The Real Estate Agent Retainer Agreement serves as the foundational document governing the relationship between real estate professionals and their clients in the United States. This agreement is essential when engaging a real estate agent for property transactions, whether selling or buying. It typically includes detailed provisions about the agent's responsibilities, commission structures, marketing strategies, and duration of representation. The document must adhere to both federal regulations and state-specific real estate laws, making it a crucial tool for establishing clear expectations and legal protections for all parties involved.
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1. Parties: Identification of the real estate agent/broker and the client with full legal names and addresses
2. Background: Brief context of the agreement and the parties' intention to enter into a real estate agency relationship
3. Definitions: Key terms used throughout the agreement including 'Property', 'Services', 'Commission', 'Listing Period'
4. Scope of Services: Detailed description of services to be provided by the agent
5. Term and Duration: Period of the agreement, including start and end dates
6. Commission Structure: Detailed breakdown of commission rates and payment terms
7. Agency Disclosure: Mandatory disclosure of agency relationship as per state law
8. Termination: Conditions and process for terminating the agreement
1. Marketing Plan: Detailed marketing strategy for the property - used when marketing services are specifically requested
2. Protection Period: Period after termination during which commission may still be due - used in listing agreements to protect agent's interests
3. Multiple Listing Service: Terms regarding MLS listing - used when property will be listed on MLS
4. Virtual Tours/Photography: Terms regarding digital marketing materials - used when digital marketing services are included
1. Property Description Schedule: Detailed description of the property being sold/purchased
2. Commission Schedule: Detailed breakdown of commission structures and scenarios
3. Marketing Services Schedule: Detailed list of marketing services to be provided
4. State-Specific Disclosures: Required state disclosures and forms
Relevant legal definitions
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