Exclusive Agency or Agent Agreement - Real Estate - Realtor Contract
What is this form?
The Exclusive Agency or Agent Agreement for Real Estate is a legal document that establishes a professional relationship between a property owner and a real estate broker. This agreement grants the broker the exclusive right to sell the property, differentiating it from other types of listing agreements like open listings. By using this form, property owners ensure that they are legally protected while allowing the broker to market and sell their real estate effectively.
Key parts of this document
- Identification of parties: Names of the owner and broker involved in the agreement.
- Property description: Details about the real property being sold, including its address and legal description.
- Grant of rights: Outlines the exclusive and irrevocable right granted to the broker to sell the property.
- Compensation: Specifies the fee structure for the broker's services, typically expressed as a percentage of the sale price.
- Cooperation of the owner: Obligations of the owner to facilitate showings and provide necessary information about the property.
- Terms of sale: Establishes the price and payment terms for the property.
When to use this form
This form is useful when a property owner intends to sell real estate and wants to secure the services of a broker to actively market and sell the property. It is appropriate in circumstances where the owner desires exclusivity in representation to maximize the chances of a successful sale.
Who needs this form
- Property owners looking to sell residential or commercial real estate.
- Real estate brokers wishing to formalize their relationship with property owners.
- Individuals seeking legal protection and clarity regarding their agreement with a broker.
- Anyone involved in real estate transactions who wants to ensure compliance with applicable laws.
Steps to complete this form
- Identify the parties: Fill in the names of the owner and broker.
- Specify the property: Enter the address and legal description of the property being sold.
- Set the exclusive period: Determine and enter the start and expiration dates of the agreement.
- Detail compensation: Indicate the commission percentage or fixed fee for the broker's services.
- Complete additional terms: Provide any specific sale terms, including payment options and conditions.
Notarization requirements for this form
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to specify the property details accurately, which can lead to disputes.
- Omitting terms of compensation, leading to misunderstandings later.
- Not entering the exclusive period dates, which can invalidate the agreement.
- Neglecting to include essential exhibits or checklists as attachments.
Advantages of online completion
- Convenience: Download and complete the form from anywhere at any time.
- Editability: Easily customize the document to fit your specific needs.
- Reliability: Legal forms are drafted by licensed attorneys, ensuring compliance with applicable laws.
- Streamlined process: Save time with instant access to legal forms without the need to visit a law office.
Legal use & context
- This agreement is legally binding and enforceable in accordance with real estate regulations.
- It protects the rights and obligations of both property owners and brokers during the sale process.
- Consideration of state-specific real estate laws is crucial to ensure compliance.
Quick recap
- The Exclusive Agency Agreement enables the owner and broker to work together while allowing the owner to retain selling rights.
- It's essential to fill out all sections accurately to prevent future disputes.
- This agreement provides a structured process for real estate transactions, ensuring all parties understand their obligations and rights.
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FAQ
The biggest difference when comparing an exclusive right to sell listing to exclusive agency listing, is whether or not the agent is guaranteed a commission. An exclusive agency listing does not guarantee an agent commission, while an exclusive right to sell listing does guarantee commission when your home sells.
Real estate agents typically don't like to sign nonexclusive agreements, but as a buyer looking out for your own best interests, it may be preferable to have multiple people working on your behalf until you've decided whether you can fully trust just one.
If you've signed an exclusive contract with an agent, you can't work with another agent until the contract expires.If you've signed an exclusive buyer's agent agreement for a specific type of property (single-family homes), you can work with another agent to look for multi-family homes, for example.
An exclusivity clause is an agreement between at least two parties where one party will purchase goods exclusively from another. This ensures that the seller is the only party providing the other with the goods outlined in the agreement.
