I use the standard Oklahoma Real Estate Commission Residential Real Estate Listing Form to list your property. This is a written, binding contract that explains how I will market your home and how much I will be paid to do so. This form spells out the term of our agreement and the responsibilities of both parties to the agreement. Below are a few key portions of the document:
The Oklahoma Real Estate Commission (OREC) Residential Real Estate agreement is used for listing your property.
Term of the Agreement
The listing agreement spells out how long the agreement is in effect – typically six months, but it can be longer depending on how unique and difficult the property is to sell. If your houses does not sell in the listing agreement timeframe then this agreement can be extended with written consent from both parties.
This portion of the agreement spells out what type of contractual relationship we will have. This spells out the duties and responsibilities real estate agents have to our clients. These are basically:
- Treat all parties fairly
- Present all offers in writing
- Provide estimated cost of transaction to our client
- Keep our clients informed
- Timely account for all money involved in transaction
- Keep information about transaction confidential
- Disclose any known defects about the property
- Comply with all applicable Oklahoma Real Estate regulations and laws
The listing agreement spells out how and when I am to be paid for selling your property.
Exclusive Right to Sell
The agreement gives your agent the exclusive right to sell your property for a specified period of time. This means that no matter how a buyer is procured – the MLS, my web site, word of mouth, referral, or even someone you talked to at church – your agent (me) is compensated for the sale and will work on your behalf to procure the buyer and help you through the closing process. It protects us for the investment in marketing we will be making on your behalf, and that protection helps ensure you that your agent (me) is fully committed to selling your home.
This agreement spells out the property disclosures you are required to provide prior to the sale of your home. It is important that you fully disclose any problems or issues you have had with the home. Failure to disclose a known problem such as flood damage or roof repairs can land you in hot water long after the sale. By fully disclosing what you know about the property well in advance, the buyer knows what they are getting prior to the sale and you are protected after the sale.
Access to Property
In most cases you will want your house placed on the OKC Metro Multiple Listing Service. We want to make it easy for other agents to show your home. We typically do this by placing a lockbox on your home and providing other agents access to the lockbox via electronic means. Inside the lockbox is a key to your home. The other agent can open the lockbox, remove the key, and use it to open your home and show it to their clients. You will be notified of all showings in advance.
Other Contract Terms
Additionally, the listing agreement spells out other terms of the contract such as governing law, mediation, and other details of the agreement. I will discuss the full contract in detail at the time of the listing agreement.