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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.
It's a legally binding contract that allows the real estate agent (or brokerage) full and total control over the transaction and rights to the agreed upon commission once the home sells. 99% of the time the listing agreement is a listing agreement where the listing agents are responsible for everything, said Lenchek.
A net listing can create a conflict of interest between the broker's fiduciary responsibility to the seller and the broker's profit motive. For this reason, net listings are illegal in many states and discouraged in others.
A purchase agreement form may be a legally binding document between a seller and a buyer of an object. It details what is being sold, the price per unit if there is more than one item, and the amount due. It will also explain the terms and conditions of the sale.
Federal law requires federally licensed firearms dealers (but not private sellers) to initiate a background check on the purchaser prior to sale of a firearm.
The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
A purchase agreement is a type of contract that outlines terms and conditions related to the sale of goods. As a legally binding contract between buyer and seller, the agreements typically relate to buying and selling goods rather than services. They cover transactions for nearly any type of product.
What is a net listing in California? Net listings are legal in California only if the commission amount is disclosed to the seller before she becomes committed to the sale. Under a net listing, the seller stipulates the net amount of money he requires from the sale of the property.
Sales contracts and listings are examples of bilateral contracts. In a listing contract, the seller promises to pay if the agent promises to procure a purchaser.A lease option is a unilateral contract until the option is exercised.