Exclusive Agency or Agent Agreement - Real Estate - Realtor Contract
Overview of this form
The Exclusive Agency or Agent Agreement - Real Estate - Realtor Contract is a legally binding document that grants a broker the exclusive right to sell a specific property. Unlike an exclusive right to sell agreement, this form allows the owner to sell the property independently without owing a commission to the broker if the owner finds a buyer. This agreement is essential for owners who want to ensure that a broker has the authority to market their property while maintaining the option to handle sales personally.
What’s included in this form
- Parties involved: Identifies the property owner and broker.
- Property details: Describes the real estate being sold, including legal descriptions.
- Grant of right: Specifies the exclusive authorization period for the broker to sell the property.
- Terms of sale: Outlines the agreed selling price and payment terms.
- Compensation structure: Defines the brokerâs commission and conditions for payment.
- Owner's obligations: Lists the responsibilities of the owner to support the broker's efforts.
Common use cases
This form is appropriate when a property owner wants to engage a real estate broker to sell their property while retaining the ability to sell it themselves. It is commonly used when the owner prefers to have a brokerâs professional assistance in marketing the property but does not want to forfeit their right to find buyers independently.
Who should use this form
- Property owners looking to sell their real estate.
- Realtors and real estate brokers offering their services to property owners.
- Individuals with limited experience in real estate transactions seeking guidance.
How to complete this form
- Identify the parties: Fill in the names of the property owner(s) and the broker.
- Specify the property: Provide the address and legal description of the property for sale.
- Set the timeframe: Enter the start and expiration dates for the exclusivity period granted to the broker.
- Detail the compensation: State the broker's commission percentage based on the selling price.
- Include any additional agreements: Attach any inventories of personal property or property information checklists as necessary.
Does this document require notarization?
This form does not typically require notarization unless specified by local law. Always check your jurisdiction's requirements for additional legal validity.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
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.
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 accurate property details, leading to confusion about what is for sale.
- Not clearly defining the exclusivity period, which can cause disputes later.
- Overlooking the description of personal property included in the sale, which can affect negotiations.
Why complete this form online
- Convenience: Easily downloadable and editable to meet specific needs.
- Cost-effective: Saves on legal fees by allowing users to draft their own agreements.
- Reliability: Ensures that the form is updated to meet current legal standards.
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.
Looking for another form?
Form popularity
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.
