Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers
Overview of this form
The Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a legal document that establishes a formal relationship between a property owner and a broker. This form enables the broker to act as the exclusive agent for the sale of a specified property. Unlike other real estate agreements, this form specifically includes provisions for soliciting co-brokers, expanding the broker's ability to market the property effectively. It outlines the rights and responsibilities of both parties and includes terms for compensation based on the sale of the property.
Main sections of this form
- The date the agreement is made.
- Identification of the broker and owner, including their corporate details.
- Description of the property being sold, including its address.
- Terms regarding the exclusive right of the broker to sell the property.
- Duration of the exclusive agency period and conditions for commission payment.
- Responsibilities of the broker in marketing the property and conducting viewings.
- Legal provisions regarding arbitration and attorney fees in case of disputes.
When to use this form
This form should be used when a property owner wishes to establish a formal agreement with a broker for the exclusive right to sell their property. It is particularly important when the owner wants to allow the broker to bring in co-brokers to expand the marketing reach. This agreement is practical in real estate transactions involving residential or commercial properties, ensuring clear guidelines for both parties regarding their roles and compensation.
Who should use this form
- Property owners looking to sell real estate and wanting to engage a broker for exclusive representation.
- Real estate brokers who require a formal agreement to act on behalf of a seller in the sale of property.
- Individuals or entities involved in the acquisition of property who need clear terms regarding brokerage services.
Instructions for completing this form
- Identify the parties involved: fill in the names and addresses of the broker and owner.
- Specify the property details: include the full address and any additional description required in Exhibit A.
- Set the listing price and duration for the exclusive agreement.
- Detail the commission structure and conditions for payment, including any follow-up periods after the agreement ends.
- Obtain signatures from both parties, ensuring the printed names and titles are included where necessary.
Does this form need to be notarized?
This form does not typically require notarization unless specified by local law. Always check your stateâs regulations to confirm if notarization is necessary for enforceability.
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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.
Common mistakes to avoid
- Failing to provide complete contact information for both parties.
- Not specifying the property accurately, which can lead to future disputes.
- Overlooking the duration of the exclusive agreement.
- Not including the commission structure clearly, which may result in misunderstandings.
- Neglecting to obtain signatures from all necessary parties.
Benefits of using this form online
- Convenience: Easily fill out and download the form from anywhere, at any time.
- Editability: Customize the document to suit your specific needs with straightforward online tools.
- Reliability: Access forms drafted by licensed attorneys, ensuring they comply with current legal standards.
- The agreement is binding as long as all parties fulfill their obligations under its terms.
- It is important to avoid conflicts of interest by ensuring all representations are clear.
- Seeking legal representation for complex transactions is advised for better protection.
- This form establishes a formal relationship between a broker and a property owner.
- It outlines the exclusive rights of the broker in relation to the property sale.
- Both parties need to clearly understand their rights, responsibilities, and commissions.
Legal terms and meanings
- Broker: An agent representing a property owner in real estate transactions.
- Principal: The person or entity represented by the broker.
- Exclusive right to sell: A broker's sole right to market and sell the property for a specified duration.
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FAQ
An exclusive listing is a type of real estate listing agreement in which a property seller appoints and specifically authorizes one real estate broker to act as the seller's sole agent. By contrast, in an open listing, the seller retains the right to employ any number of brokers as agents.
Exclusive Right-to-Sell 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, regardless of whether the property is sold through the efforts of the
For these reasons, the best way to go about canceling a contract with a Realtor is to simply call the broker and explain your desire to end the contract with their agent. Many reputable brokers who wish to stay in your good graces (and with the community's) will let you out of the contract.
An exclusive agency agreement gives one broker the exclusive right to market and sell the property, while the owner retains the right to find a buyer and sell the property without owing the broker a commission.
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.
What is an exclusive agency listing? An exclusive listing means that the owner(s) of the property have entered into a listing contract with a licensed real estate agency, whereby the chosen agency has the exclusive right to advertise the property and will be the exclusive representative of the seller to close a deal.
Although Realtors do not use exclusive agency listings that often, these types of listings are still totally legal and are even allowed to be included in MLS for maximum exposure.
Exclusive Right to Sell Listing If the property sells while the broker has the listing, the seller must pay the agreed-upon commission regardless of who actually procured the buyer. This limits any conflict with the seller over who was responsible for procuring the buyer.
An exclusive contract is an arrangement where one firm agrees to do business with another firm, but nobody else. NBC has an exclusive contract to broadcast the Olympics in the USA. They recently paid nearly $4.5 billion for the exclusive rights to broadcast the games through the year 2020.
