This Seller Agency Agreement is between a real-estate broker and a seller that wants to use the broker’s services. It is vital to get these agreements in writing to ensure that the understandings of both parties are properly set forth. Customize the information of the parties, the property’s address, the listing price, the commission percentage, and more. This agreement can be used by individuals or small businesses that want to sell property using a licensed broker.
Seller Agency Agreement This Seller Agency Agreement is between a real-estate broker and a seller that wants to use the broker’s services. It is vital to get these agreements in writing to ensure that the understandings of both parties are properly set forth. Customize the information of the parties, the property’s address, the listing price, the commission percentage, and more. This agreement can be used by individuals or small businesses that want to sell property using a licensed broker. SELLER AGENCY AGREEMENT THIS SELLER AGENCY AGREEMENT (hereinafter referred to as the “Agreement”) is made and entered into as of __________________, [Instructions: Insert the date of this agreement] by and between ________________________ [Instructions: Insert the Seller’s name] (hereinafter referred to as the “Seller”), of _________________________________ [Instructions: Insert the Seller’s address] and ________________________ [Instructions: Insert the Broker’s name] (hereinafter referred to as the “Broker”), of _________________________________. [Instructions: Insert the Broker’s address] WHEREAS, Seller desires to engage a real estate broker to sell Seller’s real property located at ____________________________ [Instructions: Insert address of the property subject to this agreement] (hereinafter referred to as the “Property”); WHEREAS, Broker is a real estate broker, licensed to practice real estate in the State of _______________________ [Instructions: Insert the state that Broker is licensed] with experience selling real property in Seller’s area; WHEREAS, Seller desires to engage Broker to sell the Property; and subject to the terms and conditions contained herein, Broker desires to accept such engagement. NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the parties as follows: 1. BROKER’S ENGAGEMENT a. Seller hereby employs Broker and grants to Broker the exclusive and irrevocable agency right to sell or exchange the Property, for a period of __________ (___) [Instructions: Insert the number of months this agreement will last] months commencing as of the date hereof (the “Listing Period”). The parties may elect to extend the Listing Period, provided that they execute a signed writing indicating the duration of the extension. b. During the Listing Period (and/or any agreed extension), Broker agrees to exercise reasonable effort and due diligence to achieve the purposes of this Agreement. Unless otherwise instructed in writing by Seller, Broker may: i. Order reports and disclosures as are reasonably necessary. ii. Advertise and market the Property by any method and in any medium selected by Broker, including multiple listing service (“MLS”) and the Internet. In order to effectively market the Property, Seller agrees that Broker may photograph or otherwise electronically capture images of the exterior and interior of the Property (“Images”) for static and/or virtual tours of the Property by buyers and other on Broker’s website, the MLS, and other marketing sites. Seller acknowledges that once Images are placed on the Internet neither Broker nor Seller has control over who can view such Images and what use viewers may make of the Images, or how long such Images may remain available on the Internet. Seller further © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 2 acknowledges that prospective buyers and/or other persons coming onto the property may take photographs, videos or other images of the property. Seller understands that Broker does not have the ability to control or block the taking and use of Images by any such persons. iii. Disclose to any real estate licensee making an inquiry the receipt of any offers on the Property and the offering price of such offers. iv. Install a “For Sale” sign and later a “Sold” sign on the Property. v. Install a key-safe or lockbox that permits access to the Property by Broker, other cooperating brokers, appraisers, inspectors, and accompanied prospective buyers, provided that Broker shall not be responsible for loss of or damage to personal or real property, or person, whether attributable to use of a key-safe or lockbox, a showing of the Property, or otherwise. Seller agrees to take reasonable precautions to safeguard and protect valuables on the Property and to obtain insurance to protect against these risks. Broker does not maintain insurance to protect Seller. c. Broker shall offer the Property in compliance with all federal, state and local anti- discrimination laws. d. Seller agrees to consider offers presented by Broker, and to act in good faith to accomplish the sale of the Property by, among other things, making the Property available for showing at reasonable times and referring to Broker all inquiries of any party interested in the Property. Seller is responsible for determining at what price to list and sell the Property. As of the date hereof, Seller desires for the Property to be listed at: __________ Dollars ($________) [Instructions: Insert the property’s listing price] (the “Listing Price”). Seller may change the Listing Price at any point during the Listing Period, by providing Broker with written notice of such change. 2. BROKER’S COMMISSION a. Seller agrees to pay to Broker, as compensation for services rendered hereunder, a commission of __________ percent (___%) [Instructions: Insert the Broker’s commission percentage] of the purchase price of the Property (the “Broker’s Commission”). The parties understand that compensation and fees payable to brokers are not fixed by law and instead are negotiable between sellers and brokers. The parties hereto have negotiated the Broker’s Commission and agree that the Broker’s Commission represents a fair and bargained for compensation for Broker’s services. b. Broker shall be entitled to Broker’s Commission if: i. A buyer offers to purchase the Property at or above the Listing Price, or at any price and terms acceptable to Seller during the duration of the Listing Period (and/or during any agreed extension), regardless of whether escrow resulting from such offer closes during or after the expiration of the Listing Period. