Expert: Hans Weber, Licensed Broker Associate - 11/13/2005

Question
DearMr. Weber-
thank you for volunteering your time. I have also been a
volunteer on this site for a few years on the subject of substance
abuse.
Anyway, we have had some interest in our house, and have been
asked to sign a listing agreement. ( we are in NYC.)
Do you have to have a lawyer look at this before you sign?  
( It looks like a standard form, but every one says, don't sign
anything.)  Also, can a broker sell you house without you siging
one?
thanks,

Answer
Hi Mary,

Thank you for your questions.

In NYC brokers represent the seller on an exclusive basis when a contract is signed.  Signing the listing contract will allow the broker to market/advertise your home without fear of another agent 'stealing' the listing from them.  Just be sure your broker will cooperate with other agents wanting to show your home.

Another type of listing would be an open listing where you the owner are responsible to contact any and all brokers you want to show your home.  They will not market/advertise an open listing and they are easily forgotten.

The listing contract should be a standard form used by all brokers.  Here in Westchester the form is actually prepared by and belongs to the Westchester Multiple Listing Service and is used by all member brokers.

Whether you want a lawyer to look at the listing agreement is up to you.  I don't think you need to spend the money.  You are able to cancel the listing agreement anytime and you maximum exposure might be for reimbursement of advertising expenses to the broker.

A broker can sell your home without a written agreement, but that can lead to disagreements.  Also a broker trying to sell your home without a listing agreement with you is probably representing the buyer.  You need to know who represents whom and NYS has form 443 to explain this.

Working with a broker on an exclusive basis is the best way to get the most exposure and highest price for your home.

If you would like a referral of an experienced broker in your area, just let me know! 800-734-3367.

Hans