Selling Your Home – Listing Paperwork
The Listing Paperwork is an important part of the Listing Process. The first document to be completed is an Employment Agreement between you, the home seller, and us, the listing agents, which dictates the terms of the listing agreement and the commission. This contract between you and us will outline the time period in which we have the exclusive right to market and sell your property and the amount of commission that will be paid when your home sells. Commission is paid by the seller (in all cases) and is split between the seller’s agent (us) and the buyer’s agent. It is oftentimes further split between team members and referring agents.
The Listing Contract itself includes a list of all the features of your home that will be input on the MLS (Multiple Listing Service – a tool used by realtors to provide data about properties for sale to other realtors). Buyers agents will use the information on MLS to find homes for their clients. You will want to review the information on this form and make sure we have all your property features listed and that it is an accurate description of your home.
You will also sign an Agency Pamphlet, which in Oregon is a 3-page disclosure outlining the fiduciary responsibility of the agent to the home seller. Through that agreement, we agree to always put your best interest first in the listing, negotiations, and sale of your property. An Agency Agreement will also be signed.
The Seller’s Property Disclosure is a 7-page document with several hundred questions about your property. The form is fairly straightforward, and most questions require a Yes, No, Unknown or N/A answer. The purpose of the form is for you to give a good-faith picture and understanding of your knowledge about the home and property you are selling. Additional pages can be added to the disclosure if needed to add explanations. Note, the only thing that supersedes our fiduciary relationship to a homeowner is the requirement that we the brokers are honest and forthright about anything that we are aware of regarding your property. If your home has had ice dams, disclose that with an explanation. If you have made improvements on your home, you can attach an explanation of what those improvements were. We are here to help you complete the form, so please reach out to us!
Our next step, once the paperwork has been completed, is scheduling photography, timing the installation of the realty sign and premarketing to other brokers and builders with the hope that your home sells before it even hits the market! After listening to Caleb and Ellie explain the Listing Paperwork, click on the link to learn about Preparing Your Home for Market.