The Estate Agent Contract serves as the foundational document establishing the professional relationship between real estate agents and their clients in the United States. This contract is essential for defining the rights, responsibilities, and expectations of both parties while ensuring compliance with federal regulations like RESPA and state-specific real estate laws. It typically includes critical elements such as commission structures, marketing commitments, duration of representation, and specific services to be provided. The agreement protects both parties' interests and provides a clear framework for the real estate transaction process.
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1. Parties: Identifies the estate agent and the client (seller/buyer)
2. Background: Context of the agreement and basic property information
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of services the agent will provide
5. Agency Relationship: Defines the type of agency relationship (exclusive, non-exclusive, etc.)
6. Commission Structure: Details of fees, commission rates, and payment terms
7. Term and Termination: Duration of agreement and termination conditions
8. Agent's Obligations: Specific duties and responsibilities of the agent
9. Client's Obligations: Responsibilities and commitments of the client
1. Marketing Plan: Specific marketing strategies and commitments - used for seller agreements where marketing is a key component
2. Virtual Services: Details of online/virtual showing services - used when offering virtual tours or remote services
3. International Marketing: Specific provisions for international marketing - used for luxury or high-end properties targeting international buyers
4. Dual Agency: Provisions for representing both buyer and seller - used when dual agency is permitted and possible
1. Schedule A - Property Details: Detailed description of the property including address and specifications
2. Schedule B - Commission Schedule: Detailed breakdown of commission structure and payment terms
3. Schedule C - Marketing Plan: Detailed marketing strategy and timeline
4. Appendix 1 - Required State Disclosures: State-mandated disclosure forms
5. Appendix 2 - Agency Disclosure Form: State-required agency relationship disclosure
6. Appendix 3 - Service Level Agreement: Detailed breakdown of services and response times
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