The Texan listing agreement is a legal document executed by a real estate owner and a real estate agent, the broker having the power to sell or lease the owner`s property for a commission. The contract form should describe the property and its location, the list price, the broker`s and seller`s obligations, the broker`s remuneration and the expiry date. A seller and broker will most often enter into an exclusive listing agreement that will give the broker the exclusive power to sell the property on behalf of the owner. Alternatively, the broker may accept an open listing agreement (also known as a «non-exclusive» agreement) that allows the owner to lease several real estate agents for the sale of the property and pay only commissions to the retained broker. There is an exception if you accept in advance certain people who are excluded from this agreement. For example, you may know that your uncle wants to buy your home, but still his lender`s rightful hope. You may want to list the house on the market, but you don`t have to pay the commission if your uncle passes. They would put his name in the Addendum Named Exclusion and add it to this list agreement. Once you have found the MetroTex Realtor, which has the right way to sell your home, it will ask you to sign the Texas Association of Realtors Residential Real Estate Listing Agreement – exclusive right to sell. This form helps you know what`s in store for you when your MetroTex Realtor represents you. It covers the period during which your MetroTex Realtor will manage your offer and how much your MetroTex Realtor earns from the sale. It also allows access to your property while it is on the market and provides more details on how you will work together.
Make sure you understand what`s in the agreement and how your MetroTex Realtor will manage your offer. Remember, half of this amount is promised to the real estate agent broker in paragraph 8, so in my case, both brokers will receive 3% and 3%. What if, for some reason, the buyer does not have an agent? First, make sure you understand the situation and whether your agent is now acting as a mediator. Secondly, you are still technically on the hook for the 6%, but everything will go to the brokerage of your listing agent. Paragraph 4 – Duration. This is the period during which your agent represents you. Keep in mind that this agreement is the «exclusive right to sell.» If you sell your home to someone during this lifetime, your representative is entitled to the agreed commission.