Author Topic: Signing Right to Sell Agreement  (Read 1130 times)

Beardog

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Signing Right to Sell Agreement
« on: February 07, 2015, 10:26:22 AM »
Hello, Real Estate Mustachians.

I'm preparing to sell my condo this spring and have been sent an 'Exclusive Right to Sell Agreement' that I requested from a local real estate agent.  This real estate agent sold the other condo in my two unit building under contentious circumstances (representing my upstairs neighbours during this process), and treated me well and fairly so I come to him with a feeling of trust based on that experience. 

As I review the written agreement, and all the legal mumbo jumbo, can anyone advise me on things to be on the look out for or to request modifications to?  Should I have this reviewed by a lawyer before I sign it?  I live in Massachusetts, in case that is relevant.

Thank you in advance for any help you can offer!

Beardog

babysteps

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Re: Signing Right to Sell Agreement
« Reply #1 on: February 07, 2015, 11:19:13 AM »
Others will know more, but my $0.02:

Two biggest things to consider in my book are-

1-commission level (make sure you are happy with what's agreed, the major change would be any higher-than-standard payment to the buyer's broker)

2-length of agreement.  Don't know MA specifically, but in NY & CT many brokers try for 6mos or even 1yr.  If you're comfortable with that length, good.  If not, feel free to shorten it.  If you do shorten it, make sure to review a couple weeks before the expiration date, that way if you want to extend the agreement you & your agent have plenty of time to do that smoothly

Most such agreements are pretty standard.  Usually an awake-and-alert read through will do it, no particular need for a lawyer unless there is some special issue with your property imo.  Some agreements list in detail what the agent/broker will do to market your home, others don't.  If you have any specific requests/concerns (frequency of open houses, pre-screening of potential buyer, folks taking off/covering their shoes, marketing details, etc), discuss *before* signing the agreement.  Remember the agreement is technically with the brokerage, not with the agent - again, if you have any questions/concerns best to discuss before signing.

escolegrove

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Re: Signing Right to Sell Agreement
« Reply #2 on: February 07, 2015, 12:29:46 PM »
What ever you and the agent agree to make sure its in writing. In the end unless it is in the contract it won't count. That being said things are also negiotatable. Our agents exclusivity was 3 months not the normal 6 or a year because my parents wanted to put their house back on the rental market. If they couldn't get what they wanted.  So there are lots of options, just know that NOW before the contract is signed. Is when changes can be made :)

Good luck!

Beardog

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Re: Signing Right to Sell Agreement
« Reply #3 on: February 08, 2015, 03:45:06 AM »
Thank you, escolegrove and babysteps!  It sounds like this is a pretty routine process and I'm glad to hear that I don't need to get a lawyer involved.  We've talked about commission already and I'll give some thought to the contract length.  And I will definitely make sure all our verbal agreements are put in writing.  I appreciate your help.