Exclusive Right Agency Agreement
An exclusive agency offer is similar to an open listing, except that the main difference lies in the fact that the broker represents the owners. The owners always reserve the right to sell the property themselves and not an exclusive agency – A written list agreement that gives an exclusive representative the right to sell a property for a certain period of time however reserves the right to sell the property itself without the duty of commission. The exclusive representative is entitled to a commission if he personally sells the property or if it is sold by someone other than the seller. It is exclusive in the sense that the property is listed with a single broker. The multiple listing service must accept exclusive agency offers that are submitted by participating brokers. Under exclusive agency contracts, the broker does not receive a commission if the seller is the one who finds a buyer for his property. Exclusive Agency Listing: A contractual agreement under which the listing broker acts as an agent or as a legally recognized non-agency representative of the seller (the seller) and the seller agrees to pay a commission to the listing broker when the property is sold by the efforts of a real estate agent. If the property is sold exclusively by the efforts of the seller, the seller is not required to pay a commission to the listing broker. (Amended 5.06.) As with any contract, you should carefully check the content and ask questions before signing, as the best time to inquire after withdrawing an agreement while you enter. .