Tagged: contracts

Listing contract details

There are several steps to selling a home. After you have found a listing agent for your home, you will be provided with a listing contract. Prior to signing this document, it is helpful to understand the conditions normally included. The Marlboro NJ listing contract details in this blog will make you an educated seller.

Professional Fees

Commission is typically itemized as a percentage of the selling price. It is against the law for brokers to imply that a rate is fixed in the market. Every brokerage sets its own rates and, similar to everything else in real estate, it can be changed. It is important to understand the experience and value provided by individual brokers and companies when comparing their fees. Finding one with the lowest fee may not be the best choice and may actually end up hurting you, so make sure you understand what services they offer for the fee.

Listing agents typically share a certain portion of the fee with buyer agents. The amount is shown in the MLS system. Higher rates may encourage buyer agents to promote your home and, likewise, low percentages can discourage them. This is particularly true when competition is high. If the percentage is not specified, you can ask about it.

The contract also indicates when the compensation is technically earned. It is important to read and understand the terms of the contract.

Marketing Services

You must enable your agent to handle specific tasks. The most obvious one is to enter the details of your property into the local MLS (multiple listing service). This service shares the information with all real estate professionals and could also send your listing  to a list of authorized websites. By expanding the pool of home buyers that see the information, you will increase the likelihood of selling and for a higher price. Adding signs, attaching a lock box, and performing open houses are other services that you may be asked to sign off on in the listing contract.

Legal Obligations

Real estate brokers are not solely salespeople. They are actually agents in the legal definition and have special obligations under real estate law. These are referred to as fiduciary duties and include care, obedience, accounting, confidentiality, diligence, disclosure, and loyalty. Basically, your broker must work for you and look out for your interests. There can be situations where a listing agent also represents a buyer attempting to purchase your home. This is called a dual agency. The paperwork will provide information on how this shall be addressed, such as mandated disclosures, and what services will be provided to each party. Make sure that you fully understand the potential scenarios and agree with the terms.

Marlboro NJ Listing Contract Details

The Marlboro NJ listing contract details in this article include some of the most common components of listing contracts but may not address everything in your specific contract. As with any kind of contract, read through the complete document carefully, ask questions about anything that is confusing, and seek additional assistance if you desire legal advice.

For more information on this and other real estate topics, contact Sujatha Bhaskara at 732-536-9010 or sbhaskara@optonline.net. Never hesitate to contact me with any of your real estate questions! For more information on selling your home in Marlboro NJ, please visit http://www.bestinnjrealestate.com/sell/.

How to buy your first home

The home purchase process can be a bit scary for first time buyers. The Marlboro NJ first time home buyer tips below will help. Real estate is a big investment and buyers should start with as much information as possible.

Before Buying

Select a Local Mortgage Company & Request Pre-approvals

Interview a local mortgage provider and receive a pre-approval. Different companies may offer different programs. Review the services and fees to decide the best program. Get estimates on up-front costs and monthly payments. This may offer a good estimation of what you can afford.

Get Assistance from a Realtor

Find a real estate agent in Marlboro, NJ to guide you through the real estate buying process. Evaluate several agents and pick one that best understands your needs. Experienced brokers will help you identify appropriate properties, negotiate contracts, and facilitate a smooth transaction. This can be critical for first time buyers.

During the Real Estate Process

Real Estate Showings

Only tour homes within your price range. This avoids the disappointment of wanting real estate that you cannot have. Home showings can be time consuming, so staying within your budget will also save valuable time.

Contracts

Real estate brokers can offer advice on contracts and negotiating them, but they can not practice law. Ask about using a local real estate attorney to explain legal jargon and add any necessary clauses. Do not sign any documents that you are not completely comfortable with.

Inspections

Do not use an inspection to renegotiate price or other terms. Also stay away from negotiating previously disclosed issues. Such strategies often fail and lead you to lose the money spent on the inspection. Sellers may agree to repair problems, provide monetary concessions, or be unwilling to do anything. Try to be fair with your requests and sellers will be more willing to negotiate them.

Final Walk-Thru

Prior to the closing, you will have an opportunity to view the property. Try and schedule this for after the seller has moved out. If any issues are found at the walk-thru, you should resolve them before completing the closing your leverage disappears afterwards.

The Closing

Be sure to bring proper identification to the closing. Bring a bank check or money order for any money due. Have your checkbook ready for any last minute adjustments. Once the settlement paperwork is filed, the home is yours!

Advanced Marlboro NJ First Time Home Buyer Tips

The home buying process can be much easier with some advanced preparation and knowledge. For information beyond what is included in this Marlboro NJ first time home buyer tips, contact Sujatha Bhaskara at Keller Williams Realty by calling 732-536-9010 or by emailing sbhaskara@optonline.net. I invite you to begin your Marlboro, NJ home search at www.bestinnjrealestate.com, a great buyer resource. Here you can save your favorite properties, set up a custom listing alert for homes in Marlboro that meet your needs, view Real Estate trends in the area, get local Marlboro, NJ school and community information, and much more!