The Maryland Realtor Agreement authorizes a broker to sell a real estate owner`s real estate for a commission. The agreement covers important details, including the list price, the type of compensation offered to the agent (usually shown as a percentage of the sale price), marketing procedures, and the start and expiry dates of the contract. It is in the agent`s best interest to aim for an extended contract term in order to guarantee the highest possible sale price. In this way, the seller produces the most important return for his property and gives the broker a higher commission. Most people use a real estate agent to find a buyer and guide them through the sale process. If this is your choice, be sure to hire a serious agent with a real estate agent license in your state. It is best to interview several agents before hiring one. In addition to talking about the amount of commission and the length of the agreement, ask the realtor how much they think you should ask for your home, and what, if any, you need to do to improve the appearance of the property. A good broker will want all your information about your taxes, incidental fees and other maintenance problems. If you do not conceal defects in the structure of the house of which you know, but would not be obvious to a buyer, or conceal a defect, this could lead to a lawsuit against you if the buyer discovers the problem. You should not hide these problems from the agent. „I expect my phone to start ringing,” said Matthew Alegi, real estate lawyer at Shulman Rogers in Potomac.
„It is worrying to expect the consumer to be willing to pay money to get out of the contractual obligations. Consumers could be held hostage if there is no agreement. If you`re buying or selling a home in Maryland, there are some important changes to the agreements you need to sign with your realtor and broker that you should know – changes that cause you headaches and could cost you money if you`re not careful. Under the Maryland Real Estate Brokers Act, the seller and buyer can unilaterally terminate the agency relationship with their agent before the expiry date expires – a very consumer-friendly right. However, an out-of-court settlement is necessary to terminate contractual obligations. The rights of all parties are governed by the terms of the written agreement.