3 Types Of Real Estate Listing Agreements That All Sellers Should Know About

Real Estate Listing Agreements

Are you wondering: “How can I sell my house fast in Norman, OK?”

Selling a home can make you feel overwhelmed, especially if it’s your first time handling a real estate transaction of this magnitude. In this article, we’ll walk you through the different listing agreements so you can make an informed decision regarding which to choose when it’s time to sell a house fast in Norman, OK.

Popular Types Of Listing Agreements For Sellers

Open Listing

With an open listing, you can sell your home by yourself. It’s a non-exclusive agreement, meaning you can place several open listings with different brokers; you only pay the broker who brings the accepted offer. You won’t have to pay any fees to other brokers.

  • You pay only the selling broker’s commission, which is usually 3% of the selling price. You do not have to pay the buyer’s broker’s commission.
  • If you find the buyer yourself, you don’t have to pay any commissions.

However, you’ll still have to pay other fees like closing costs, title transfer fees, and inspection fees. Since open listings do not land commissions for brokers, these are not very popular with real estate agents.

Exclusive Agency Listing

This is sort of like an open listing. However, the major difference is that the broker doesn’t represent you, and you still have the right to sell the property yourself. Moreover, the agent can cooperate with another real estate agent to find buyers. In an exclusive agency listing, you typically pay both the buyer’s and seller’s brokerage fees.

Exclusive Right-To-Sell Listing

This is the most common listing type. Under this listing, you give the broker the exclusive right to earn a commission if they bring in someone who purchases the property. Generally, the seller pays a listing fee and other fees related to the sale. Under this listing, you cannot sell the property yourself without paying the commission. Moreover, there are penalties if you terminate the contract.

Key Points To Know About Listing Agreements

  • A listing agreement can last anywhere from 30 days to one year. The period is often negotiable.
  • Before you sign a listing agreement, make sure you check the cancellation terms and conditions. Generally, most real estate agents do not allow their clients to terminate the contract. So, before you sign the contract, check if you can get out of it if you aren’t happy with the agent’s services.
  • Another huge factor to consider is the commission you pay. It’s always a good move to find out what the commission is before signing the agreement; this way there is no confusion later.

Can I Terminate A Listing Agreement?

If you wish to terminate the contract, contact your agent as soon as possible. Ask them to provide you with a contract release letter. If you cannot close the agreement, check if it’s possible to negotiate new terms.

Can I Sell A House In Norman, OK Without A Listing Agreement?

Yes, it’s possible to sell a house without a listing agreement. You can explore alternative home selling options like For Sale By Owner (FSBO) or a direct cash sale. In a cash sale, you work with cash home buyers in Norman, OK, and there’s no middleman, i.e. a real estate agent. The buyer, usually a real estate investor, will evaluate your property and provide a fair all-cash offer. If you like the numbers, you can close the sale within 30 days. There are no listing agreements, there’s no staging, and hosting open houses and numerous other headaches associated with a traditional sale are absent.

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