The Ins and Outs of an Exclusive Right To Sell Listing Agreement
Are you thinking about selling your home? If you are, there are a lot of things to consider—dealing with paperwork, looking for prospective buyers, organizing open house events, and dealing with ever so infuriating paperwork. Luckily, you can hire a broker agency to do all of that for you.
This article has all the answers to the questions you might have about making an exclusive right to sell listing agreement.
Exclusive Right To Sell Listing Agreement 101
An exclusive right to sell agreement is a type of listing agreement. It is a written contract between a property owner wanting to sell a house and a real estate broker agency.
By signing the agreement, the owner of the house authorizes a listing agent to represent them in the selling process and close the deal. In return, the seller will compensate the agent, regardless of who ends up selling the place.
The agreement outlines the agent’s obligations, which can include:
- Listing the property on the Multiple Listing Service (MLS)
- Developing a marketing strategy with the seller
- Making phone calls and answering emails
- Organizing showings
- Carrying out negotiations
- Preparing contracts
If you sign an exclusive right to sell agreement, you are accepting to work exclusively with one agent for as long as the contract lasts.
Exclusive Right To Sell Agreement vs. Exclusive Agency Agreement
An exclusive agency agreement is another buyer-agency agreement variation. This legal document gives the listing agent exclusive rights to represent the property owner and finalize the selling process. It may seem the same as the right to sell agreement, but there is one big difference—the agent receives the commission only if they bring the buyer.
The following pros and cons table can help you decide between exclusive right to sell and exclusive agency agreements:
Type of an Exclusive Listing Agreement
Exclusive Right To Sell Agreement
Exclusive Agency Agreement
How To Write an Exclusive Right To Sell Listing Agreement on Your Own
The best way to be completely in charge of your seller-agent relationship is to make the contract on your own. There are numerous contract templates online, and you can download, fill them out, and send them to your listing agent with DoNotPay’s faxing service.
If you want a more personalized exclusive right to sell agreement, you can write the contract yourself, and here is how:
- Specify the date of the agreement
- Provide contact information of the seller and the listing agent
- Describe the property in question
- Define the purchase price
- Set the duration of the agreement
- Outline the percentage and fixed payment of the commission
- Address marketing aspects and granted permissions
- Add the disputes resolution clause
- Specify the governing law
The agreement is complete once both parties sign it.
When To Terminate an Exclusive Right To Sell Agreement and How
Reasons for termination of an exclusive listing agreement include:
- Lack of online marketing—Internet exposure can be a game-changer when it comes to selling property. Marketing on MLS websites can be crucial for finding the right buyer for your house. If the agent is not marketing your property enough, you should consider changing them
- Insufficient communication—You should be able to contact your listing agent regularly and ask about the progress. Lack of communication can mean something is wrong and be a sign to reconsider the agent
- Unethical behavior—Offering a lower-than-approved price to the buyer, sharing private information about clients to close the deal faster, and working as a dual agent are the most common types of unethical behavior and a major reason for switching agents
- Poor representation—Good quality pictures that show the property in the best light and properly executed open houses are the sign the agent is making an effort to market your house. You’re looking to sell your property, and if the agent is not doing the best they can, it can cause termination of the agreement
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