Real Estate Listing Agreement A Real Estate Listing Agreement authorizes a real estate agent to represent a property seller, specifying the agent's duties, commission, and the property's listing terms.
Seller hereby grants to Agent the exclusive right and authority to sell, market, and list for sale, the real property located at [Property Address], including all improvements, fixtures, and appurtenances associated therewith (the "Property"). The Property is described as a charming 3-bedroom, 2-bathroom coastal cottage with panoramic ocean views, nestled on a tranquil 1-acre lot.
Agent shall represent Seller in the marketing and sale of the Property and shall use diligent efforts to market, solicit, and procure offers for the purchase of the Property on terms and conditions acceptable to Seller.
Agent shall develop a marketing plan for the Property, which shall include but not be limited to online and print advertising, open houses, property tours, and utilizing the services of other real estate brokers and salespersons as may be appropriate.
Agent shall comply with all applicable federal, state, and local laws, regulations, and ordinances in carrying out its duties under this Agreement.
3.1. Listing Price
The initial listing price of the Property shall be determined by mutual agreement between Seller and Agent. Seller reserves the right to change the listing price upon written notice to Agent.
3.2. Listing Period
The initial term of this Agreement shall commence on the date hereof and shall expire on the date six (6) months from the date of execution by both parties (the "Listing Period"). This Agreement may be renewed upon the mutual written consent of Seller and Agent.
Seller agrees to pay Agent a commission of six percent (6%) of the gross sales price of the Property (the "Commission") if, during the Listing Period, a ready, willing, and able buyer (the "Buyer") submits an offer meeting the terms and conditions specified by the Seller, or any other terms and conditions acceptable to Seller.
4.2. Multiple Agents
If Agent shares the Commission with another licensed real estate broker who is the Buyer's agent, the Commission shall be split between Agent and the cooperating broker, with each receiving fifty percent (50%) of the Commission.
Agent's Commission shall be deemed earned upon the earlier of (a) the receipt of any escrow or closing funds from the sale of the Property, or (b) completion of the sales transaction and transfer of title to the Buyer. The Commission shall be paid by Seller to Agent at or before the close of escrow.
During the Listing Period, Seller shall not list the Property for sale or lease with any other real estate broker or agent. Following the expiration or termination of this Agreement, in the event a Buyer introduced to the Property by Agent during the Listing Period enters into a binding contract to purchase the Property within one hundred eighty (180) days after the expiration or termination, Seller shall pay the Commission to Agent, as provided in Paragraph 4.
Seller represents and warrants that (a) Seller is the sole owner of the Property, and has the full right, power, and authority to enter into this Agreement and sell the Property, (b) the Property is free and clear of any and all liens and encumbrances, except as otherwise disclosed in writing to Agent, and (c) Seller shall immediately notify Agent of any material changes affecting the Property, including but not limited to liens, lawsuits, or damage to the Property.
Either party may terminate this Agreement upon written notice to the other party if the other party breaches any material provision of this Agreement, provided that the terminating party has first given written notice specifying the nature of the alleged breach and thirty (30) days opportunity to cure.
This Agreement shall be governed by and construed in accordance with the laws of the United States and the State of [State]. In the event of any dispute arising out of or relating to this Agreement, the parties shall endeavor to resolve such dispute by good faith negotiation. If the parties are unable to resolve the dispute through negotiation, either party may submit the dispute to binding arbitration conducted under the rules of the American Arbitration Association.
This Agreement constitutes the entire understanding and agreement of the parties with respect to its subject matter and supersedes all prior and contemporaneous understandings and agreements, whether oral or written, between the parties hereto with respect to the subject matter hereof.
Any term or provision of this Agreement may be amended, and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only by a writing signed by the party to be bound by the amendment or waiver.
The parties have executed this Agreement, in duplicate, as of the date first above written.
Bayside Realty Group
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In this Real Estate Listing Agreement, you will see the following sections:
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