Property can be defined as any physical or intangible entity that is owned by an individual or jointly by a group of people or a legal entity. Depending on the nature of the property, the owner of property has the right to consume; sell; rent; mortgage; transfer; exchange; or destroy it, or even to exclude others from doing these things. The owner has the sole power to do anything and everything with the property.
Property can also be defined as anything that is tangible or intangible, whereby a legal relationship between person(s) and the State enforces a possessors interest or a legal title in that thing(s). This mediating relationship between an individual; property and state is called as the property regimes.
Due to the present economy, a lot of home owners are trying to sell their property. If you are one of these home owners or property owners, it might be confusing at first as to how you are going to list your property. There are many different types of ways to list of properties for sale. The points that are given below would guide you:
- You must open listing: The owner of the property have the right to sell the property himself or to pay the broker to sell the property.
- Exclusive agency: There is only one hired broker for a specified time but the owner can also sell the property himself.
- Exclusive right to sell: The broker receives a commission when the property is sold. It does not matter who sold the property, it may be the broker, the owner or somebody else.
- Multiple listing: Brokers join together and combine all their listings. So when the property is sold both the listing and the selling brokers divide the commissions they received.
The listing is good for an accepted time if the listing has no time specified. The owner can cancel the listing before the brokers earned their commissions provided the act is in good faith and the owner should not cancel the listing when the transactions are almost completed.
If a time is specified on the listing the contract will end as outlined in the agreement. The agreement will continue if the owner ignores the time limit, that is, by accepting the services of the broker or if the owner has acted in bad way, by delaying the agreement with the buyer until the time limit expires. In some States if the agreement outlined a specified time, the owner can cancel the listing only up until the time the broker had used his money and already did some work to put the property up for sale
If the agreement is still in effect, the broker deserve to get his commission on finding a buyer who is prepared, eager and capable of buying the property on the conditions specified in the contract. The owner, to safeguard himself, should request for a stipulation under which the disbursement of the broker’s fee will depend on the finalization of the contract and on getting a full payment.