Hawaii Non-Exclusive Real Estate Brokerage Agreement is a legally binding contract entered into between a property owner or seller and a real estate broker, outlining the terms and conditions under which the broker will represent the owner in their real estate transactions. This agreement allows the broker to act as an intermediary between the owner and potential buyers, marketing the property, negotiating offers, and facilitating the sale process. The non-exclusive nature of this agreement means that the owner retains the right to sell the property themselves or through another broker, without being obligated to pay a commission to the broker named in this agreement. However, if the broker introduces a buyer who ultimately purchases the property during the agreement period, the broker is entitled to receive a negotiated commission. Key components of a Hawaii Non-Exclusive Real Estate Brokerage Agreement typically include: 1. Parties: The agreement identifies the owner or seller (referred to as the "principal") and the real estate broker (referred to as the "broker") who will be representing the owner's interests. 2. Property Description: A detailed description of the property being listed for sale is provided, including its address, legal description, and any relevant details regarding boundaries, improvements, or restrictions. 3. Listing Price and Terms: The agreed-upon listing price and any specific terms or conditions for the sale are outlined in this section. It may include the desired closing date, financing options, or any contingencies. 4. Broker's Authority: This section specifies the broker's authority to market and advertise the property, negotiate offers, and enter into contracts with potential buyers on behalf of the owner. 5. Compensation: The commission structure, rate, and circumstances under which the commission is payable are detailed in this section. It may also include provisions for the payment of additional fees or expenses incurred by the broker. 6. Termination: The conditions under which the agreement can be terminated by either party, such as expiration of the agreement period, mutual consent, or a breach of contract, are stated in this section. There are different types of Hawaii Non-Exclusive Real Estate Brokerage Agreements, depending on the specific needs or circumstances of the parties involved. Some common variations include: 1. Residential Non-Exclusive Real Estate Brokerage Agreement: This agreement is tailored for residential properties, such as houses, apartments, or condominiums. 2. Commercial Non-Exclusive Real Estate Brokerage Agreement: This agreement is designed for commercial properties, such as office buildings, retail spaces, or industrial properties. 3. Land Non-Exclusive Real Estate Brokerage Agreement: This agreement focuses on vacant land or undeveloped parcels, often used for agricultural, recreational, or investment purposes. 4. Exclusive Non-Exclusive Real Estate Brokerage Agreement: In this type of agreement, the owner grants the broker exclusive rights to represent and market the property, restricting the owner from working with other brokers during the agreement period. It is important for all parties to carefully review and understand the terms and conditions outlined in a Hawaii Non-Exclusive Real Estate Brokerage Agreement before signing it, and consider seeking legal advice if needed.
Hawaii Non-Exclusive Real Estate Brokerage Agreement
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This section states that the agreement is binding on the seller and the seller's successors and assigns.
The holdover period section of the When Earned clause says that a listing broker may be entitled to a commission after the expiration of a listing contract for the period of time specified in the clause if: 1) the broker negotiated with the buyer during the listing period and 2) the broker submitted the name of this
In Hawaii, some real estate transactions are between Sellers and Buyers who are both represented by the same real estate broker/firm. Those realtors are called Dual Agents because they owe fiduciary duties to both sellers and buyers.
A salesperson cannot be appointed by both buyer and seller for the same property transaction. He can only act for one party. The same prohibition also covered the rental transactions. The ban on dual representation applies to all property transactions, including residential, commercial and industrial properties.
Buyer-Broker Exclusivity Under this clause, you agree to work only with the buyer and agency that you chose. This means you can't turn around and ask another agent to show you a property or write a purchase offer for you. The contract will have a time limit (usually a few months) by which you are bound to your agent.
Yes, pocket listings are legal.
Hawaii requires oral and written disclosure together with written consent from all parties to the transaction before entering into a written sales contract. Dual agents must remain neutral in all negotiations and can no longer advance one party's interest over another.
An exclusive right to sell listing guarantees the listing agent a commission as long as the property sells during the term of the listing agreement.
A Real Estate Agent cannot represent both parties without both the buyer and seller knowing their involvement and commitment to both parties. The Agent acts more as a referee vs. an advocate.
A listing agreement is an employment contract between a property owner and a real estate broker. It allows the broker to act as a listing agent and find a buyer for the property on the seller's terms. Basically, a listing agreement grants your real estate agent permission to find a buyer for your home.