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Business Spotlight<br />

May <strong>18</strong> - 24, 20<strong>16</strong> www.TheTownCommon.com Page 11<br />

For<br />

Sale<br />

When it is time to sell, a<br />

REALTOR® will present the seller<br />

with a contract that allows that real<br />

estate agency exclusive rights to list,<br />

market and sell your home. Within<br />

this contract are some important<br />

items that sellers should be aware<br />

of.<br />

Price and Terms of Sale<br />

You and your REALTOR®<br />

presumably have sat down and<br />

reviewed what your home is worth in<br />

the current market. Your REALTOR®<br />

should have shown you comparable<br />

homes in the area of yours. He or<br />

she should also be basing the price<br />

of your home on comparable sales,<br />

not just homes that are listed for<br />

sale. Most sellers have a general<br />

idea of what their home is worth by<br />

keeping track of other sales in town.<br />

Please, please, please do not take this<br />

portion lightly; the theory of “we<br />

can always come down in price” isn’t<br />

a great strategy. Your home is only<br />

“new” to the market once.<br />

In addition to the price, you will<br />

disclose what personal property, if<br />

any, goes with the house when you<br />

sell it. Personal property is anything<br />

that is not attached or fixed to the<br />

home, such as washers, dryers or<br />

refrigerators<br />

You may have items that are<br />

attached to the home and considered<br />

“real property”. For example you<br />

may have a door knocker that has<br />

been passed down from generation<br />

to generation, since the door<br />

knocker is attached to the house,<br />

it is considered “real property” and<br />

a buyer would expect it to go with<br />

the house. We include a separate<br />

sheet listing inclusions/exclusions<br />

for a seller to check off that we make<br />

available to potential buyers.<br />

Commission<br />

While I do really love my job, I<br />

have a mortgage as well so when<br />

completing the listing agreement,<br />

you and your REALTOR® will agree<br />

on the amount of the real estate<br />

commission. The listing contract<br />

also specifies when the commission<br />

is earned. It should read if and when<br />

a sale is recorded at the Registry of<br />

Deeds regardless of who buys the<br />

home.<br />

AMERICAN<br />

ARCHITECTURAL<br />

GENERAL CONTRACTORS L.L.C.<br />

Consultation to Project Completion<br />

Real Estate • For Sale<br />

Details of a Listing Contract<br />

Sports • Sports • Sports<br />

By John McCarthy, Rowley Realty<br />

If there is a real estate agency that<br />

represents the buyer in the sale, the<br />

Pets, Animals, Plus<br />

seller’s real estate agency will give a<br />

portion of the commission to that<br />

company. This should be spelled<br />

Health out on the listing agreement & Fitness<br />

as well.<br />

Listing Period<br />

The start and end of the contract<br />

with your real estate agency.<br />

Multiple Listing Service (MLS)<br />

Your listing contract specifies<br />

whether or not the house will be<br />

listed with the local Multiple Listing<br />

Service (MLS). The MLS is where<br />

other REALTORS® see your home,<br />

and their web site populates to<br />

dozens of other web sites like Zillow<br />

and Realtor.com automatically.<br />

It makes little sense not to list in<br />

MLS.<br />

Agency Duties of a Listing Agent<br />

Real estate agents are more than just<br />

salespeople. We have a duty, called a<br />

“fiduciary duty to our clients”. This<br />

means the agent is responsible to act<br />

in the best interests of their client.<br />

We aren’t simply selling an object,<br />

we have a responsibility to our client.<br />

The person behind the counter at a<br />

convenience store has no fiduciary<br />

duty to Phillip Morris when selling<br />

a pack of cigarettes. We not only<br />

have this duty but a Code of Ethics<br />

as well.<br />

The listing contract will specify<br />

that your REALTOR® is acting as<br />

a “seller’s agent.” This means that,<br />

in the sale of your house, they are<br />

working for you. However, there<br />

may be times when your agent has<br />

a client who wants to buy your<br />

home. If your agent also represents<br />

the buyer, the listing contract<br />

should specify that they provide an<br />

additional disclosure that details<br />

whether they continue to act as your<br />

agent or assume the duties of a dual<br />

agent.<br />

Lockbox<br />

A lockbox is a basically a padlock<br />

with a key inside to your home<br />

can be placed. Only someone with<br />

a combination can get into the<br />

lockbox and access the key to your<br />

home.<br />

The listing contract specifies<br />

