Signing a listing agreement officially gives your REALTOR® the green light to start selling your home. The agreement serves three main purposes:

• It defines your relationship, including the limits of your REALTOR®'s authority.
• It provides detailed information about your home which can be placed on a real estate board's MLS® System.
• It forms the basis for drafting offers on your home.

Highlights of the Listing Agreement

• Authority
  This describes the legal relationship between you and the real estate brokerage and sets a time limit for the REALTOR® to sell your home.
• Exclusive vs. Multiple Listing Service®
  An exclusive listing states only your brokerage can find a buyer for your home. Most REALTORS® recommend a multiple listing, which allows them to put your home on a real estate board's MLS® System-a powerful tool that will allow your listing to be marketed to potential buyers.
• Price
  Your REALTOR® will have very useful advice on what price will attract buyers. Learn more. about choosing the right asking price in Determine Your Home's Asking Price.
• Real estate commission
  This may be a flat fee or a percentage of the final sale price.
• A physical description of your property
  Your REALTOR® will write a description that highlights your property's best features.
• Legal information
  This includes the lot number, land surveys and the zoning code.
• Financial information
  Let potential buyers know the minimum deposit you require.
• Completion date
  The amount of time you need to move out once your home is sold. Typically, homeowners provide 60 to 90 days. Being flexible may help sell your home faster.
• How the home will be shown
  Your REALTOR® can arrange viewing appointments and open houses. Any specific instructions, such as, "make sure the cat stays in" can also be noted.
• What's included in the price?
  Chattels are moveable items like microwaves and window blinds. They're not automatically included in the sale, but sellers will often include them to sweeten the deal.
  
  Fixtures are permanent improvements to a property like central air conditioning, installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home.