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 Ohio
Category:
State:
Multi-State
Control #:
US-00056DR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
An open listing lets a property owner enlist multiple real estate agents to help them make a sale. Only the agent who finds a buyer earns the commission, but agents may also work together and divide the commission between them.
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.
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.
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.
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.
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.
If dual agency occurs, you will be asked to consent to that in writing. If you do not agree to your agent acting as a dual agent, you can seek representation from another brokerage. As a buyer, you may also choose to represent yourself on properties (brokerage) has listed.
Every valid contract in California needs to have four essential elements. (1) The parties must be capable of contracting, (2) the parties must consent to the contract, (3) the contract must have a lawful object (they cannot be for illegal services), and (4) the contract must be supported by consideration.
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.
