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Termination of an Agency Agreement Normally, the exclusive period is 90 days. If the exclusive agency period exceeds 90 days and the property is not sold, you can terminate the agreement by providing 30 days written notice to the agent at the end of the 90 days.
Exclusive Agency Listing: A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker if the property is sold through the efforts of any real estate broker.
Most exclusive listing agreements include a section on expiration or early cancellation. It is common for the agreement to expire on its own within a certain period ? like six months ? in which the seller can opt for another agent without penalty. The contract may also list a cancellation fee to end the contract early.
An exclusive right-to-sell agreement is a contract between a homeowner and a real estate agent that grants the broker exclusive rights to collect commission when their property sells.
The Four Common Types of Listing Agreements There are four common types of listings: open listings, exclusive right to sell listings, exclusive agency listings, and net listings.