whether you allow a lockbox or not.<br />

It is locked into place, usually on the<br />

. Carpentry . Masonry . Landscaping . Roofing . Basements . Water Entry<br />

. All Phases of Construction . Commercial/Residential<br />

. All Maintenance Work . All Types of Restorations<br />

. Free Initial Consultation . Project Management<br />

PROPERTY MANAGEMENT/CONSTRUCTION SUPERVISION<br />

All Types of Property Repairs<br />

OVER 25 YEARS of<br />

“In the Field” Experience<br />

Vincent A. Iafrate, G.C. (617)835-3550<br />

AMERICAN<br />

front door and cannot be removed.<br />

Only other agents can access the key<br />

that is located within the lockbox.<br />

This is not something that we will<br />

ask of our sellers. You have hired us<br />

to represent your home, and we will<br />

always accompany buyers on visits.<br />

In Conclusion<br />

You are certainly welcome at any<br />

point to take a step back and ask<br />

that your attorney review this for<br />

you. Please don’t hesitate to ask<br />

your REALTOR® for an explanation<br />

on any portion. We are looking<br />

to represent you in the best light<br />

possible not put you in the dark<br />

right off the bat.<br />

If you have any questions about this<br />

article, real estate in general or are<br />

looking to buy or sell a home please<br />

contact me, John McCarthy at Rowley<br />

Realty, <strong>16</strong>5 Main St., Rowley, MA<br />

01969, Phone: 978 948-2758, Cell<br />

978 835-2573 or via email at john@<br />

rowleyrealestate.com<br />

NEW LISTING!!!<br />

BYFIELD: OPEN HOUSE ON SUNDAY, MAY 22nd from 2-3:30pm<br />

Exceptional Cape on fabulous lot. Home needs updating but lots to<br />

work with; hardwood flooring, big living room, dining room, open<br />

kitchen, full basement, screened in porch and 2 car garage on<br />

beautifully landscaped grounds. Over 2300 sq. ft on one acre. 3<br />

Bedroom home with Master on first floor. $419,900. John at 978<br />

835-2573 or john@rowleyrealestatate.com for more information.<br />

ROWLEY REALTY<br />

<strong>16</strong>5 Main St., P.O. Box 101, Rowley, MA 01969<br />

Phone 978-948-2758 • Fax 978-948-2454<br />

www.rowleyrealestate.com<br />

Sold Single Family Homes<br />

Address, Town Description DOM List Price Sold For Orig Price<br />

8 Cammetts Ct, Amesbury 4 room, 2 bed, 1f 1h bath Other 7 $130,000 $110,000 $130,000<br />

113 Lakeshore Dr, Georgetown 5 room, 2 bed, 1f 0h bath Ranch 222 $259,900 $259,900 $259,900<br />

86 Lake Attitash Rd, Amesbury 6 room, 3 bed, 1f 0h bath Cottage 148 $250,000 $250,000 $285,000<br />

63 1/2 East Main St, Merrimac 7 room, 3 bed, 1f 1h bath Colonial 5 $285,000 $285,000 $285,000<br />

5 Park St, Salisbury 6 room, 3 bed, 1f 1h bath Colonial 95 $324,900 $311,000 $324,900<br />

17 Molloy Rd, Georgetown 6 room, 3 bed, 2f 0h bath Gamb/Dutch 211 $309,900 $3<strong>05</strong>,000 $335,000<br />

442 Merrimac St, Newburyport 7 room, 2 bed, 1f 0h bath Colonial 35 $349,000 $360,000 $349,000<br />

8 Briscoe Rd, Groveland 8 room, 3 bed, 2f 0h bath Cape 34 $365,000 $392,000 $365,000<br />

306 Center, Groveland 9 room, 3 bed, 2f 1h bath Cape 64 $384,900 $385,900 $384,900<br />

9 Pleasant St, Ipswich 10 room, 4 bed, 2f 0h bath Colonial 213 $374,900 $368,500 $388,500<br />

49 Prospect St, Georgetown 6 room, 3 bed, 2f 0h bath Antique 23 $399,000 $410,000 $399,000<br />

43 Parsonage Ln, Topsfield 10 room, 4 bed, 3f 0h bath Rsd Ranch 1<strong>18</strong> $474,000 $460,000 $489,000<br />

17 Fairway Dr, Amesbury 8 room, 4 bed, 2f 1h bath Colonial 127 $489,900 $480,000 $499,900<br />

231 High St, Ipswich 7 room, 3 bed, 1f 1h bath Colonial 45 $515,000 $485,000 $515,000<br />

47 Prospect St. Newburyport 7 room, 3 bed, 1f 1h bath Gamb/Dutch 17 $549,900 $539,900 $549,900<br />

30 Towne Ln, Topsfield 10 room, 4 bed, 2f 1h bath Colonial 49 $550,000 $530,000 $550,000<br />

11 Glen Rd, Topsfield 9 room, 4 bed, 2f 0h bath Colonial 136 $529,900 $520,000 $564,900<br />

31 Harriman Rd, Merrimac 10 room, 4 bed, 2f 1h bath Colonial 108 $579,900 $570,000 $600,000<br />

314 Wethersfield St, Rowley 8 room, 4 bed, 2f 1h bath Colonial 90 $699,900 $677,000 $699,900<br />

55 Farley Ave, Ipswich 13 room, 6 bed, 4f 1h bath Contemporary 132 $725,000 $728,000 $725,000<br />

57 Porter Rd, Boxford 7 room, 3 bed, 3f 0h bath Cape 46 $729,900 $685,000 $729,900<br />

43 Story St, Essex 8 room, 3 bed, 3f 0h bath Colonial 240 $815,000 $810,000 $815,000<br />

1 Villa Rd, Hamilton 11 room, 4 bed, 3f 1h bath Other 102 $1,350,000 $1,320,000 $1,350,000<br />

Single Family Listings: 23 Avg. Liv.Area SqFt: 2,244.00 Avg. List$: $497,430 Avg. List$/SqFt: $222<br />

Avg. DOM: 98.57 Avg. DTO: 49.43 Avg. Sale$: $488,791 Avg. Sale$/SqFt: $2<strong>18</strong><br />

20<strong>16</strong> MLS Property Information Network, Inc.

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