TTC_05_18_16_Vol.12-No.29.p1-16
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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.