them.

MA Listing Paperwork Terms

The MA listing paperwork terms in this article are some of the most common components of listing paperwork but may not address all language in your specific paperwork. As with any type of paperwork, read through the full document carefully, inquire about things that are confusing, and seek additional help if you prefer legal advice.

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Tags: Listings, MA, paperwork

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Topics

  • Local Information (61)
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  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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