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Past Articles [January 2006]
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Know the Basics of a Listing Contract When Selling Your Home
The New Year is here, and many of us are thinking of selling our homes and making a move. If you are one of these people, and you plan on selling your home using a member of the Northern Arizona Association of Realtors, the following will give you some idea of how things progress once you make the commitment to sell.
The Exclusive Authorization and Right to Sell Listing Contract is an agreement used by association members to record details of your property, including price, location, terms, and commission. It is accompanied by a second document called a Residential Data Form, which details a whole host of other items describing your property — for example, type of construction, year built, and square footage of your home and lot. Together these documents make up a contract allowing your broker to begin marketing your home.
Prior to signing a listing contract, review a copy of the blank forms and gather all of the information needed to prepare the contract correctly. Having all of the information at hand will save both you and your realtor valuable time when you meet to prepare the documents.
When you sign a listing contract with one of the members, the information on your property is soon placed on the Internet through the Northern Arizona Multiple Listing Service (NAMLS). All members have access to that program, as does the public at www.northernarizonamls.com.
If your property meets the criteria of a prospective buyer who was set up in the MLS program by another agent, the details are automatically e-mailed to the prospect soon after the information is submitted into the MLS program. It is a fast method of information transfer — and one that can benefit you greatly if your property meets a prospective buyer’s needs.
You can review and print a sample copy of the listing contract and the residential data form in our Buyer Resources section.
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