Virginia Listing Agreement Granting a Broker or Realtor the Exclusive Right to Sell Commercial Property or Real Estate

• Category: Real Estate - Brokers
• State: Multi-State
• Control #: US-00440BG
• Format: Word

Description

This is a very straight forward form that grants to a realtor or broker the sole and exclusive right to sell the commercial property described in the agreement. It contains some warranties by Owner that the Owner's title is marketable. A Virginia Listing Agreement Granting a Broker or Realtor the Exclusive Right to Sell Commercial Property or Real Estate is a legally binding contract between a property owner (seller) and a licensed real estate broker or realtor (listing agent). This agreement grants the listing agent the exclusive right to market and sell the commercial property on behalf of the seller for a specified period of time. The purpose of this agreement is to establish a professional relationship between the seller and the listing agent, outlining their rights and obligations throughout the selling process. By granting the exclusive right to sell, the seller ensures that only the listing agent can market and negotiate the sale of the property, eliminating any competing agents or brokers. The Virginia Listing Agreement typically includes the following important aspects: 1. Parties Involved: The agreement will clearly identify the seller and the listing agent, including their legal names, contact details, and any associated brokerage firm. 2. Property Description: The listing agreement should provide a detailed description of the commercial property being sold. This includes the address, legal description, square footage, zoning, and any special features or amenities. 3. Listing Price and Terms: The agreement establishes the listing price, which is the amount the seller wishes to sell the property for. It may also include any specific terms or conditions that the seller wants to impose, such as financing options, leaseback agreements, or seller concessions. 4. Exclusive Right to Sell: The core element of this agreement is the exclusive right given to the listing agent to represent the seller in all activities related to marketing and selling the commercial property. This means that the seller cannot engage any other brokers or realtors to sell the property during the specified period. 5. Compensation: The listing agent's commission or fee structure is outlined in this section. It usually includes a percentage of the final sale price, which serves as compensation for the agent's services. The agreement may also mention any additional fees or expenses that will be reimbursed by the seller. 6. Listing Period: The agreement specifies the duration of the exclusive right to sell, known as the listing period. This period can vary, but it is typically between 90 days to 1 year. If the property doesn't sell during this period, the agreement may include provisions for renewal or termination. 7. Marketing and Promotion: The listing agent is responsible for actively marketing and promoting the commercial property. The agreement may include various marketing strategies, such as advertising, property showings, online listings, signage, and open houses. 8. Seller's Obligations: The agreement may outline certain duties or obligations that the seller must fulfill during the selling process. This can include maintaining the property's condition, providing necessary documentation, cooperating with the agent, and promptly responding to offers or inquiries. Different types of Virginia Listing Agreement Granting a Broker or Realtor the Exclusive Right to Sell Commercial Property or Real Estate may include variations in terms, compensation structures, or additional clauses to suit specific situations or property types. It is crucial for both the seller and the listing agent to carefully review and understand the terms of the agreement before signing.

A Virginia Listing Agreement Granting a Broker or Realtor the Exclusive Right to Sell Commercial Property or Real Estate is a legally binding contract between a property owner (seller) and a licensed real estate broker or realtor (listing agent). This agreement grants the listing agent the exclusive right to market and sell the commercial property on behalf of the seller for a specified period of time. The purpose of this agreement is to establish a professional relationship between the seller and the listing agent, outlining their rights and obligations throughout the selling process. By granting the exclusive right to sell, the seller ensures that only the listing agent can market and negotiate the sale of the property, eliminating any competing agents or brokers. The Virginia Listing Agreement typically includes the following important aspects: 1. Parties Involved: The agreement will clearly identify the seller and the listing agent, including their legal names, contact details, and any associated brokerage firm. 2. Property Description: The listing agreement should provide a detailed description of the commercial property being sold. This includes the address, legal description, square footage, zoning, and any special features or amenities. 3. Listing Price and Terms: The agreement establishes the listing price, which is the amount the seller wishes to sell the property for. It may also include any specific terms or conditions that the seller wants to impose, such as financing options, leaseback agreements, or seller concessions. 4. Exclusive Right to Sell: The core element of this agreement is the exclusive right given to the listing agent to represent the seller in all activities related to marketing and selling the commercial property. This means that the seller cannot engage any other brokers or realtors to sell the property during the specified period. 5. Compensation: The listing agent's commission or fee structure is outlined in this section. It usually includes a percentage of the final sale price, which serves as compensation for the agent's services. The agreement may also mention any additional fees or expenses that will be reimbursed by the seller. 6. Listing Period: The agreement specifies the duration of the exclusive right to sell, known as the listing period. This period can vary, but it is typically between 90 days to 1 year. If the property doesn't sell during this period, the agreement may include provisions for renewal or termination. 7. Marketing and Promotion: The listing agent is responsible for actively marketing and promoting the commercial property. The agreement may include various marketing strategies, such as advertising, property showings, online listings, signage, and open houses. 8. Seller's Obligations: The agreement may outline certain duties or obligations that the seller must fulfill during the selling process. This can include maintaining the property's condition, providing necessary documentation, cooperating with the agent, and promptly responding to offers or inquiries. Different types of Virginia Listing Agreement Granting a Broker or Realtor the Exclusive Right to Sell Commercial Property or Real Estate may include variations in terms, compensation structures, or additional clauses to suit specific situations or property types. It is crucial for both the seller and the listing agent to carefully review and understand the terms of the agreement before signing.