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 Document With Multiple Agents In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00056DR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
An agent with multiple offers on a listing should take time to strategize with the seller about options for proceeding and review the pros and cons associated with each option. This is not only a matter of the listing agent's fiduciary duty to the seller, but also an important means of risk management.
In my experience, the key to successfully handling multiple offers is clear communication. Keeping all parties informed (within the bounds of confidentiality) helps maintain trust and can lead to smoother transactions, even for those whose offers aren't accepted.
Working with more than one real estate agent is fine when you haven't signed an exclusive agreement with anyone, says Adam Aguilar, a real estate agent with Reliantra in West Toluca Lake, CA. “You can use as many as you wish, unless they stop to ask you to make a commitment to them, in writing,” Aguilar adds.
Handling and Disclosing Multiple Offers Standard of Practice of the REALTOR® Code of Ethics states that the existence of offers should only be disclosed with the seller's consent. The seller alone determines whether one or more of the prospective buyers will be informed that there are multiple offers.
An open listing is a non-exclusive contract. This type of listing gives the seller or buyer the right to engage any number of brokers as agents.
Meseck, the most common complaints involve: Septic systems. Solar leases. Failure to disclose and Seller's Property Disclosures. Water rights. Miscommunication. Agent-owned property and additional supervision. Multiple offers. Unpermitted work.
Best Practices. Be transparent with both buyers and sellers. It is important to be honest and upfront about the process of handling multiple offers, including the fact that you may have to negotiate with the buyers. Present all offers in a fair and impartial manner.
Multiple Listing Service (MLS): What Is It An MLS is a powerful tool to further cooperative agreements between brokers for the sale of their listings and provide information necessary to permit such cooperation.
It's normal to work with multiple realtors in the initial stages for a short time to see who you like. You need to tell them upfront, as they will eventually find out anyway and quickly loose interest. Their job is to ensure you get the best deal, represent you during the transaction and ensure it goes smoothly.
Working with more than one real estate agent is fine when you haven't signed an exclusive agreement with anyone, says Adam Aguilar, a real estate agent with Reliantra in West Toluca Lake, CA. “You can use as many as you wish, unless they stop to ask you to make a commitment to them, in writing,” Aguilar adds.
