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 For Rental Property In Illinois
Category:
State:
Multi-State
Control #:
US-00056DR
Format:
Word;
Rich Text
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FAQ
An exclusive listing is a type of real estate listing agreement in which a single broker is appointed as the seller's sole agent. In an exclusive agency listing, the seller retains the right to sell the property, with no obligation to the broker.
The three types of real estate listing agreements are open listing, exclusive agency listing, and exclusive right-to-sell listing. The listing agreement is an employment contract rather than a real estate contract: The broker is hired to represent the seller, but no property is transferred between the two.
With an exclusive buyer agency agreement, you pledge to work with only one buyer's agent – the one offering you the buyer agency agreement. If you don't want to work with one agent exclusively, you can ask for a nonexclusive arrangement.
Final answer: An exclusive right-to-sell listing agreement can terminate legally without the seller owing a commission if the listing agent stops working on the listing.
"Exclusive right to sell listing agreement" means a listing agreement whereby the owner grants to a seller's agent, for a specified period of time, the exclusive right to sell, find, or obtain a buyer for the real property, and the seller's agent is entitled to the agreed compensation if, during that period of time, ...
Exclusive right to sell listing An exclusive right to sell grants a single real estate agency exclusive authority to market and sell a property, ensuring the listing agent earns a commission regardless of who finds the buyer. While this agreement is active, the property owner cannot use another agent.
The listing agreement is contractually binding, but may be terminated without penalty under specific circumstances. The seller finding a buyer isn't one of those circumstances—not if the listing is an exclusive right-to-sell agreement.
An exclusive right-to-sell listing agreement can terminate legally without the seller owing a commission if the listing agent stops working on the listing.
Listing agreements should have a clause for the term of the contract and instructions on how to cancel - for example; it may read that the listing agreement may be canceled with a 30-day advanced written notice. The listing brokerage may have a form that needs to be completed.
