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Understanding Real Estate Contracts: Exclusive Right to Sell
If you’re looking to sell your home and shopping around for agents, you may have heard the term “exclusive right to sell,” especially when dealing with contracts. But what does this mean, and why is it important?
Basically, an exclusivity agreement means you won’t hire another agent to list the same property, and if the property sells, your agent gets their commission. You will work exclusively with the selling agent you’re contracting, and if for some reason, you sell the home yourself while under contract, the agent still gets their commission.
These contracts are helpful as they inspire your agent to hustle hard for their commission, rather than the type of contract that may work on an upfront fee, regardless if your home sells or not. The contracts also typically note that the agent is to act in the best interests of their client, even when such action is not in the agent's best interests.
There are a few more things to pay mind to when understanding your exclusivity agreement. The first is to pay attention to the term. Your listing term will outline how long your exclusivity agreement lasts - it could be anywhere from six months to two years.
Of course, the broker may share the listing with other brokers on the Multiple Listing Service (MLS) to get the widest possible exposure for your home. Or, if you request that the property not be listed on a multiple basis, only the broker named in the contract and his or her sales agents can market and show it.
When signing on with an agent, the Exclusive Right To Sell document will be signed by the owner(s) of the property, and their broker or agent, before the real estate professional can list the property.
The document also outlines the percentage of sale price the agent will receive for their commission.
As a Member of the Top 5 in Real Estate Network®, I, along with my team, have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact our team any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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