| 3. THE LISTING AGREEMENT AND REQUIRED DISCLOSURES Listing Agreement Disclosures The Seller’s Disclosure Lead-Based Paint Disclosure (Property built prior to 1978) Homeowner’s Or Condo Association Disclosures Listing Agreement The Listing Agreement is a contract between you and your agent to sell your house. This contract details each parties responsibilities, the commissions to be paid and under what circumstances. You should ask for a copy a listing agreement to review or sit down with your agent to go over this document. Listing agreements are flexible and can be tailored to each clients needs and desires. Disclosures There maybe numerous other disclosure forms that must be filled out by you and your agent. Some of the more important forms are the Seller’s Disclosure, The Homeowner’s or Condo Association Disclosures and the Lead-Based Paint Disclosure. These forms are used to disclose material facts about the property so that the buyer is aware of known defects, expenses or issues impacting the property. There are various time periods in which a buyer is to receive these disclosures. The Seller’s Disclosure This is a disclosure form that is filled out by the seller and the listing agent and is signed by the buyer and the seller. This form discloses all known material defects in the property. In general your agent should fill this form out before listing your home. Buyer’s agents will request a copy of this form from the your agent before making an offer. Lead-Based Paint Disclosure (Property built prior to 1978) This form discloses to the buyer if the seller has any knowledge of lead-based paint in the property. The seller is also obligated to provide the buyer (usually via one of the agents) with a booklet that explains the hazards of lead-based paint. Homeowner’s Or Condo Association Disclosures These disclosures inform the buyer about the cost of your association dues and any special assessments that they may be liable to pay for. In the case of a condo resale the buyer is entitled to receive a copy of the condo documents to review and approve. They have the right to cancel a purchase contract if they do not agree to the terms and conditions within these documents. |