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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.
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