The Listing Contract
Also referred to as a listing agreement, the listing contract gives a licensed real estate professional authorization to act on your behalf in the sale of your home. Listing contracts come in all shapes and sizes, but there are characteristics which are common to all.  Among the elements of any valid listing contract are:

• In Maryland all real estate contracts have to be in writing.
• The listing agreement details the contract between you and the brokerage.  You are giving the broker the authority to actively market your house for sale, including cooperating with other brokers.
• The listing agreement will outline the amount of compensation you are willing to pay for the broker to bring a willing and able buyer for your home.  Although there is no standard amount to list a house for sale it does tend to run in the 5 - 7% range.  Typically, this is split between the listing broker and the selling broker.
• All parties who are on the title must agree to the listing agreement and any changes made to the agreement after it is signed.
• The length of the listing agreement is an important factor.  With houses staying on the market longer it is not unusual for the listing agreement to be for a period of 6 months.  It should also contain a clause that will allow you to terminate the agreement with the broker or for the broker to terminate the agreement with the homeowner. 

There are a number of other factors that are in a listing agreement.  One thing to keep in mind though is that this is a legally binding contract.  If you need to have this contract reviewed by an attorney you should do this before signing.