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Real Estate Agency Agreement

Document Type
Microsoft Word (Editable)
Pages
4
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Document Overview

A Real Estate Agency Agreement is a legally binding contract between a property owner (seller or landlord) and a real estate agent or agency. This agreement authorizes the agent to act on behalf of the owner in selling, leasing, or managing the property. It outlines the terms and conditions of the relationship, including the agent's duties, commissions, and the duration of the agreement.

Key Components of a Real Estate Agency Agreement
1. Parties Involved
2. Property Description
3. Scope of Authority
4. Type of Agreement
a) Exclusive Listing Agreement: The agent has the sole right to market and sell/lease the property.
b) Non-Exclusive (Open) Agreement: The owner can engage multiple agents.
c) Sole Agency Agreement: The agent has exclusive rights but the owner can sell the property themselves without paying commission.
d) Multiple Listing Agreement: The property is listed with multiple agents but a single agent gets the commission.
5. Commission and Fees
6. Duration of the Agreement
7. Marketing and Advertising Strategies
8. Duties and Obligations of the Agent
9. Owner’s Obligations
10. Termination Clause
11. Dispute Resolution
12. Legal Compliance

Purpose of a Real Estate Agency Agreement
1. Clarifies Roles and Expectations: Defines the responsibilities of both parties to prevent misunderstandings.
2. Protects Both Parties: Ensures the agent is compensated for their work and that the owner receives professional service.
3. Legal Framework for Transactions: Provides a clear legal structure for selling or leasing property.
4. Efficiency in Selling or Leasing: Gives agents the authority to market the property effectively.
5. Prevents Unauthorized Dealings: Restricts unauthorized third parties from selling or leasing the property.

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