The Real Estate listing agreement in Key West.

Once signed, the listing agreement is a binding contract between the seller and the listing Key West real estate firm. Its provisions include length of the listing period, commission rate and payment date, responsibilities of the firm and its real estate agents, and who is responsible for the cost of advertising and the other costs associated with the home sale in Key West.

Read the real estate listing agreement carefully. Do not hesitate to discuss any provisions you would like to change. To further protect your interests, resist signing an agreement until your attorney has reviewed and approved it, especially if you have requested changes, which have been resisted.

One final suggestion could save you lot of money. Before signing a listing agreement, let your friends and neighbors know you're selling. If any of them express an interest in buying, exclude them from the listing agreement. Then, if one of them ultimately buys the property, you will not be required to pay any commission at all.

Types of Real Estate Listing Agreements in Key West

Most real estate firms prefer "exclusive right to sell" listings. These listings guarantee that a commission will be paid no matter who sells the property as long as it is sold during the time period covered by the listing.

Other types of listings include open listings and exclusive agency listings. Exclusive listings require that the listing agency work the property and actively promote its sale. In some states, an exclusive agency listing may be offered under which the seller can avoid paying commission if he or she sells the house personally and not through an agent.

Most real estate agencies avoid open listings for residential sales because these listings allow sellers to list with other agencies or to sell the homes themselves. Under an open listing, the commission is paid only to the agency that finds the buyer.

Real estate firms that are members of a Multiple Listing Service combine their exclusive right to sell listings. This makes the home available to a wide variety of prospective buyers. The multiple listing agreements define how the firms share the sales commission when the property is sold.