Exclusive Contract With A Real Estate Agent

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Key Requirements PROMPT example:

"I need an Exclusive Contract With A Real Estate Agent for my luxury beachfront property in Miami, Florida, with special provisions for international marketing and a requirement that all photography and virtual tours must be approved by me before publication."

Document background

An Exclusive Contract With A Real Estate Agent is a crucial document used when a property owner wants to establish a dedicated relationship with a single real estate professional or firm for the sale or lease of their property. This agreement, governed by both federal and state-specific real estate laws in the United States, provides the agent with exclusive rights to market and sell the property for a defined period. The document typically includes detailed terms about commission structures, marketing responsibilities, property information, and the duration of the exclusive relationship. It's particularly important for protecting both parties' interests and ensuring clear understanding of roles, responsibilities, and compensation. The contract must comply with state-specific real estate regulations, federal fair housing laws, and other relevant legislation while providing mechanisms for modification or termination if needed.

Suggested Sections

1. Parties: Identifies the property owner(s) and the licensed real estate agent/broker, including full legal names, addresses, and licensing information

2. Background: Brief context explaining the owner's intention to sell/lease the property and engage the agent's services

3. Definitions: Defines key terms used throughout the agreement including 'Exclusive Right', 'Property', 'Listing Period', and 'Commission'

4. Appointment and Grant of Rights: Establishes the exclusive right of the agent to represent the owner in the sale/lease of the property

5. Term of Agreement: Specifies the duration of the exclusive agreement, including start and end dates

6. Agent's Obligations: Details the services the agent will provide, including marketing, showing the property, and negotiating with potential buyers

7. Owner's Obligations: Outlines the owner's responsibilities, including providing access to the property and necessary documentation

8. Commission Structure: Specifies the commission rate, when it becomes payable, and any conditions for payment

9. Property Information: Details of the property being listed, including address and legal description

10. Marketing Authorization: Permits the agent to advertise the property and use various marketing methods

11. Termination Rights: Conditions under which either party may terminate the agreement

12. Governing Law: Specifies the state law governing the agreement

13. Signatures: Space for dated signatures of all parties

Optional Sections

1. Protection Period: Defines a period after agreement termination during which the agent may still be entitled to commission for specific buyers

2. Multiple Listing Service Authorization: Specific authorization for MLS listing and terms, used when MLS listing is desired

3. Virtual Tour and Photography: Terms regarding special marketing services including virtual tours and professional photography

4. Property Management Services: Additional terms for property management services if the agent will also manage the property

5. Dual Agency Provisions: Terms addressing potential dual agency situations, required in states where dual agency is permitted

6. International Marketing: Additional terms for international marketing efforts, used when targeting foreign buyers

7. Dispute Resolution: Optional arbitration or mediation clauses for conflict resolution

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the property, including lot size, features, and improvements

2. Schedule B - Marketing Plan: Detailed marketing strategy and activities to be undertaken by the agent

3. Schedule C - Commission Schedule: Detailed breakdown of commission structures for different scenarios

4. Schedule D - Property Disclosure Statement: Owner's disclosure of property condition and known issues

5. Appendix 1 - Required State Disclosures: State-mandated real estate disclosures and forms

6. Appendix 2 - Agent's Credentials: Agent's license information, certifications, and track record

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Property Investment

Property Management

Legal Services

Construction

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Business Development

Contract Administration

Risk Management

Sales

Operations

Relevant Roles

Real Estate Agent

Real Estate Broker

Property Manager

Real Estate Attorney

Legal Counsel

Contract Manager

Property Owner

Real Estate Developer

Investment Manager

Compliance Officer

Real Estate Transaction Coordinator

Business Development Manager

Property Services Director

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