Real Estate Form Contract With Realtor

• Category: Real Estate - Home Sale
• State: Pennsylvania
• Control #: PA-37014
• Format: Word; Rich Text

Description

This form is a Seller's Disclosure Statement for use in a residential sales transaction in Pennsylvania. This disclosure statement concerns the condition of property and is completed by the Seller.

A real estate form contract with a realtor is a legally binding agreement between a property owner/seller and a real estate agent/broker. This contract outlines the terms and conditions of the partnership, providing clarity and protection to both parties involved in a real estate transaction. By using this agreement, both the realtor and the property owner/seller can agree on specific guidelines, fees, and responsibilities to ensure a smooth and transparent process. Different types of real estate form contracts with realtors include: 1. Exclusive Right to Sell Listing Agreement: This contract grants the exclusive right to the realtor to represent and market the property for sale. The realtor is entitled to a commission regardless of who finds a buyer for the property. 2. Exclusive Agency Listing Agreement: With this type of agreement, the realtor has the exclusive right to represent and sell the property, but the property owner/seller retains the right to find a buyer themselves. If the owner/seller finds a buyer without the realtor's assistance, no commission is owed. 3. Open Listing Agreement: In an open listing agreement, the property owner/seller can work with multiple real estate agents simultaneously. The agent who brings a qualified buyer and facilitates the sale is entitled to the commission. 4. Net Listing Agreement: This agreement sets a specific net price that the property owner/seller wishes to receive from the sale. Any amount above this net price will be the realtor's commission. Often, net listing agreements are challenged due to potential conflicts of interest. Real estate form contracts with realtors typically contain a variety of relevant clauses and information, including: a) Property description: Clear identification of the property being listed for sale, including its address, legal description, square footage, and any specific features or amenities. b) Listing duration: The length of time the contract will remain in effect and how the listing will be renewed or terminated. c) Listing price and commission: The agreed-upon listing price at which the property will be marketed, as well as the commission rate or fee the realtor will receive upon a successful sale. d) Exclusive rights: In exclusive agreements, the realtor's exclusive rights to market and sell the property are specified, along with any limitations or exceptions. e) Obligations and responsibilities: The responsibilities of both the realtor and the property owner/seller, including property maintenance, marketing efforts, property showings, and disclosure of any material facts. f) Termination conditions: Conditions under which either party can terminate the contract, such as breach of agreement, lack of performance, or fulfillment of the contract's intended purpose (successful sale or expiration). g) Dispute resolution: A clause specifying how conflicts or disagreements will be resolved, such as through arbitration or mediation. h) Applicable laws and jurisdiction: Identifying the state or country's laws governing the agreement and the jurisdiction under which disputes will be resolved. Real estate form contracts with realtors serve as essential documents that protect the rights and interests of both property owners/sellers and real estate agents/brokers. By clearly outlining the terms of engagement, these agreements help establish a professional relationship, promote transparency, and ensure a successful real estate transaction.

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