Exclusive Right of Sale Listing Agreement
The Exclusive Right of Sale Listing Agreement is the most widely accepted and used type of listing agreement for residential property in Florida.
The Exclusive Right of Sale Listing Agreement gives the brokerage the exclusive right to list the home on the MLS, and represent the homeowner in the sale of the home. The agreement details the listing price, commission, and other responsibilities of the broker and the seller. The length of the agreement cannot be for more than one-year but extensions and price changes can be made at anytime in writing as addendum’s to the original listing agreement.
The home can be sold by the listing broker directly or with another cooperating brokerage company bringing the buyer (this is the power of the MLS which allows other brokers to find and sell your home). If a cooperating broker brings the buyer to the table, the seller pays the total commission agreed to and the listing broker pays the cooperating broker part (usually half) of his commission. If the listing broker sells the home on his own, he retains the entire commission agreed to in the listing agreement.
If the home owner finds a prospective buyer, he should have them contact the listing agent and the listing agent is still paid the commission according to the agreement.
If the home is not sold or the listing expires without being renewed, the commission goes unpaid and the listing broker is out any expenses incurred to market the home.
Some stipulations may apply. Check the written terms of your listing agreement and if you have any concerns, contact a licensed real estate attorney for advice.
PLZ. AMEND THE DATE OF THE OPENING OF THE EMAIL TO APRIL 28, 2013 (INSTEAD OF APRIL 18–A TYPOGRAPHICAL ERROR)
THANKS SO MUCH!
DAN AND BARBARA
DEAR MR. WEBER:
YOUR SITE IS A GOD-SEND TO US; WE SIGNED AN UNSAVORY EXCLUSIVE LISTING AGREEMENT, ON THURSDAY, APRIL 25 AT 6PM OR SO; WHILE I (WIFE, BARBARA) WAS SPEAKING WITH THE WIFE OF THE ‘TEAM’, THE HUSBAND OF THE TEAM DISCLOSED ‘SOME’ OF THE ITMES IN THE LISTING AGREEMENT TO DAN. WE REQUESTED THAT THE REALTORS SEND TO BOTH OUR EMAIL ACCOUNTS; DAN DOES NOT GET MANY EMAILS AND WOULD SEE IT QUICKLY; BARBARA IS DEALING WITH HEALTH ISSUES AND EXTREME VISUAL IMPAIRMENT, AND DOES NOT DO EMAILS ON DAILY BASIS.
ONLY BARBARA REC’D THE EMAIL, AND IT WAS NOT OPENED UNTIL SUNDAY EVENING, APRIL 18, 2013.
THE AGREEMENT STATES THAT THE COMMISSION IS 7%, THE TERM IS 12 MONTHS, THERE ARE EXHORBITANT FEES REGARDING CANCELLATION; WAY OVER WHAT OUR MODEST HOME WOULD WARRANT.
SO, BEFORE MIDNIGHT, SUNDAY NIGHT, WE FAXED AND EMAILED BOTH OF REALTOR’S THAT WE REQUEST A HOLD ON THIS CONTRACT (WHICH BARBARA WAS VERBALLY TOLD WOULD BEGIN ON MONDAY, APRIL 29, 2013. THE LSTING AGREEMENT STATES: BEGINS APRIL 26, 2013.
THIS WAS THE SECOND VISIT FROM THE REALTORS, AND NO DISCLOSURE WAS MADE ON THE FIRST VISIT AT ALL REGARDING THE ISSUES; WE HAD INTERVIEWED 4 SETS OFREALTORS, AND STANDARD FOR FLAGLER COUNTY/PALM COAST, FL IS 6% WITH AT MOST, 6 MONTH CONTRACTS.
A SIGN WAS PLACED ON OUR LAWN, WE THINK, SATURDAY MORNING, WHICH WE EMAILED OUR CONCERNS AND INFORMED REALTORS WE REMOVED THE SIGN.
THE REALTORS WERE VISITING FAMILY ON MONDAY, AND WERE UNABLE TO ATTEND TO US, SO WE MADE AN APPT. TO ‘DISCUSS’ THIS LISTING AGREEMENT TODAY, AT 5PM.
WE HAVE BEEN TO THE FLAGLER COUNTY REALTOR’S BOARD, WHO ARE PRO-REALTOR, CONTACTED THE DBPR AS PER THEIR INSTRUCTION, BUT NO ONE CAN GIVE US ANY ANSWERS REGARDING ‘COOLING OFF ‘ PERIOD, ‘SNEAKY’ WAY IT WAS TO SIGN THE PAPERS WITHOUT READING THEM FIRST, ETC.
ANY INFORMATION YOU CAN GIVE US OF WHAT TO SAY TO THE REALTORS IS SO MUCH APPRECIATED. THIS IS AN URGENT MATTER, AND WE ARE JUST ‘LITTLE PEOPLE’, WITH NOT A LOT OF KNOWLEDGE ABOUT THIS OR CONTRACTS.
THANKS SO MUCH FOR YOUR ASSISTANCE,
DAN AND BARBARA LAKE
I hope you were able to resolve this issue with the Realtors. Since you entered a legal document with them, I can’t advise you since I’m not a lawyer and cannot practice law. My advice would be to try to work it out or get legal advice. Best of luck to you.