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 Corporate Governance In Utah
Category:
State:
Multi-State
Control #:
US-00056DR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
SELLER IS OBLIGATED UNDER LAW, REGARDLESS OF OCCUPANCY, TO DISCLOSE TO BUYERS DEFECTS IN THE PROPERTY AND FACTS KNOWN TO SELLER THAT MATERIALLY AND ADVERSELY AFFECT THE USE AND VALUE OF THE PROPERTY THAT CANNOT BE DISCOVERED BY A REASONABLE INSPECTION BY AN ORDINARY PRUDENT BUYER.
Statutorily Required Seller Disclosures in Utah However, the Utah Supreme Court has ruled that property sellers must disclose known material defects that could not have been discovered by a reasonable inspection by an ordinary prudent buyer. (See Mitchell v. Christensen, 2001 UT 80, 31 P. 3d 572.)
Most seller property disclosures are required for residential properties and vacant land. This means that when selling a residential property, the seller is legally obligated to disclose any known defects or issues with the property to potential buyers.
Lesson Summary. The seller's property condition disclosure statement must name any known material facts that would affect a buyer's decision to buy a property. These issues commonly include structural and physical problems with the building.
NAR's Clear Cooperation Policy was established in 2020. Under the policy, listing brokers must submit listings to their local MLS within one business day of publicly marketing a home.
Key Takeaways An agent is a person who works for, or on behalf of, another. An employee is an agent of a company. Independent contractors are also agents. The entity—person or corporation—on whose behalf an agent works is called a principal.
The buyer and the seller are the two main principals in a real estate transaction. For an escrow account, the parties who give directives to the escrow holder would be referred to as principals. The person who gives someone else authority to act on their behalf is a principal.
A listing agreement is a legally binding contract between you — the homeowner — and the real estate broker (and agent) you hire to sell your property. It's a contract that outlines the realtor-seller relationship during a real estate transaction.
A listing agreement is a contract under which a property owner (as principal) authorizes a real estate broker (as agent) to find a buyer for the property on the owner's terms.
As you can see, specifically in the context of real estate and escrow, the principal can be anyone involved in a contract. This means that this could be the seller, buyer, broker, or property manager.
