LISTING AGREEMENT Flashcards
- PROPERTY
Property means the land, improvements and accessories described
A. Legal description
B. Improvements- Anything that will not fall out of the property if you were to turn it upside down. Things that are permanently attached.
C. Accessories- any accessories to the home improvements.
D. Exclusions- here is where we list any exclusions that you do not want in the house
E. Owner’s Association- subject to HOA?
- LISTING PRICE
This is where you tell me what we would like the public to know what the starting sales price is.
This is typically never the final amount that will go under contract.
- TERM
This is the start & end date of his representation agreement
- BROKERS COMPENSATION
6% covers the Listing Agent and selling agent. Anything less than 6% becomes less attractive to Selling Agents.
E. PROTECTION PERIOD
If Seller agrees to sell the Property during the protection period to a person named in the notice or to a relative of a person named in the notice, Seller will pay Broker, upon the closing of the sale, the amount Broker would have been entitled to receive if this Listing were still in effect
- LISTING SERVICES
If the Property is publicly marketed, MLS rules require that Broker file this Listing with the Multiple Listing Services (MLS) within one (1) business day
- ACCESS TO THE PROPERTY
A keybox is a locked container placed on the Property that holds a key to the Property. A keybox makes it more convenient for brokers, their associates, inspectors, appraisers, and contractors to show, inspect, or repair the Property.
- COOPERATION WITH OTHER BROKERS
MLS Participants: If the other broker is a participant in the MLS in which this Listing is filed, Broker will offer to pay the other broker:
(1) if the other broker represents the buyer: 3.000 %
- INTERMEDIARY
Broker may show the Property to interested prospective buyers who Broker represents.
- CONFIDENTIAL INFORMATION
During this Listing or after it ends, Broker may not knowingly disclose information obtained in confidence from Seller except as authorized by Seller or required by law.
- BROKERS AUTHORITY
Broker will use reasonable efforts and act diligently to market the Property for sale, procure a buyer, and negotiate the sale of the Property.
B. If box 6A(1) is checked, Broker is authorized to display this Listing on the Internet without limitation unless one of the following is checked:
(1) Seller does not want this Listing to be displayed on the Internet.
(2) Seller does not want the address of the Property to be displayed on the Internet.
Notice: Seller understands and acknowledges that, if box 11B(1) is checked, consumers who conduct searches for listings on the Internet will not see information about this Listing in response to their search.
C. Broker is authorized to market the Property with the following financing options
- SELLERS REPRESENTATIONS
A. Fee Simple B. No other listing agreement C. Pool is up to standard law D. No entity has the right to purchase E. Not delinquent on loans F. Not aware of any liens
- SELLERS ADDITIONAL PROMISES
A. Cooperate with broker to facilitate showings
B. Not rent or lease the property during the listing.
C. Not negotiate independent of the broker
D. Not enter into another listing with another broker
F. Maintain the pool
G. Provide me with any lease agreements
- LIMITATION OF LIABILITY
If the Property is or becomes vacant during this Listing, Seller must notify Seller’s casualty insurance company and request a “vacancy clause” to cover the Property.
- DEFAULT
If Seller breaches this Listing, Seller is in default and will be liable to Broker for the amount of the Broker’s compensation specified in Paragraph 5A and any other compensation Broker is entitled to receive under this Listing. If a sales price is not determinable in the event of an exchange or breach of this Listing, the Listing Price will be the sales price for purposes of computing compensation.
- MEDIATION
The parties agree to negotiate in good faith in an effort to resolve any dispute related to this Listing that may arise between the parties.
- ATTORNEY FEES
If Seller or Broker is a prevailing party in any legal proceeding brought as a result of a dispute under this Listing or any transaction related to or contemplated by this Listing, such party will be entitled to recover from the non-prevailing party all costs of such proceeding and reasonable attorney’s fees.
- AGREEMENT OF PARTIES
A. Entire Agreement: This Listing is the entire agreement of the parties and may not be changed except by written agreement.
B. Assignability: Neither party may assign this Listing without the written consent of the other party.
C. Binding Effect: Seller’s obligation to pay Broker an earned compensation is binding upon Seller and Seller’s heirs, administrators, executors, successors, and permitted assignees.
D. Joint and Several: All Sellers executing this Listing are jointly and severally liable for the performance of all its terms.
E. Governing Law: Texas law governs the interpretation, validity, performance, and enforcement of this Listing.
F. Severability: If a court finds any clause in this Listing invalid or unenforceable, the remainder of this Listing will not be affected and all other provisions of this Listing will remain valid and enforceable.
G. Notices: Notices between the parties must be in writing and are effective when sent to the receiving party’s address, fax, or e-mail address specified in Paragraph 1.
- ADDITIONAL NOTICES
If the Property was built before 1978, Federal law requires the Seller to: (1) provide the buyer with the federally approved pamphlet on lead poisoning prevention; (2) disclose the presence of any known leadbased paint or lead-based paint hazards in the Property; (3) deliver all records and reports to the buyer related to such paint or hazards; and (4) provide the buyer a period up to 10 days to have the Property inspected for such paint or hazards.
