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An Exclusive Agency Agreement is a legal contract between a real estate firm and home seller that grants the firm the right to be the only entity to market and sell a property. In other words, this agreement gives the real estate agent the right to be the only agent to sell the property.
This is different from the exclusive right of sale agreement in which the seller cannot retain the right to market and sell the house without paying a commission. For exclusive agency agreements, the seller still retains the right to market and sell the home without paying a commission to the listing firm or agent, if the seller finds the buyer independently.
Anyone who hires a real estate agent signs an agreement. In case of sellers, it is the exclusive agency listing. In case of buyers, it can be the buyer’s exclusive agency agreement.
In an exclusive right agreement, the listing agent will receive commission from the seller regardless. After signing this agreement, the seller of the house will also have to pay a commission to the broker if they find a buyer and sell the house.
In an exclusive agency agreement, the seller retains this right. The biggest difference between the exclusive right and exclusive agency is commission. An exclusive agency will not guarantee commission but an exclusive right will.
Here is an article about different types of listing agreements.
There are key elements in any exclusive agency agreements. Here are some common ones used by firms and agents:
Before deciding if an exclusive agency listing is right for you, you should consider the advantages and disadvantages of the agreement.
You can compare the pros and cons of an exclusive right agreement before deciding which would be the best fit for you. Here are some pros and cons of an exclusive right agreement:
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Want to know if an exclusive right listing is a better fit for you? Here is an article comparing the pros and cons of exclusive right listings.
Before signing an exclusive agency, agreement make sure to read thoroughly and ask questions. Do the following before signing an exclusive agency agreement:
You can find templates online to draw up your own exclusive agency agreement. However, it is advised to consult a real estate professional to ensure a smooth deal.
Do you have any questions about buying agency agreement and want to speak to an expert? Post a project today on ContractsCounsel and receive bids from real estate lawyers who specialize in real estate law.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
With over ten years of intellectual property experience, I’m happy to work on your contractual matter. I am very diligent and enjoy meeting tight deadlines. Drafting memoranda, business transactional documents, termination notices, demand letters, licenses and letter agreements are all in my wheelhouse! Working in a variety of fields, from construction to pharmaceutical, I enjoy resolving any disputes that come across my desk.
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