Exclusive Listing Agreement - Residential
What is this form?
The Exclusive Listing Agreement - Residential is a legal document that establishes a binding contract between a property owner and a real estate broker or agent. This agreement grants the broker exclusive rights to sell the property, ensuring that the owner receives focused representation in the sales process. Unlike general listings, this agreement secures the broker's commission on the sale regardless of who procures the buyer, unless specifically stated otherwise. This form is vital for homeowners looking to sell their property efficiently while ensuring their interests are protected.
Form components explained
- Grant of Right: Specifies the exclusive rights granted to the broker for selling the property.
- Personal Property Included: Lists any personal property that is part of the sale.
- Terms of Sale: Details the selling price and payment terms for the property.
- Compensation of Broker: Outlines the broker's commission and payment agreement.
- Cooperation of Owner: Requires the owner to provide necessary information and access for showings.
- Owner's Representations: Ensures the accuracy of the provided information by the owner.
When to use this form
This form is necessary when a property owner wants to hire a real estate broker exclusively to sell a residential property. It is particularly useful when the owner seeks dedicated marketing and sales efforts from a broker, ensuring they are involved in all negotiations and listings. Using this agreement can help prevent conflicts with other agents and clarify commission structure during the sales process.
Who this form is for
This form is suitable for:
- Residential property owners looking to sell their home.
- Real estate brokers or agents seeking exclusive rights to represent sellers.
- Individuals with limited experience in real estate transactions who need clear guidelines.
Completing this form step by step
- Identify the parties involved, including the owner and the broker.
- Specify the property details, including the address and any personal property for sale.
- Enter the exclusive selling term dates, outlining the start and expiration dates of the agreement.
- Define the selling price and terms of sale to ensure clarity on compensation.
- Review and complete the required signatures for both the owner and the broker.
Notarization guidance
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Not including the expiration date for the listing agreement.
- Failing to clearly define the property included in the sale.
- Overlooking the specific commission rate agreed upon with the broker.
- Not providing accurate personal information or property details.
Benefits of completing this form online
- Convenience of downloading and completing the form at your own pace.
- Editable options allow you to customize the agreement to fit your specific situation.
- Reliable templates drafted by licensed attorneys to ensure legal compliance.
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FAQ
Look for verbiage such as cancellation or termination. Many contracts allow you, the seller, to cancel the listing without penalty, as long as the agent agrees to cancel it, too.An agent can misspell words or use the wrong words, and a home will still sell.
What must a valid listing contract include? A description of the property. Which statement is true of the extension of the listing provision in the WB-1 Residential Listing Contract? Buyers who negotiate directly with sellers are automatically protected buyers for the listing firm.
It's a legally binding contract that allows the real estate agent (or brokerage) full and total control over the transaction and rights to the agreed upon commission once the home sells. 99% of the time the listing agreement is a listing agreement where the listing agents are responsible for everything, said Lenchek.
A listing agreement can be modified, but only if all parties agree in writing. A listing agreement can change by the mutual verbal agreement of all parties. A listing agreement can be modified, but only if all parties agree in writing.
Answer five: Yes, you can terminate the contract with your Realtor.Most listing agreements however provide for the payment of commission if the seller terminates the agreement early or otherwise blocks or prohibits the sale of the property.
A listing agreement authorizes the broker to represent the seller and their property to third parties.The listing agreement also specifies the listing price, broker's duties, seller's duties, broker's compensation, terms for mediation, an automatic termination date, and any additional terms and conditions.
A listing agreement is a contract under which a property owner (as principal) authorizes a real estate broker (as agent) to find a buyer for the property on the owner's terms, for which service the owner pays a commission.
Canceling a listing contract for your home should be a straightforward process, particularly if your real estate agent hasn't brought in any potential buyers. You can ask for a release, or if it's a large firm, request a different agent. The terms of cancellation should already be spelled out in your contract.
Answer five: Yes, you can terminate the contract with your Realtor.Most listing agreements however provide for the payment of commission if the seller terminates the agreement early or otherwise blocks or prohibits the sale of the property.
