What are the topics included in a listing agreement?
- -owner (all legal names of owners and their form of ownership)
- -broker or firm (must be the same name on the broker's license)
- -Type of listing; right-to-sell, exclusive, open, etc.
- -Property Description; legal description and list of fixtures that are included and excluded.
- -Listing price;
- -brokerage fee
- -protection period
- -agency relationships
- -broker's authority
- -seller representation
- -limitation of liability
-legal names and type of ownership
Broker or Firm
-legal name on broker's license
Type of Listing
-right-to-sell, exclusive, open, etc.
-legal description and all fixtures included and excluded
- -the gross selling price to be quoted to the public.
- -seller sets price using competitive market data supplied by the agent
-beginning and ending dates of listing
-negotiated between owner and broker
-broker's right to fee after expiration period for a length of time if sold to previous buyer found by broker
-broker discloses his representation of the seller and the possibility of intermediary status in the future
-owner agrees to permit the broker to submit the property to the MLS, gives authority to broker to offer cooperation and compensation to other members of MLS (buyer), advertise, lockbox, sign, or disclosing the final sales price to MLS and taxing authorities.
-owner certifies that no known title defects, adverse claims, or other known defects exist and that the owner has legal capacity to convey the property
Limitation of Liability
-owner agrees to hold the broker harmless for any loss to the property or any lapse of insurance coverage
-owner acknowledges that the broker will offer the property for sale according to the fair housing laws, that the listing contract has been read and understood, and that the contract is legally binding and cannot be assigned without written approval of the other party