We have put
together these "Frequently Asked Questions" because most
Sellers have questions regarding the Listing Agreement. We
realize all the paperwork may appear overwhelming, but you
will realize once you start going through it, most pages
will only take a minute or so to complete.
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Q:
Why does it say "Exclusive"?
A:
The reason it is "Exclusive" is because it is a violation of
the MLS to have one property listed by two different
companies at the same time in the MLS. So, once your
property is listed with us, you can not have another company
list it, unless you Cancel it with us first.
Q:
What if I want to list it with another company or take it
off the market before the Expiration Date?
A:
You can Cancel your listing anytime. All you have to do is
submit a "Cancel Listing" form, which can be submitted
through our website.
Q:
Why does it say I have to offer a "Commission (not
less than 1%)"?
A:
Per MLS Rules, a Buyer's Agency Commission is required to be
listed in the MLS. You will only pay that commission if an
Agent brings you a Buyer. If you sell it to someone who is
not represented by Agent, then you will pay NO
commission. Typically, with a service like ours, Sellers
offer half the normal commission (5-6%). So, usually
Sellers offer between 2-3%. Please keep in mind, if you
offer less than 2%, you should not expect too many Brokers
to show your property. However, some still will and some
may try to negotiate for a higher commission. The
commission is up to you, however, it can not be a range
(i.e. 2-2.5%), but has to be a set percentage (i.e. 2% or
2.5%). You can always change the commission later if you
want to raise or lower it too.
Q:
Does "EntryOnly.com" get the commission?
A:
NO. EntryOnly.com will never receive any Buyer's Agency
Commission. Technically, EntryOnly.com must offer the
Buyer's Agency Commission in the MLS, at the Seller's
expense. The Buyer's Agency will receive a check at Closing
from either the Escrow/Title Company or Attorney, just like
a normal transaction.
Q:
What is the "MLS Entry Date"?
A:
That is the date you actually want your property
listed in the MLS. Per MLS Rules, the "MLS Entry Date" on
the Listing Agreement must match the date (within 24 hours)
your property is actually listed in the MLS. If necessary,
you can post date the 'MLS Entry Date" if you need extra
days to submit all your listing materials.
Q:
What does the paragraph mean that states: "The
commission as provided above shall be due if the property is
sold.......within 3 months after expiration or termination
of this agreement to anyone with whom Agency has
negotiated.........."?
A:
In the following scenario you would owe a commission: an
Agent brings a Buyer to your property, but there is no P&S
Agreement made...Subsequently, you either Cancel your
listing or it Expires a week later...then the Buyer comes
back without the Agent and you enter into a P&S Agreement
with the Buyer...the Agent who originally brought the Buyer
is still the procuring cause and is entitled to the Buyer's
Agency Commission. Please Note: We always recommend
you consult a real estate attorney in the event any
potential conflicts arise.
Q:
Why does it say the Seller will "Authorize a Yard Sign and
Key/Lockbox"?
A:
We use the Standard Listing Agreement from the Association
of Realtors. Therefore, there are some bullet points which
do not apply to your listing. Since EntryOnly.com will not
physically be showing your property, some bullet points will
not apply. You can either disregard them or cross out and
initial when you fax your Listing Agreement.
Q:
What if I do not know some required information?
A:
To list your property, we must have all the required
information. You can obtain the Book & Page # from your
County Registry of Deeds and the Map & Lot # from your local
Town Hall. EntryOnly.com may be able to obtain information
from Public Records.
If you have any other questions, feel free to call
1-877-249-5478 or email
info@entryonly.com.
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