Myrtle Beach Real EstateMyrtle Beach Real Estate

Professionalism, Experience and Results

(843) 477-1777

  • Menu
  • Home
  • Buying a Home
    • Basic Search
    • Address
    • Map Search
    • Advanced Search
    • Mortgage Calculator
  • Selling Your Home
    • Home Valuation
    • Sold/Pending
  • Communities
    • Little River
    • North Myrtle Beach
    • Myrtle Beach
    • Surfside Beach
    • Garden City Beach
    • Murrells Inlet
    • Litchfield
    • Pawleys Island
    • Neighborhoods
  • Agents
  • Rentals
  • About
    • About MBRE
    • MBRE Mission
  • Contact
    • Get Email Updates
    • Create Account
    • My Account

Listing Contracts – Terms Defined

Obviously the name of the seller and the property address will be included in the listing contract. There are many other things that are included, too, and you should be aware of them.

Price and Terms of Sale

When setting the terms of sale, the main thing you are concerned with is the price. You should have a basic idea of what your home is worth by keeping track of other sales in the neighborhood. Plus, you have probably interviewed at least two real estate agents and they have given you their own ideas. Exercise great care in determining your asking price, making sure not to set it too high or too low.

In addition to the price, you will disclose what personal property, if any, goes with the house when you sell it. Personal property is anything that is not attached or fixed to the home, such as washers, dryers, refrigerators, and so on.

There may be some item that is considered “real property” that you do not intend to include in the sale. Real property is anything that is attached to the home. For example, you may have a chandelier that has been in your family for generations and you take it from home to home when you move. Since the chandelier is attached to the house, it is considered “real property” and a reasonable buyer would normally expect it to go with the house.

Lockbox – Yes or No?

A lockbox is a basically a padlock with a cavity inside where a key to your home can be placed. Only someone with an electronic key or the combination can get into the lockbox and access the key. Having a lockbox available at your house makes it easy for other agents to get access to your house.

Without the lockbox, agents representing buyers would have to set appointments to meet you or your agent at the house so they could gain access and view the home. This would be inconvenient. Since almost every other house does have a lockbox available, if you do not allow one most agents will simply not show your property. You will miss out on lots of potential buyers.

The listing contract specifies whether you allow a lockbox or not. It is locked into place, usually on the front door and cannot be removed. Only other agents can access the key that is located within the lockbox.

Real Estate Commission

In some areas of the country there is a certain percentage that real estate agents expect to earn as a commission.This commission amount is a certain percent of the sales price.Or, some companies will charge a set fee for their services.However, just like anything else in real estate, this amount is negotiable.When completing the listing agreement, you and your agent will agree on the amount of the real estate commission.

Multiple Listing Service

Your listing contract should specify whether or not the house will be listed with the local MLS (multiple listing service). It is definitely in your interest to have the house listed. This is because your sales force is automatically multiplied by however many agents are members of the local MLS. If your house is not listed, then you only have one agent working for you instead of many.

Agency Duties of a Listing Agent

The listing contract will specify that your agent is acting as a “seller’s agent.” This means that, in the sale of your house, they are working for you and only you. However, there may be times when your listing agent has a client who wants to buy your home. For that reason, there is a little “wiggle room” in the listing contract. If your agent also represents the buyer, the listing contract should specify that they provide an additional disclosure that details their duties as a dual agent.

The contract also provides permission for your listing agent to act as an agent for others on other transactions. They can continue to list other properties, and represent buyers looking at other homes.

Resolution of Disputes

There are times when you and your agent have a disagreement that you cannot resolve by yourselves. Maybe the agent did a poor job or misrepresented something. Maybe your agent was really doing their job correctly, but you did not understand. Perhaps the agent will have a dispute with you.

The listing contract specifies what methods will be used to settle such disputes. You can choose to accept binding arbitration, which is usually cheaper than hiring a lawyer and going to court. Usually, matters that can be dealt with in a small claims court are excluded from having to go to binding arbitration.

You are not required to sign or initial the binding arbitration clause. This would leave you free to hire an attorney and pursue disputes in civil court instead of binding arbitration. Consult your attorney for advise on this legal matter.

Posted in: Home Sales

Post navigation

« Type of Listing Contracts
Free Market Analysis »

Schedule a Showing

Our Featured Listings

6699 Enterprise Rd. $489,899

6699 Enterprise Rd. Myrtle Beach, South Carolina

5 Beds 3 Baths 2,890 SqFt 1.560 Acres

Listed by: Myrtle Beach Real Estate LLC

902 Sea Mountain Hwy. 5 $339,900

902 Sea Mountain Hwy. 5 North Myrtle Beach, South Carolina

3 Beds 2 Baths 1,155 SqFt

Listed by: Myrtle Beach Real Estate LLC

1905 S Ocean Blvd. S 1004 $259,000

1905 S Ocean Blvd. S 1004 Myrtle Beach, South Carolina

1 Beds 1 Baths 611 SqFt

Listed by: Myrtle Beach Real Estate LLC

2265 Huntington Dr. D $225,000

2265 Huntington Dr. D Surfside Beach, South Carolina

3 Beds 2 Baths 1,300 SqFt

Listed by: Myrtle Beach Real Estate LLC

5300 Pebble Ln. $139,900

5300 Pebble Ln. Conway, South Carolina

2 Beds 2 Baths 940 SqFt 0.500 Acres

Listed by: Myrtle Beach Real Estate LLC

2005 Greens Blvd. C-107 $119,900

2005 Greens Blvd. C-107 Myrtle Beach, South Carolina

2 Beds 2 Baths 846 SqFt

Listed by: Myrtle Beach Real Estate LLC

10 Oak Bay Dr. $179,900

10 Oak Bay Dr. Georgetown, South Carolina

0.170 Acres

Listed by: Myrtle Beach Real Estate LLC

TBD Enterprise Rd. $119,990

TBD Enterprise Rd. Myrtle Beach, South Carolina

0.510 Acres

Listed by: Myrtle Beach Real Estate LLC

36 Oak Bay Rd. $69,900

36 Oak Bay Rd. Georgetown, South Carolina

0.240 Acres

Listed by: Myrtle Beach Real Estate LLC

Myrtle Beach Real Estate Listings

Myrtle Beach Real Estate

1013 Surf Pine Dr.
Surfside Beach, SC 29575
843-477-1777

© 2023 Myrtle Beach Real Estate
Myrtle Beach Real Estate has made every effort to obtained the information regarding these listings from sources deemed reliable. However, we cannot warrant the complete accuracy thereof subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.

IDX website design and marketing by Surfside Web