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As a homeowner, you may be looking to sell your property, and one of the key steps in this process is signing a listing agreement with a real estate agent. A listing agreement is a legal contract that outlines the terms and conditions of the agent`s services and sets the terms for the sale of your property.
However, not all listing agreements are created equal. In some cases, you may have what is known as an “implied listing agreement.” This type of agreement is not a written document, but is rather an understanding between you and your agent that they will represent you in the sale of your property.
While implied listing agreements are not as comprehensive as written contracts, they can still be legally binding. The terms of the agreement are usually based on the actions and communication between you and your agent, such as if you have verbally agreed to list your property with them, or if they have conducted open houses on your behalf.
However, it`s important to note that implied listing agreements can be difficult to enforce in court, as they often rely on subjective interpretation of the parties` actions. As a result, it is always recommended to have a written listing agreement in place to avoid any misunderstandings or disputes down the line.
So, what should be included in a written listing agreement? First and foremost, the agreement should specify the length of the listing, stating the start and end dates of the contract. It should also outline the agent`s commission rate, as well as any additional fees or expenses associated with the sale of the property.
The agreement should also specify the agent`s responsibilities, including marketing the property, coordinating showings and inspections, and negotiating offers on your behalf. Additionally, the agreement should include any provisions for terminating the agreement early, such as if the agent does not meet their obligations or if you find another agent.
In summary, while implied listing agreements may be an option, it is always best to have a written contract in place to protect yourself and ensure that the terms of the agreement are clear and enforceable. By taking the time to carefully consider and negotiate the terms of the listing agreement, you can ensure a smooth and successful sale of your property.