A Listing Agreement is a formal contract between someone who owns a property (the seller) and a licensed real estate agent or broker. This agreement sets out the terms and conditions for how the agent will help the seller in selling their property.
This legally binding contract between a property seller and a real estate broker/agent. It authorizes the agent to market and list the property on the seller’s behalf. It also defines the terms, obligations, commission, and duration of the relationship.
Key contents of a listing agreement include property details, listing price, broker’s duties, seller responsibilities, commission terms, contract duration, MLS authorization, required disclosures, and cancellation terms.
There are two common types of listing agreements in the US real estate industry:
1. Exclusive Right to Sell Listing Agreement:
This gives the chosen real estate agent the exclusive right to represent and sell the property. Regardless of who finds the buyer (even if it's the seller), the agent is entitled to the agreed-upon commission.
2. Exclusive Agency Listing Agreement:
In this type of agreement, the agent has the exclusive right to represent the property, but the seller reserves the right to find a buyer independently. If the seller finds a buyer, the agent will receive a pre-defined commission.
Overall, the Listing Agreement is a crucial document that clarifies the roles, responsibilities, and financial arrangements between the seller and the real estate agent during the process of selling a property.
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Is it possible to list my property for sale without entering into a listing agreement?
1. Listing Only on Houzeo: Yes, you can list your property on Houzeo without a traditional listing agreement. Houzeo offers a simplified listing process that doesn't require a formal agreement. When you list on Houzeo, you're essentially using their ...
I want to download the listing agreement PDF for my buyer. How can I do that?
There are two ways to download a PDF copy of your Houzeo listing agreement to share with your buyer: Method 1: Through the Listing Agreement Task Log in to your Houzeo Dashboard. Locate the section labeled "Complete Tasks". Within this section, find ...
Can you explain what an "Exclusive Right to Sell" listing agreement is?
Exclusive Right to Sell is a type of listing agreement between a homeowner and a real estate agent or brokerage. In this arrangement, the real estate agent or brokerage is granted the exclusive rights to sell the property. This means that regardless ...
Are all co-owners required to sign the sale agreement for a property to be sold?
Yes, all co-owners must sign the necessary documents when selling a property. This is because each co-owner holds a legal interest in the property, and for the sale to be legally binding and enforceable, all parties with ownership rights must agree ...
Which forms are required to list the property on the Houzeo platform?
To list your property with Houzeo, you'll need to complete five essential documents: 1. Input Form: This form gathers basic information about your property, such as its address, features, appliances, and other pertinent details. 2. Listing Agreement: ...