Listing Agreement
This is a binding contract between a home seller and the estate agent who is marketing the home. The contract allows the agent to list the home in the multiple listing service, details how long the agent will represent the seller, spells out what the agent's compensation will be, and may authorise the agent to access a key to the house in a small lock box on the property to make it easier to enter with interested buyers. A listing agreement obligates the agent to seek qualified buyers, report all purchase offers and help negotiate the highest possible price and most favourable terms for the property seller. The typical contract is one month to three months in length. In the developing world, contracts with real estate brokers tend not to be standardized, and the seller needs to ensure that he or she is dealing with a reputable firm.
