Oregon Exclusive Agency or Agent Agreement - Real Estate - Realtor Contract

• Category: Real Estate - Contracts - Agents
• State: Multi-State
• Control #: US-00516-AZ
• Format: Word; Rich Text

Description

This form is an exlusive agency agreement for the purpose of real estate sales. Adapt to fit your circumstances. Oregon Exclusive Agency or Agent Agreement is a type of contract commonly used in the real estate industry. It establishes a legal relationship between a real estate agent or agency (referred to as the "agent") and a property seller (referred to as the "principal"). This agreement grants the agent the exclusive right to represent the principal in the sale of their property. Key Features of Oregon Exclusive Agency or Agent Agreement: 1. Exclusive Representation: This agreement designates the agent as the principal's exclusive representative for the sale of their property. The principal cannot work with any other agent or agency during the contract term. 2. Marketing and Promotion: The agent undertakes the responsibility to diligently market and advertise the principal's property to attract potential buyers. This may include activities such as online listings, open houses, showings, and other marketing strategies. 3. Commission: The agreement specifies the commission, usually a percentage of the final sale price, that the principal agrees to pay to the agent upon successful completion of the sale. The commission amount is negotiable between the parties. 4. Term: The agreement delineates the duration of the exclusive representation, typically ranging from a few months to a year. The length of the term should be agreed upon by both parties. 5. Duties and Responsibilities: The agent agrees to act in the principal's best interest throughout the sales process, including providing professional advice, assistance in negotiations, and ensuring compliance with all applicable laws and regulations. 6. Protection Period: Often, these agreements include a protection period clause. This clause allows the agent to collect the agreed-upon commission if a buyer, introduced during the term of the agreement, purchases the property within a specified period after the agreement's expiration. Types of Oregon Exclusive Agency or Agent Agreement: 1. Standard Exclusive Agency Agreement: This is the most common type, wherein the agent secures exclusive representation rights for a specified period, and the principal cannot seek assistance from any other agent or agency. 2. Exclusive Agency Agreement with Exceptions: Occasionally, principals may negotiate exceptions to the exclusivity clause of the agreement, allowing them to independently sell their property or work with other agents under certain predetermined conditions. 3. Dual Agency Agreement: In situations where the agent represents both the buyer and the seller in a transaction, an exclusive dual agency agreement is used. It defines the agent's responsibilities and sets forth procedures to avoid conflicts of interest. 4. Exclusive Right-to-Sell Agreement: While not the same as an exclusive agency agreement, an exclusive right-to-sell agreement is another type of real estate contract where the principal exclusively empowers the agent to market and sell the property. However, in the case of an exclusive right-to-sell agreement, the agent is entitled to a commission regardless of who procures the buyer, whereas an exclusive agency agreement only awards commission if the agent is directly involved in the sale. In conclusion, an Oregon Exclusive Agency or Agent Agreement is a legal contract that defines the exclusive representation of a real estate agent or agency, granting them the exclusive right to sell a property on behalf of a principal. Different variations exist, such as agreements with exceptions and dual agency agreements. It is vital for both parties to clearly understand and negotiate the terms and conditions before entering into such agreements.

Oregon Exclusive Agency or Agent Agreement is a type of contract commonly used in the real estate industry. It establishes a legal relationship between a real estate agent or agency (referred to as the "agent") and a property seller (referred to as the "principal"). This agreement grants the agent the exclusive right to represent the principal in the sale of their property. Key Features of Oregon Exclusive Agency or Agent Agreement: 1. Exclusive Representation: This agreement designates the agent as the principal's exclusive representative for the sale of their property. The principal cannot work with any other agent or agency during the contract term. 2. Marketing and Promotion: The agent undertakes the responsibility to diligently market and advertise the principal's property to attract potential buyers. This may include activities such as online listings, open houses, showings, and other marketing strategies. 3. Commission: The agreement specifies the commission, usually a percentage of the final sale price, that the principal agrees to pay to the agent upon successful completion of the sale. The commission amount is negotiable between the parties. 4. Term: The agreement delineates the duration of the exclusive representation, typically ranging from a few months to a year. The length of the term should be agreed upon by both parties. 5. Duties and Responsibilities: The agent agrees to act in the principal's best interest throughout the sales process, including providing professional advice, assistance in negotiations, and ensuring compliance with all applicable laws and regulations. 6. Protection Period: Often, these agreements include a protection period clause. This clause allows the agent to collect the agreed-upon commission if a buyer, introduced during the term of the agreement, purchases the property within a specified period after the agreement's expiration. Types of Oregon Exclusive Agency or Agent Agreement: 1. Standard Exclusive Agency Agreement: This is the most common type, wherein the agent secures exclusive representation rights for a specified period, and the principal cannot seek assistance from any other agent or agency. 2. Exclusive Agency Agreement with Exceptions: Occasionally, principals may negotiate exceptions to the exclusivity clause of the agreement, allowing them to independently sell their property or work with other agents under certain predetermined conditions. 3. Dual Agency Agreement: In situations where the agent represents both the buyer and the seller in a transaction, an exclusive dual agency agreement is used. It defines the agent's responsibilities and sets forth procedures to avoid conflicts of interest. 4. Exclusive Right-to-Sell Agreement: While not the same as an exclusive agency agreement, an exclusive right-to-sell agreement is another type of real estate contract where the principal exclusively empowers the agent to market and sell the property. However, in the case of an exclusive right-to-sell agreement, the agent is entitled to a commission regardless of who procures the buyer, whereas an exclusive agency agreement only awards commission if the agent is directly involved in the sale. In conclusion, an Oregon Exclusive Agency or Agent Agreement is a legal contract that defines the exclusive representation of a real estate agent or agency, granting them the exclusive right to sell a property on behalf of a principal. Different variations exist, such as agreements with exceptions and dual agency agreements. It is vital for both parties to clearly understand and negotiate the terms and conditions before entering into such agreements.