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.
In North Dakota, a Listing Agreement with a broker or realtor to sell commercial property or real estate refers to a legally binding contract between a property owner (referred to as the "principal") and a licensed real estate broker or agent (known as the "listing broker"). An exclusive listing agreement means that the property owner grants exclusive rights to the listing broker to market and sell the commercial property or real estate for a specified period. During this time, the property owner cannot hire other brokers or market the property on their own. The North Dakota Listing Agreement with a broker or realtor to sell commercial property or real estate — exclusive listing typically includes several key elements. These elements may vary depending on the specific terms negotiated between the principal and the listing broker. However, commonly included components are as follows: 1. Agreement Duration: The agreement clearly defines the time period during which the listing broker will have exclusive rights to market and sell the property. This duration can range from a few months to a year. 2. Listing Terms: This section outlines the listing broker's responsibilities, including marketing strategies, advertising plans, property showings, and open houses. It may also mention any specific marketing materials or platforms the listing broker will use. 3. Commission Structure: The agreement specifies the listing broker's compensation in the form of a commission. The typical commission is a percentage of the property's sale price, usually between 4% and 7%, although this can be negotiated. 4. Property Information: The agreement requires the property owner to provide accurate and detailed information about the commercial property or real estate being listed. This includes property address, legal description, zoning, size, amenities, and any special features. 5. Price and Terms: The listing agreement states the asking price for the property and any specific terms, such as whether the property will be sold "as-is" or subject to certain inspections or conditions. 6. Protection Period: This clause protects the listing broker's right to earn a commission on potential buyers that were identified during the agreement period, even if the property is sold after the agreement expires. This provision typically lasts for a specified number of days after the agreement ends. While the exclusive listing agreement is the most common type, other variations may exist, such as a net listing or an open listing. However, these alternative types are less common and have different terms and conditions compared to the exclusive listing agreement. In a net listing, the property owner sets a desired price for the property, and any amount received above this price becomes the broker's commission. This type of listing is discouraged and can potentially lead to conflicts of interest. An open listing allows the property owner to work with multiple brokers simultaneously, and only the broker who ultimately finds a buyer is entitled to a commission. This type of listing provides the least amount of exclusivity and is less common in the commercial real estate market. It is essential for property owners to carefully review and understand the terms of the North Dakota Listing Agreement with a broker or realtor before signing, as it legally binds them to the agreed-upon terms and conditions. Additionally, seeking legal advice is advised to ensure that the agreement aligns with their specific needs and objectives.
