The Contract Service Agreement (where the Seller Continues to Operate Properties Sold to Buyer) form, is a contract form between a seller and buyer concerning the provision by the seller of certain operating, accounting and administrative services in connection with the oil and gas producing properties sold to the buyer pursuant to a purchase and sale agreement.
Mississippi Contract Service Agreement when Seller Continues to Operate Properties Sold to Buyer
Category:
State:
Multi-State
Control #:
US-OG-470
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Contract Service Agreement When Seller Continues To Operate Properties Sold To Buyer?
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FAQ
The Broker must confirm that the seller(s) also understands and consents to the consensual dual agency relationship prior to presenting the offer to purchase. The seller shall give his/her consent by signing the MREC Dual Agency Confirmation Form attached to the buyer's offer.
? A safety clause, also known as a safety protection clause or extender clause, is a provision in a listing agreement that allows the listing broker to still receive their commission fees if the property sells to a buyer they procured within a specified period after the listing expires.
With an exclusive agency listing, one broker is authorized to act as the exclusive agent for the seller. The seller retains the right to sell the property without obligation to the broker.
No licensee shall pay any part of a fee, commission, or other compensation received by such licensee in buying, selling, exchanging, leasing, auctioning or renting any real estate except to another licensee through the licensee's responsible broker.
The Mississippi Real Estate Commission (MREC) administers control over the commercial real estate industry in the State of Mississippi, licensing all real estate brokers and salespersons. MREC works to assure that all real estate transactions are performed in a professional and ethical manner.
A listing must state a definite expiration date. A listing may not contain a provision requiring the seller signing the listing to notify the broker of the intention to cancel the listing after the stated expiration date.
Exclusive agency is an agreement between the broker and seller under which the broker acts as the agent or legal representative of the sellers, and the sellers agree to pay commission to the listing broker.
At a minimum, a listing agreement should contain a property description, state the required terms of sale, establish the scope o the broker's authority, and include a promise of compensation. An exclusive agency or exclusive right to sell listing must also have a termination date.