A broker is an agent who bargains or conducts negotiations for and on behalf of a person he or she represents, called a principal. The broker acts as an intermediary between the principal and third persons in the acquisition of contractual rights or the sale or purchase of property, and receives a commission or brokerage fee for his or her services. A broker has a duty to act in the principal's interest and not gain personal advantage at the principal's expense. The broker must avoid conflicts of interest that may arise in performing duties for or advising third parties whose interests are not aligned with those of the principal. A real estate broker offers services as agent in matters involving the sale, purchase, rental, and financing of real property.
The terms of the brokerage agreement determine the character of the services to be rendered as well as the broker's right to compensation in particular circumstances.
Maine Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a legally binding contract entered into between a property owner (Principal) and a licensed real estate agency (Agent). This agreement grants the Agent the exclusive right to market and sell the Principal's property, while allowing the Agent to collaborate with other real estate brokers (Co-Brokers) to find potential buyers. Key terms in this Maine Exclusive Sales Agency Listing Agreement include: 1. Exclusive Authorization: The Principal authorizes the Agent as their exclusive representative to market and sell the property for a specified period of time. During this term, the Principal cannot engage any other broker to sell the property. 2. Property Information: The agreement details the specific information about the property, including its legal description, address, and any relevant property boundaries or encumbrances. 3. Listing Price and Terms: The agreement specifies the asking price for the property, as well as any specific terms or conditions the Principal may have regarding the sale, such as financing options or potential seller's concessions. 4. Commission Structure: The agreement outlines the commission structure, including the percentage of the sale price that will be paid to the Agent upon successful completion of the sale. It may also include any additional expenses or fees that the Principal will be responsible for, such as advertising costs. 5. Co-Brokerage Cooperation: This agreement allows the Agent to cooperate and share the listing with other licensed brokers, also known as Co-Brokers. The Agent is authorized to solicit Co-Brokers to bring potential buyers for the property. 6. Marketing and Advertising: The agreement outlines the Agent's responsibility for marketing and advertising the property, including online listings, print media, signage, and any other promotional activities. It may also specify any limitations or requirements imposed by the Principal regarding advertising methods. 7. Termination: The agreement describes the conditions under which either party can terminate the agreement before the expiration of the agreed-upon term, such as non-performance, breach of contract, or mutual agreement. It is important to note that there may be different types of Maine Exclusive Sales Agency Listing Agreements for Sale of Real Property with Brokers to Solicit Co-Brokers, such as: 1. Standard Exclusive Sales Agency Listing Agreement: This is the most common type of agreement, where the Agent has exclusive rights to sell the property for a predetermined period. The Principal cannot engage any other brokers during this time. 2. Exclusive Right-to-Sell Listing Agreement: This type of agreement grants the Agent exclusive rights to market and sell the property, regardless of who ultimately finds the buyer. The Agent is entitled to the agreed-upon commission, even if the Principal finds the buyer themselves. 3. Exclusive Agency Listing Agreement: In this agreement, the Principal grants exclusive rights to the Agent but reserves the right to sell the property without paying a commission if they find the buyer themselves. It is crucial for both the Principal and Agent to thoroughly review and understand the terms and conditions of the Maine Exclusive Sales Agency Listing Agreement, as it governs their obligations, rights, and responsibilities throughout the property sale process.Maine Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a legally binding contract entered into between a property owner (Principal) and a licensed real estate agency (Agent). This agreement grants the Agent the exclusive right to market and sell the Principal's property, while allowing the Agent to collaborate with other real estate brokers (Co-Brokers) to find potential buyers. Key terms in this Maine Exclusive Sales Agency Listing Agreement include: 1. Exclusive Authorization: The Principal authorizes the Agent as their exclusive representative to market and sell the property for a specified period of time. During this term, the Principal cannot engage any other broker to sell the property. 2. Property Information: The agreement details the specific information about the property, including its legal description, address, and any relevant property boundaries or encumbrances. 3. Listing Price and Terms: The agreement specifies the asking price for the property, as well as any specific terms or conditions the Principal may have regarding the sale, such as financing options or potential seller's concessions. 4. Commission Structure: The agreement outlines the commission structure, including the percentage of the sale price that will be paid to the Agent upon successful completion of the sale. It may also include any additional expenses or fees that the Principal will be responsible for, such as advertising costs. 5. Co-Brokerage Cooperation: This agreement allows the Agent to cooperate and share the listing with other licensed brokers, also known as Co-Brokers. The Agent is authorized to solicit Co-Brokers to bring potential buyers for the property. 6. Marketing and Advertising: The agreement outlines the Agent's responsibility for marketing and advertising the property, including online listings, print media, signage, and any other promotional activities. It may also specify any limitations or requirements imposed by the Principal regarding advertising methods. 7. Termination: The agreement describes the conditions under which either party can terminate the agreement before the expiration of the agreed-upon term, such as non-performance, breach of contract, or mutual agreement. It is important to note that there may be different types of Maine Exclusive Sales Agency Listing Agreements for Sale of Real Property with Brokers to Solicit Co-Brokers, such as: 1. Standard Exclusive Sales Agency Listing Agreement: This is the most common type of agreement, where the Agent has exclusive rights to sell the property for a predetermined period. The Principal cannot engage any other brokers during this time. 2. Exclusive Right-to-Sell Listing Agreement: This type of agreement grants the Agent exclusive rights to market and sell the property, regardless of who ultimately finds the buyer. The Agent is entitled to the agreed-upon commission, even if the Principal finds the buyer themselves. 3. Exclusive Agency Listing Agreement: In this agreement, the Principal grants exclusive rights to the Agent but reserves the right to sell the property without paying a commission if they find the buyer themselves. It is crucial for both the Principal and Agent to thoroughly review and understand the terms and conditions of the Maine Exclusive Sales Agency Listing Agreement, as it governs their obligations, rights, and responsibilities throughout the property sale process.
