This form grants to a realtor or broker the sole and exclusive right to list and show the property on one ocassionsell the commercial property described in the agreement. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Kentucky Listing Agreement with a Broker or Realtor to sell commercial property or real estate is a legally binding contract entered into between the property owner (known as the "Principal") and a licensed real estate broker or realtor (known as the "Agent"). This agreement grants the Agent exclusive rights to represent and market the commercial property for a specified period of time. The purpose of this agreement is to establish a professional relationship between the Principal and the Agent, outlining their respective duties, responsibilities, and compensation arrangements. It also protects the interests of both parties involved and ensures that all terms and conditions of the agreement are adhered to. Under an Exclusive Listing agreement, the Principal agrees that only the Agent is authorized to market and sell the property during the specified listing period. This exclusivity offers the Agent a greater level of commitment and motivation to successfully sell the property. The Principal is also prohibited from engaging in any direct or indirect negotiations with potential buyers or other real estate agents during the listing period, without the Agent's involvement. An Exclusive Listing agreement typically includes the following key components: 1. Parties involved: Clearly identifies the Principal (property owner) and the Agent (licensed real estate broker or realtor). 2. Property details: Describes the commercial property or real estate being listed for sale, including its address, legal description, zoning classification, and any other relevant details. 3. Listing terms: Specifies the duration of the listing period. This can vary depending on the agreement and may range from a few months to several years. 4. Exclusive representation: States that the Agent has exclusive rights to represent and market the property during the listing period, prohibiting the Principal from engaging any other agents or brokers. 5. Listing price and terms: Outlines the agreed-upon listing price and other terms of the sale, such as the acceptable payment methods, financing options, and any specific conditions or contingencies. 6. Compensation: States the commission or fee structure that the Principal agrees to pay the Agent upon a successful sale. This may be a fixed amount or a percentage of the final sale price, depending on the agreement. It is important to note that there may be different types or variations of Exclusive Listing agreements in Kentucky, depending on the specific needs and preferences of the parties involved. For example, there could be agreements that grant the Agent exclusive rights to market the property only to a specific group or category of potential buyers (e.g., developers, investors, etc.). Additionally, some agreements may include provisions for the Agent to receive compensation if the property is sold to a buyer who was initially introduced by the Agent during the listing period, even if the sale occurs after the listing expires. Before entering into any listing agreement, it is advisable for both the Principal and the Agent to carefully review and understand all the terms and conditions specified in the document. Seeking legal advice may also be beneficial to ensure that the agreement complies with Kentucky's real estate regulations and protects the interests of both parties involved.
