The Exclusive Agreement in Real Estate serves as a fundamental document in U.S. real estate transactions, establishing a contractual relationship between property owners and real estate professionals. This agreement type is essential when property owners seek dedicated representation and wish to work with a single broker or agency. The document typically includes detailed terms about marketing strategies, commission structures, duration of exclusivity, and specific obligations of both parties. It's governed by both federal real estate laws and state-specific regulations, requiring careful attention to local jurisdictional requirements.
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1. Parties: Identification of the broker/agent and property owner
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Scope of Authority: Details of exclusive rights granted to the broker
5. Term: Duration of the exclusive agreement
6. Compensation: Commission structure and payment terms
7. Obligations of Parties: Responsibilities of both broker and property owner
8. Termination: Conditions for ending the agreement
1. Protection Period: Post-termination period where broker may still earn commission
2. Marketing Plan: Specific marketing strategies to be employed
3. Virtual Tours: Terms regarding virtual showings and online marketing
1. Property Description Schedule: Detailed description of the property including legal description
2. Marketing Materials Schedule: Approved marketing materials and methods
3. Commission Schedule: Detailed breakdown of commission structures
4. Required Disclosures Schedule: State-mandated property condition disclosures
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