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 3 ii. Seller enters into a contract to sell, convey, lease or otherwise transfer the Property to any person who physically entered and was shown the Property during the Listing Period (and/or any agreed extension), provided that such contract is entered into within __________ (___) [Instructions: Insert the number of days after termination of this agreement that Broker will receive commission if the property is sold] days following: (1) the termination of the Listing Period (and/or during any agreed extension), or (2) the cancellation of this Agreement. iii. Without Broker’s prior written consent, the Property is withdrawn from sale, conveyed, leased, rented, otherwise transferred, or made unmarketable by a voluntary act of Seller during the Listing Period. c. Seller hereby irrevocably assigns to Broker the Broker’s Commission from Seller’s funds and proceeds in escrow. Broker may submit this Agreement, as instructions to compensate Broker, to any escrow regarding the Property involving Seller and a buyer. d. Seller authorizes Broker to cooperate with other brokers, provided that such cooperation will not increase the aggregate broker’s commission payable by Seller. e. If completion of the sale is prevented by a party other than Seller, then the Broker’s Commission shall be payable only if and when Seller collects damages by suit, arbitration, settlement, or otherwise, and then in an amount equal to the lesser of (i) __________ percent (___%) [Instructions: Insert the percentage of Seller’s damages or settlement the Broker will receive] of the damages recovered (after first deducting title and escrow expenses and the expenses of collection, if any); or (ii) the Broker’s Commission amount. 3. AGENCY RELATIONSHIPS a. Depending upon the circumstances, it may be necessary or appropriate for Broker to act as an agent for both Seller and the buyer. Broker shall, as soon as practicable, disclose to Seller any election to act as a dual agent representing both Seller and buyer. Seller consents to Broker collecting compensation from both Seller and buyer for services rendered, provided there is disclosure to all parties of such agency and compensation. Seller understands and agrees that: (i) Broker, will not disclose to buyer that Seller is willing to sell the Property at a price less than the Listing Price without Seller’s prior written consent; (ii) Broker will not disclose to Seller that Buyer is willing to pay a price greater than the offered price, without Buyer’s prior written consent; and (iii) except as otherwise provided herein, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the Property to both parties. b. Seller understands that Broker may have or obtain listings on other properties, and that potential buyers may consider, make offers on, or purchase through Broker, property similar to Seller’s Property. Seller consents to Broker’s representation of sellers and buyers of other properties before, during and after this Agreement. 4. REPRESENTATIONS, WARRANTIES, INDEMNIFICATION © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 4 a. Seller represents and warrants that: i. Seller is the owner of the Property; ii. no other persons or entities have title to the Property; iii. Seller has not previously entered into a seller agency agreement with another broker regarding the Property; iv. Seller has no obligation to pay compensation to any other broker regarding the Property; v. Seller is unaware of any of the following, and shall promptly notify Broker in writing if Seller becomes aware of any of the following during the Listing Period or any extension thereof: 1. Notice of Default recorded against the Property; 2. Delinquent amounts due under any: loan secured by, or other obligation affecting, the Property 3. Bankruptcy, insolvency or similar proceeding affecting the Property; 4. Litigation, arbitration, administrative action, government investigation or other pending or threatened action that affects or may affect the Property or Seller’s ability to transfer it; and/or 5. Current, pending or proposed special assessments affecting the Property. vi. Seller has the authority to both execute this Agreement and sell the Property b. Seller agrees to indemnify, defend and hold Broker harmless from all claims, disputes, litigation, judgments and attorney fees arising from (i) Seller’s breach, in whole or in part of the representations or warranties made by Seller in this Agreement; (ii) any incorrect information supplied by Seller; and/or (iii) from any material facts that Seller knows but fails to disclose. 5. MISCELLANEOUS a. This Agreement constitutes the entire agreement between the parties hereto with respect to the specific subject matter hereof and supersedes all prior agreements or understandings of any kind with respect to the specific subject matter hereof. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 5 b. In the event that any provision or part of this Agreement shall be deemed void or invalid by a court of competent jurisdiction, the remaining provisions or parts shall be and remain in full force and effect. c. Any and all additions, deletions, or modification to this Agreement must be in writing and signed by the parties or it shall have no effect and shall be void. d. This Agreement is binding upon and shall inure to the benefit of the respective successors, licensees and/or assigns of the parties hereto. Notwithstanding the foregoing, neither party may assign or transfer its rights or delegate its obligations under this Agreement without the other party's prior written consent, which consent will not be unreasonably withheld. e. This Agreement shall be governed in accordance with the laws of the State of ______________________ [Instructions: Insert the state’s laws that will govern this terms of this agreement] applicable to agreements to be wholly performed therein, without giving effect to its laws governing conflict of laws. IN WITNESS WHEREOF the parties have duly executed this Agreement as of the date first written above. SELLER BROKER __________ [Instructions: Insert name] __________ [Instructions: Insert name] __________________________ __________________________ By: Authorized Signatory By: Authorized Signatory © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 6
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