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Listing Agreement Granting a Broker or Realtor the Exclusive Right to...

Listing Agreement For Condominium In Virginia

Q: What best describes a listing agreement?

A real estate listing agreement also known as a seller&#039;s agent agreement is a contract between a property owner and a real estate broker. It permits the broker to sell the home on the seller&#039;s terms, locating an appropriate buyer. The property owner pays the brokerage a commission for acting as the listing agent.

Q: Is a buyer-agency agreement required in Virginia?

The touring agreement is in response to the NAR Proposed Settlement which requires agents and buyers to have a written agreement before touring a home.

Category:

Real Estate - Brokers

State:

Multi-State

Control #:

US-00440BG

Format:

Instant download

Description

The Listing Agreement for Condominium in Virginia is a legal document that grants a broker or realtor the exclusive right to sell or exchange a specified condominium property. It outlines essential details such as the term of the agreement, the sales price, and the owner's obligations regarding title and commission. The owner must provide evidence of title through a warranty deed and is responsible for curing any defects found during examination. The broker's compensation is defined as a percentage of the sale price, applicable even if the property sells after the agreement ends, under certain conditions. The agreement emphasizes the owner's rights, including the ability to refuse offers that do not meet the listed price or terms. This document is crucial for attorneys, partners, owners, associates, paralegals, and legal assistants as it clarifies roles, responsibilities, and terms involved in real estate transactions. Legal professionals can utilize this agreement to ensure that property sales proceed smoothly while adhering to legal standards and protecting client interests.

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FAQ

What is the average length of a listing agreement? Most contracts with a realtor have a duration of 3-6 months. However, the exact length of a listing agreement is negotiable and ultimately needs to be agreed upon by the seller.

A listing agreement is “a legally binding contract that creates an agency relationship authorizing a broker to serve as the agent for a principal in a real estate transaction.” In other words, a listing agreement is an employment contract between a client and a broker that spells out what the broker is responsible for ...

The exclusive right to sell listing agreement is the most common type of agreement in real estate. Under this arrangement, the broker is given exclusive rights to market the property for a set period.

A listing agreement is a contract between a property owner and a real estate brokerage that authorizes the broker to represent the seller and act as their agent in the sale of the property.

A real estate listing agreement – also known as a seller's agent agreement – is a contract between a property owner and a real estate broker. It permits the broker to sell the home on the seller's terms, locating an appropriate buyer. The property owner pays the brokerage a commission for acting as the listing agent.

The “touring agreement” is in response to the NAR Proposed Settlement which requires agents and buyers to have a written agreement before “touring” a home.

2. Exclusive right to sell listing agreement. An exclusive right to sell listing is the most widely-used listing agreement. Under this agreement, the broker has the exclusive right to market the property for a specified period of time.