A Listing Contract is a crucial document in Philippine real estate transactions that formalizes the relationship between property owners and licensed real estate professionals. This agreement is essential when a property owner wants to engage a professional broker to market and sell their property. The document must comply with the Real Estate Service Act (RESA) of 2009 and other relevant Philippine regulations, including Professional Regulation Commission requirements. It typically includes detailed property information, listing terms, commission structures, and marketing authorizations. The contract protects both parties' interests by clearly defining roles, responsibilities, and compensation terms, while ensuring adherence to Philippine real estate practice standards and legal requirements.
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1. Parties: Identification of the Property Owner/Seller and the Licensed Real Estate Broker/Brokerage Firm, including license numbers and contact details
2. Background: Brief context about the property owner's intention to sell/lease the property and appointment of the broker
3. Definitions: Key terms used throughout the agreement including 'Listing Period', 'Property', 'Listing Price', and 'Commission'
4. Property Details: Complete description of the property including address, title details, and tax declaration number
5. Appointment and Authority: Terms of broker's appointment and scope of authority to market and show the property
6. Listing Period: Duration of the listing agreement, including start and end dates
7. Listing Price: Agreed listing price or rental rate for the property
8. Commission Structure: Details of the broker's commission rate and payment terms
9. Owner's Representations and Warranties: Property owner's declarations regarding property ownership, authority to sell, and property condition
10. Broker's Obligations: Specific duties and responsibilities of the broker in marketing and selling the property
11. Marketing Authorization: Permission for specific marketing activities and use of property information
12. Termination: Conditions and process for ending the agreement
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and execution details
1. Protection Period: Used when the owner wants to specify a period after listing expiration during which commission is still due if the property is sold to prospects introduced by the broker
2. Multiple Listing Service: Include when the property will be listed on MLS platforms, specifying terms of listing
3. Property Management: For rental properties where the broker will also handle property management duties
4. Virtual Tours and Digital Marketing: Specific provisions for digital marketing strategies and virtual showings
5. Exclusive Agency vs. Exclusive Right to Sell: Used to specify whether the listing is exclusive agency (owner can sell without commission) or exclusive right to sell
6. Foreign Ownership Restrictions: Include for properties where foreign ownership restrictions may apply
7. Tenant Rights: Required when the property is currently tenanted and includes provisions regarding showing rights and tenant notifications
1. Schedule A - Property Details: Detailed property specification including lot area, floor area, improvements, and amenities
2. Schedule B - Property Documents: List of all property-related documents provided by the owner
3. Schedule C - Marketing Plan: Detailed marketing strategy and activities planned by the broker
4. Schedule D - Commission Schedule: Detailed breakdown of commission structures for different scenarios
5. Appendix 1 - Property Photos: Official photos of the property approved for marketing use
6. Appendix 2 - Property Title: Copy of the property title and tax declaration
7. Appendix 3 - Broker's License: Copy of broker's PRC license and other credentials
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Industrial Property
Retail Property
Hospitality
Mixed-Use Development
Agricultural Real Estate
Office Space
Relevant Teams
Legal
Real Estate
Sales
Business Development
Compliance
Operations
Asset Management
Property Management
Contract Administration
Marketing
Relevant Roles
Real Estate Broker
Property Manager
Real Estate Agent
Legal Counsel
Property Owner
Sales Director
Business Development Manager
Real Estate Operations Manager
Compliance Officer
Contract Administrator
Real Estate Transaction Manager
Asset Manager
Property Developer
Real Estate Portfolio Manager
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