A broker is an agent who bargains or conducts negotiations for and on behalf of a person he or she represents, called a principal. The broker acts as an intermediary between the principal and third persons in the acquisition of contractual rights or the sale or purchase of property, and receives a commission or brokerage fee for his or her services. A broker has a duty to act in the principal's interest and not gain personal advantage at the principal's expense. The broker must avoid conflicts of interest that may arise in performing duties for or advising third parties whose interests are not aligned with those of the principal. A real estate broker offers services as agent in matters involving the sale, purchase, rental, and financing of real property.
The terms of the brokerage agreement determine the character of the services to be rendered as well as the broker's right to compensation in particular circumstances.
The Virginia Exclusive Sales Agency Listing Agreement for Sale of Real Property with Brokers to Solicit Co-Brokers is a legally binding agreement between a property owner (the Client) and a real estate agency (the Agent). This agreement outlines the terms and conditions under which the Agent will exclusively represent the Client in selling their property. Keywords: Virginia, exclusive sales agency, listing agreement, real property, brokers, co-brokers, property owner, real estate agency, terms and conditions. In Virginia, there are different types of Exclusive Sales Agency Listing Agreements for Sale of Real Property with Brokers to Solicit Co-Brokers. Here are some variations: 1. Exclusive Right to Sell Listing Agreement: This type of agreement grants the Agent the exclusive right to market and sell the property. The Client is obligated to pay the agreed-upon commission regardless of who procures the buyer, including if the Client finds the buyer themselves. 2. Exclusive Agency Listing Agreement: Under this agreement, the Agent has the exclusive right to market and sell the property, but if the Client finds a buyer without the Agent's assistance, no commission is owed. The Agent is still responsible for soliciting and working with co-brokers to find potential buyers. 3. Net Listing Agreement: In a net listing agreement, the Client specifies the net amount they want to receive from the sale, and the Agent's commission is determined by any amount they can obtain over and above that net amount. While this type of agreement is legal in Virginia, it is not commonly used due to potential conflicts of interest. Regardless of the type of Exclusive Sales Agency Listing Agreement, some common elements may be included: — Property details: The agreement should describe the property's address, legal description, and any applicable parcel numbers or tax identification numbers. — Exclusive representation: It should clearly state that the Agent has the exclusive right to represent the Client in selling the property for a specified period. This means the Client cannot enter into similar agreements with other brokers during this time. — Commission and compensation: The agreement should state the amount or percentage of the commission the Client agrees to pay the Agent upon the successful sale of the property. It should also outline how the commission is split with co-brokers who bring buyers. — Marketing and advertising: The agreement may specify the marketing strategies the Agent will employ to promote the property, such as online listings, print media, or open houses. — Termination clause: The agreement should outline the circumstances under which the Client or Agent can terminate the agreement before its expiration date, such as breach of contract or unsatisfactory performance. — Dispute resolution: It may include provisions for resolving any disputes that may arise between the Client and Agent, such as mediation or arbitration. It is essential for both the Client and the Agent to thoroughly review and understand all terms and conditions outlined in the Virginia Exclusive Sales Agency Listing Agreement before signing to ensure a successful and legally compliant real estate transaction.
