Minnesota Listing Agreement Granting a Broker or Realtor the Exclusive Right to Sell Commercial Property or Real Estate

• Category: Real Estate - Brokers
• State: Multi-State
• Control #: US-00440BG
• Format: Word

Description

This is a very straight forward form that grants to a realtor or broker the sole and exclusive right to sell the commercial property described in the agreement. It contains some warranties by Owner that the Owner's title is marketable. A Minnesota Listing Agreement granting a broker or realtor the exclusive right to sell commercial property or real estate is a legally binding contract between a property owner and a real estate agent. It provides the agent with an exclusive opportunity to market and sell the property for a specified period of time. Keywords: Minnesota listing agreement, broker, realtor, exclusive right to sell, commercial property, real estate. In the state of Minnesota, there are different types of listing agreements that can be used to grant a broker or realtor the exclusive right to sell commercial property or real estate. These agreements include: 1. Exclusive Right to Sell Listing Agreement: This type of agreement grants the broker or realtor the exclusive right to sell the property. It gives the agent the sole authority to advertise, market, and negotiate the sale of the property on behalf of the owner. The owner is obligated to pay the agreed-upon commission to the agent, regardless of who ultimately finds a buyer for the property. 2. Exclusive Agency Listing Agreement: With this type of agreement, the broker or realtor has the exclusive right to sell the property, but the owner retains the right to sell the property independently without owing the agent a commission. However, if the agent successfully finds a buyer for the property, the owner is obligated to pay the agreed-upon commission. 3. Open Listing Agreement: This type of agreement allows the owner to work with multiple brokers or realtors simultaneously. The owner only has to pay a commission to the broker or realtor who successfully brings a buyer to the table. If the owner finds a buyer independently, no commission is owed. Regardless of the type of listing agreement chosen, it is essential that the agreement clearly outlines the terms and conditions of the broker or realtor's exclusive right to sell the property. Key details that should be included in the agreement are: a. Property Description: The agreement should contain a detailed description of the commercial property or real estate, including its address, size, and any unique features. b. Scope of Exclusive Right: The agreement should specify the duration of the exclusive right granted to the broker or realtor. Typically, this duration ranges from 90 days to several months, but it can be negotiated between the parties. c. Listing Price and Terms: The agreement should set the listing price for the property and outline any specific terms or conditions that the owner requires for the sale. d. Services Provided by the Broker or Realtor: The agreement should detail the specific services that the broker or realtor will provide, such as marketing, advertising, and showing the property to potential buyers. e. Commission and Payment Terms: The agreement should clearly state the commission rate that the owner is obligated to pay to the broker or realtor upon the successful sale of the property. It should also include any terms regarding the payment of this commission, such as when it is due. f. Termination Clause: The agreement should specify the circumstances under which the agreement can be terminated by either party before the expiration of the agreed-upon duration. It is crucial for both the property owner and the broker or realtor to carefully review and understand the terms of the Minnesota Listing Agreement before signing it. Seeking legal advice is also recommended ensuring that the agreement complies with state laws and protects the interests of all parties involved.

A Minnesota Listing Agreement granting a broker or realtor the exclusive right to sell commercial property or real estate is a legally binding contract between a property owner and a real estate agent. It provides the agent with an exclusive opportunity to market and sell the property for a specified period of time. Keywords: Minnesota listing agreement, broker, realtor, exclusive right to sell, commercial property, real estate. In the state of Minnesota, there are different types of listing agreements that can be used to grant a broker or realtor the exclusive right to sell commercial property or real estate. These agreements include: 1. Exclusive Right to Sell Listing Agreement: This type of agreement grants the broker or realtor the exclusive right to sell the property. It gives the agent the sole authority to advertise, market, and negotiate the sale of the property on behalf of the owner. The owner is obligated to pay the agreed-upon commission to the agent, regardless of who ultimately finds a buyer for the property. 2. Exclusive Agency Listing Agreement: With this type of agreement, the broker or realtor has the exclusive right to sell the property, but the owner retains the right to sell the property independently without owing the agent a commission. However, if the agent successfully finds a buyer for the property, the owner is obligated to pay the agreed-upon commission. 3. Open Listing Agreement: This type of agreement allows the owner to work with multiple brokers or realtors simultaneously. The owner only has to pay a commission to the broker or realtor who successfully brings a buyer to the table. If the owner finds a buyer independently, no commission is owed. Regardless of the type of listing agreement chosen, it is essential that the agreement clearly outlines the terms and conditions of the broker or realtor's exclusive right to sell the property. Key details that should be included in the agreement are: a. Property Description: The agreement should contain a detailed description of the commercial property or real estate, including its address, size, and any unique features. b. Scope of Exclusive Right: The agreement should specify the duration of the exclusive right granted to the broker or realtor. Typically, this duration ranges from 90 days to several months, but it can be negotiated between the parties. c. Listing Price and Terms: The agreement should set the listing price for the property and outline any specific terms or conditions that the owner requires for the sale. d. Services Provided by the Broker or Realtor: The agreement should detail the specific services that the broker or realtor will provide, such as marketing, advertising, and showing the property to potential buyers. e. Commission and Payment Terms: The agreement should clearly state the commission rate that the owner is obligated to pay to the broker or realtor upon the successful sale of the property. It should also include any terms regarding the payment of this commission, such as when it is due. f. Termination Clause: The agreement should specify the circumstances under which the agreement can be terminated by either party before the expiration of the agreed-upon duration. It is crucial for both the property owner and the broker or realtor to carefully review and understand the terms of the Minnesota Listing Agreement before signing it. Seeking legal advice is also recommended ensuring that the agreement complies with state laws and protects the interests of all parties involved.