Signing A Listing Agreement In Phoenix
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While Arizona law provides flexibility in terminating listing agreements, there are circumstances where a seller may not be able to cancel their agreement freely. This usually happens when the real estate broker or agent has already performed substantial work under the terms of the agreement.
Typical time frames for agreements range from three to six months, though they can be shorter or longer. Many include a renewal clause, which provides an option to extend the listing period if both parties agree.
If you're planning to buy a home in Arizona, you'll now need to sign a buyer-broker agreement before touring properties with a real estate agent. This requirement is part of a nationwide change attached to a court settlement by the National Association of Realtors (NAR).
Also, under the statute of frauds, a listing agreement must be in writing and must be signed by the seller. (If the property has more than one owner, only one of them has to sign the listing.) The broker usually also signs the listing agreement, although her signature is not strictly required.
Listing agents represent home sellers — as the name suggests, they create and promote the listing for a home that's for sale. Somewhat confusingly, selling agents represent the purchaser's interests and are therefore also known as buyer's agents.
For a valid contract to exist there needs to be an offer, acceptance, consideration, and sufficient specificity so that the obligations involved can be ascertained. The Arizona REALTORS® contracts are designed to address these requirements in a uniform manner.
Signatories sign legal documents, international agreements, and contracts. These types of documents have multiple parties that need to sign the agreement. Signers are anyone who needs to provide a signature to legal documents.
Beginning in mid-August 2024, NAR's proposed settlement agreement required members to sign written agreements with potential buyers prior to touring a home. This requirement extended to licensees who use the Multiple Listing Service, which is the majority of licensees operating in residential real estate in Arizona.
When is a contract legally binding? Typically, a document that includes an offer, acceptance, and appropriate consideration will be considered legally binding. In most cases, a contract is binding in Arizona even if the parties signed it in another state.
