Putting Your House On The Market
The first step toward putting your
house up for sale is to meet with a real estate agent at your home. What we call the
"listing appointment." But beforehand, it's important to understand "who's
who" and how brokers may cooperate to sell your house.
Listing Broker or Listing
Agent
An individual real estate broker whom
the seller hires to represent the seller through a contract called a "listing
agreement". The listing agent is associated with the listing broker. The listing
broker is directly paid the listing commission and then splits the commission with the
listing agent. (Although the broker and agent may be two different individuals, the term
"broker" is used throughout the Guide for simplicity.)
Selling Broker or Selling
Agent
In a "cooperative" sale, the
house is listed by one broker and a buyer is provided by another broker. The selling
broker receives the selling side of the commission. If the listing broker also produces
the buyer, then the listing broker receives both listing and selling sides of the
commission. A selling broker may have a signed buyer representation agreement with a buyer
and, therefore, represent the buyer and not the seller. If the buyer's agent is a Long
& Foster agent, Long & Foster becomes a disclosed dual agent with the consent of
both buyer and seller.