The Real Estate Agent Exclusive Listing Agreement is essential when property owners want to engage a professional to sell their property. This contract type establishes an exclusive relationship between the seller and agent, protecting both parties' interests and defining clear responsibilities. Used across all U.S. states, though with varying requirements by jurisdiction, it typically includes listing duration, commission structure, marketing commitments, and property details. The agreement ensures compliance with federal regulations like RESPA and the Fair Housing Act, while also adhering to state-specific real estate laws.
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1. Parties: Identifies the seller and the real estate agent/broker, including full legal names and addresses
2. Background: Brief context about the property being listed and the purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including 'Listing Period', 'Property', 'Commission', etc.
4. Appointment and Authority: Grants exclusive right to sell and outlines agent's authority
5. Listing Period: Specifies the duration of the agreement, including start and end dates
6. Listing Price: States the agreed listing price and any conditions for price modifications
7. Commission Structure: Details the commission rate and payment terms
8. Agent's Obligations: Lists all duties and responsibilities of the agent
9. Seller's Obligations: Lists all duties and responsibilities of the seller
10. Termination: Conditions and process for ending the agreement
1. Dual Agency Provisions: Required if dual agency is permitted in the jurisdiction and the agent might represent both buyer and seller
2. Virtual Tours/Photography: Rights and restrictions regarding property imagery and specific marketing materials
3. Protection Period: Post-termination period where commission may still be due to protect agent's interests after agreement ends
4. Property Management: Additional services for vacant properties when property is or will be vacant during listing
1. Property Description Schedule: Detailed description of the property, including legal description and included fixtures
2. Marketing Plan: Detailed marketing strategy and planned activities
3. Commission Schedule: Detailed breakdown of commission structure and payment scenarios
4. Property Disclosure Statement: Seller's disclosure of property condition and known issues
5. Agency Disclosure Form: State-required agency relationship disclosure
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