Different Types of Park City Property Listing Contract
If you are considering listing your Park City property, there are multiple different types of home listing contract, each of which is useful under different circumstances:
Exclusive Right to Sell
This is the most common type of real estate listing contract. Here the person selling the property commits to pay the listing agent regardless of whom brings the buyer. The contract lists the amount of real estate commission, along with the buying / selling agent split. If the buyer does not use a Realtor, the selling agent will receive all the commission (both the buyers and sellers agent commission). Because you are committing to a single Realtor, you should receive a higher level of service than with other types of contract and the Realtor should aggressively market your home.
Exclusive Agency Agreement
Similar to the Exclusive Right to Sell contract, with the exception that the Realtor will not be paid if the seller provides the buyer. If the listing Realtor provides the buyer or another Realtor provides a buyer, the listing Realtor will be paid. This type of contract is sometimes used if the seller knows someone who maybe interested in buying their home. Realtors are wary of using such contracts. Any money spent by the Realtor on marketing the home will be lost if the buyer finds the seller. Because of this if a Realtor does accept such a contract, the chances are they will only provide the minimal level of marketing.
Open Listing Contract
Popular when homeowners are trying to sell their property via FSBO, this contract allows the Realtor to be paid if they provide the buyer. If the buyer if found via another other source (either another Realtor or the seller), they will not be paid. Obviously, this is not very popular with Realtor's, and the chances are you will receive the minimum level of service and marketing of your home.
This type of contract is very similar to the Open Listing Contract, and again is mainly used when Realtors show 'For Sale By Owner' properties. This is a one-time contract signed by the seller before the Realtor shows the home. The contract identifies a specific buyer (unlike the Open Listing Contract which is good for any buyer), and promises to pay the Realtor's commission if that buyer should buy the home.