This form grants to a realtor or broker the sole and exclusive right to list and show the property described in the agreement on one occasion. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Listing Agreement Contract With A Self-renewing Clause In Collin
Category:
State:
Multi-State
County:
Collin
Control #:
US-00056DR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
Final answer: The carryover clause allows a broker to collect a commission after the listing contract expires if the property is sold to a buyer initially introduced by the broker during the term of the contract.
The written listing agreements in real estate must not contain a self-renewing clause. However, they must contain elements like property description and a definite expiration date. It's also acceptable for them to contain a clause requiring the broker to deliver the agreement to the seller within a certain timeframe.
The three types of real estate listing agreements are open listing, exclusive agency listing, and exclusive right-to-sell listing.
The written listing agreements in real estate must not contain a self-renewing clause. However, they must contain elements like property description and a definite expiration date. It's also acceptable for them to contain a clause requiring the broker to deliver the agreement to the seller within a certain timeframe.
Once this agreement expires, your real estate agent no longer represents you. It also means your listing will officially no longer be for sale, as it will be removed from platforms like Realtor®. It will also be removed from the multiple listing service, also called the MLS.
What does a carryover clause do? Protects the broker if the seller cancels the listing agreement. Allows an automatic six-month extension to the listing contract. Prevents the seller from doing a FSBO sale after the listing expires.
Final answer: The carryover clause allows a broker to collect a commission after the listing contract expires if the property is sold to a buyer initially introduced by the broker during the term of the contract.
