This form is an Exclusive Agency Agreement. The form provides that the company and agent have agreed to enter into a contract. The company has agreed to appoint the agent as its exclusive agent for the purposes listed in the form.
Utah Agency Agreement - General
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FAQ
Generally, if one party makes a valid offer and another party accepts that offer, these two parties create a binding and enforceable contract.
A contract is an agreement between two or more parties. It can be either oral or written, or a mixture of both. To create a contract, what the parties have promised to do for each other has to be spelled out well enough that they can tell what it is they have each promised to do for the other.
The purpose of an agency agreement is to set out the terms and conditions of the relationship between the business which wants to sell stuff (the Principal) and the intermediary who agrees to sell it on their behalf (the Agent).
Creating an Agency AgreementExpectations of the agency agreement.Specific services of the agent.Geographical location of the agreement.Payment amount and terms.The process of dispute resolution.An agreement on governing law.Duration of the partnership agreement.
With two agents or a single agent, which is more common, dual agencies can occur. The seller's agent who also represents the buyer works in a dual agency with a single agent under a dual agency. So dual agency involves one agent in both roles, serving essentially as both the seller's agent and the buyer's agent.
An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
The answer: It depends. Both the Buyer and the Seller should have an agency agreement with their respective agents. If the brokerages are using the UAR agency agreements, then they both contain a section that deals with commissions.
Conjunction agreements arise in real estate sales involving two agents which creates the following scenario: Agent A is under an obligation to sell a property in accordance with the terms of the agency. When they transfer their right to sell to agent B, a conjunction agreement is created.
The most common is the Exclusive Right to Sell or Lease Listing Agreement. The means there is an agency agreement between the seller and the broker, granting the broker the exclusive right to represent the seller in the sale or lease of the seller's property.
Types of agency agreementsExclusive agency agreements. Exclusive agency agreements are commonly used for the sale of residential property.Sole agency agreements. A sole agency agreement is similar to an exclusive agency agreement.General listing / open agency agreement.Multiple listing.Auction agency agreement.