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.
Georgia One Time Listing and Showing Agreement
Category:
State:
Multi-State
Control #:
US-00056DR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Can a home seller back out after a sale? Yes, a home seller can back out of a real estate contract, but only in instances in which they're willing to compensate the buyer for their trouble, or they sold to a buyer who is also experiencing buyer's remorse.
M1 Buyer Exclusions: No compensation is offered to cooperating agents in the event that certain buyers, as named in the listing agreement, become parties to the transaction.
Net Listing Agreements are Only Legal in Some States For example, net listing agreements have been banned in New York, New Jersey, Virginia, Georgia and many other states. That being said, they do remain legal in other states, including in California and in Texas.
In a net listing, an owner sets a minimum amount that he or she wants to receive from the sale of the property and lets the broker have as commission any amount above the set minimum.
Open 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 only if the property is sold through the efforts of the listing broker. (
However, Net Listings are not always recommended, as they very often lead to lawsuits and perceived financial losses. In fact, they are illegal in states like New Jersey, Georgia, and Virginia.
For those who haven't encountered a listing exclusion yet, it's simply a request from a seller that if a certain person or persons buy the home after it goes on the market, your listing commission won't apply.
Advertisement. ANSWER: No. The type of listing the real estate agent suggested is called a net listing. It is illegal in some states and very dangerous in every state. I'm glad you didn't sign that listing, because your net price might have been too low.
Net listings are banned for most real estate agents Because members of the NAR account for more than 1.4 million of an estimated more than 2 million agents in the U.S., roughly 70% of real estate agents are effectively banned from using net listings.
Taking ActionAsk for a release: The time to ask about canceling a listing is when you sign the listing contract.Request a release in writing: Tell your agent immediately if you want to cancel.Ask to be assigned another agent: Realize that your listing is between the brokerage and you, not you and your agent.More items...
