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 New York Listing Agreement With a Broker or Realtor to sell commercial property or real estate is a legally binding contract between a property owner (seller) and a licensed real estate agent or broker (listing agent). This agreement grants the exclusive right to the listing agent to represent and market the property for a specified period, typically 90 to 180 days. The exclusive listing agreement establishes the terms and conditions under which the listing agent will act on behalf of the seller to market, advertise, and negotiate the sale of the commercial property or real estate. It outlines the responsibilities and obligations of both parties during the listing period. There are different types of New York Exclusive Listing Agreements, including: 1. Exclusive Right to Sell Listing Agreement: This is the most common type of agreement. It gives the listing agent exclusive rights to not only market the property but also receive a commission regardless of who procures or closes the sale. 2. Exclusive Agency Listing Agreement: Under this agreement, the listing agent has the exclusive right to market the property, but the seller retains the right to sell the property themselves without paying a commission to the listing agent. However, if the listing agent procures a buyer, they are entitled to the agreed-upon commission. 3. Net Listing Agreement: In a net listing agreement, the seller sets a minimum acceptable price for the property, and any amount above that price becomes the listing agent's commission. This type of agreement is less common due to potential ethical concerns and may even be prohibited in some states. The New York Listing Agreement typically contains the following key elements: 1. Property information: A detailed description of the commercial property or real estate, including its address, legal description, and any additional features or amenities. 2. Listing price: The agreed-upon asking price for the property. 3. Listing period: The duration of the exclusive listing agreement, specifying the start and end dates. 4. Compensation: The commission rate or fee the seller agrees to pay the listing agent upon the successful sale of the property. It includes details on how the commission will be split if there are cooperating brokers involved. 5. Listing agent's duties: A list of the listing agent's responsibilities, such as marketing, advertising, conducting showings, negotiating offers, and communicating with the seller throughout the selling process. 6. Seller's obligations: The seller's responsibilities, including maintaining the property's condition, providing necessary documents, and cooperating with the listing agent to facilitate the sale. 7. Termination clause: The conditions under which either party can terminate the listing agreement before its expiration date. It is crucial for both the seller and listing agent to thoroughly review and understand the terms of the New York Listing Agreement before signing to ensure a clear understanding of their respective rights and obligations.
