In listing your house for sale, you will encounter a variety of required real estate agreements and forms. Don’t worry, it only seems like you are signing your life away. In reality, much of what you are signing are disclosures to the buyer about your house. Here is a list of the papers you normally sign, with a brief explanation of each.
Definitions of Working Relationships
This document defines the relationship between you and your real estate sales professional.
- Seller’s Agent – Agents represent ONLY the seller’s interests in transactions, above their own interests.
- Transaction Broker – Transaction Brokers help both buyers and sellers “broker a deal,” but are not Agents of either party.
Exclusive Right-to-Sell Contract
This is a contract between you (the seller) and your sales professional that defines the details and terms of the transaction, such as the sales price, commission amount, length of contract, and much more.
- Seller’s Property Disclosure – Tells the buyer about certain conditions existing in your house.
- Lead-Based Paint Disclosure – Tells the buyer if there is lead-based paint in your house. Only possible in houses built before 1978.
- Square Footage Disclosure – Tells the buyer how the square footage in your house was determined.
- Source of Water Addendum – Defines where the buyer will get their water, such as a municipality, like Fort Collins or Loveland, or a well.
- Common Interest Community Disclosure – Tells the buyer what your HOA provides and charges.
- Request for Utility Information – Allows the brokerage to inquire how much your utility bills are.
- Request for Homeowner’s Association Documents – Allows the brokerage to obtain copies of your HOA documents from the HOA.
- Lock Box Agreement – Allows the brokerage to install a lock box so other real estate agents may show your house.
- Loan Payoff Information – Allows the brokerage to find out what is the payoff amount of your loan.
Defines who is the title company and how the closing process will work.
If you have any questions about Listing Agreement and Forms, please feel free to contact Gary Clark.