Whether it’s residential or commercial, buying or selling a property involves some of the most significant financial transactions in your lifetime. The real estate process, with its diverse players and intricate legalities, can be challenging to navigate. Relying solely on a realtor may not always ensure thorough advocacy and explanation of each step’s implications.
Bannon and Associates, PC is your comprehensive solution for all residential and commercial real estate needs. Seasoned real estate attorney Kevin M. Bannon will guide you through aspects like the listing agreement, other contracts, title insurance, and closing documents. Real estate transactions are intricate and involve substantial financial matters—don’t leave such crucial matters to chance.
In addition to his legal expertise, Kevin M. Bannon is a licensed builder and real estate broker in the State of Michigan.
Maximizing Your Interests in a Listing Agreement
A listing agreement is a contractual commitment to sell a property with a specific real estate agent for a defined period and commission. Choosing who you work with and determining their payment is a significant decision. It’s crucial to fully understand the terms before committing.
There are various types of listing agreements:
- Exclusive Right to Sell: Grants the most authority to the realtor, who is the sole entity authorized to sell and market the property. Regardless of the buyer’s source, the realtor receives the agreed-upon commission, even if the homeowner finds the buyer.
- Exclusive Agency: The realtor is the exclusive marketer and seller, but if the homeowner finds the buyer, the agent does not earn a commission.
- Open Listing: Homeowners can list with multiple agents, paying commission only to the one bringing in the buyer. No commission is owed if the seller finds the buyer.
Each agreement type has its benefits and restrictions, and some real estate brokers may prefer exclusive listing agreements. Understanding these details is crucial as the listing agreement sets the tone for future dealings with your realtor.
Review the agreement thoroughly, paying attention to the commission provision. While the standard real estate commission is around 6% of the sales price, this is negotiable. Discuss commission and exclusivity terms with potential realtors upfront. Be clear about the services you expect for the commission, such as professional photography, staging, and marketing efforts.
With numerous brokers available, negotiating optimal listing agreement terms is essential.
Advocating for You in All Real Estate Dealings
Real estate transactions, whether residential or commercial, present opportunities to enhance your financial situation. However, poorly executed transactions can have lasting consequences. Bannon and Associates, PC is dedicated to representing your best interests in all property transactions. Attorney Kevin M. Bannon combines a deep understanding of real estate with meticulous attention to detail, ensuring his clients are well taken care of. Contact the Law Office of Bannon and Associates, PC today.