The Exclusive Seller Agency Agreement serves as the foundational document for professional property sales in the United States real estate market. This contract type is essential when property owners wish to engage a single real estate agency for the sale of their property, ensuring focused dedication and clear accountability. The agreement typically covers crucial elements such as commission structures, marketing commitments, duration of representation, and the scope of services provided. It's designed to protect both the seller's and agency's interests while complying with federal regulations like RESPA and state-specific real estate laws. This document is particularly important in establishing clear expectations and preventing potential conflicts regarding representation and compensation.
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1. Parties: Identification of the seller and the real estate agency
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Scope of Agency: Details of exclusive representation rights and obligations
5. Term: Duration of the agreement and renewal provisions
6. Commission Structure: Payment terms and conditions
7. Agent's Obligations: Duties and responsibilities of the agent
8. Seller's Obligations: Duties and responsibilities of the seller
9. Termination: Conditions for ending the agreement
1. Marketing Plan: Specific marketing strategies and commitments for promoting the property
2. Protection Period: Post-termination rights regarding potential buyers introduced during the listing period
3. Virtual Tours: Terms regarding virtual showings, online marketing, and digital presentation of the property
1. Property Description Schedule: Detailed description of the property being sold including address, features, and specifications
2. Commission Schedule: Detailed breakdown of commission structures and scenarios for different sale situations
3. Marketing Plan Schedule: Detailed marketing strategy, timeline, and specific promotional activities
4. Agency Disclosure Form: State-mandated agency relationship disclosure form detailing the nature of the relationship
Relevant legal definitions
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