The Limited Service Listing Agreement emerged as a response to evolving real estate market needs and increasing demand for flexible, cost-effective listing options. This document is typically used when property owners want to handle certain aspects of the sale themselves while still benefiting from specific professional services. The agreement must comply with state-specific real estate regulations and clearly define which services are included and excluded. It's particularly relevant in markets where sellers seek alternatives to traditional full-service arrangements, while ensuring compliance with local real estate laws and MLS requirements.
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1. Parties: Identification of the property owner and the real estate broker/agent
2. Background: Context of the agreement and basic property information
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed outline of limited services to be provided by the broker
5. Term and Termination: Duration of the agreement and termination conditions
6. Compensation: Fee structure and payment terms
7. Property Owner Responsibilities: Obligations and duties of the property owner
8. Disclaimers and Limitations: Clear statement of service limitations and liability boundaries
1. Multiple Listing Service: Terms for MLS listing if included in the limited services package
2. Marketing Services: Specific marketing activities to be undertaken as part of the service
3. Additional Services: Terms for any additional services available at extra cost
4. Virtual Services: Terms for virtual showings or online services if provided
1. Schedule A - Property Details: Detailed description of the property being listed
2. Schedule B - Fee Schedule: Detailed breakdown of all fees and charges
3. Schedule C - Service Package Details: Itemized list of included and excluded services
4. Appendix A - Required State Disclosures: State-mandated real estate disclosures
5. Appendix B - Agency Disclosure: Required disclosure of agency relationships
Relevant legal definitions
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