This is the fourth in a series about forms and contracts relating to New York State Real Estate
When listing your property for sale there are several types of listing agreements. The agreement establishes the agency relationship between the seller and the listing agent.
Three common types of listing agreements are:
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Open Listing: The seller may employ any number of brokers and pay a commission only to the broker that brings a buyer. This type of listing often looks appealing to a seller but it usually means no one broker will be motivated spend a lot of time or money on marketing the property because a commission will not be paid if another brings a seller first.
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Exclusive Agency: Gives the broker the right to list, advertise and sell the property. A mutually agreed upon commission will be earned if the property is sold with in the listing term unless the seller finds a buyer without the help of any broker.
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Exclusive Right to Sell: Gives one Broker the right to list, advertise and sell the property. A mutually agreed upon commission will be earned if the property is sold within the listing term regardless of who brings the buyer. This form of listing gives the broker the best protection and motivates the broker to spend the most time and effort on marketing the property.
Multiple-listing agreements are either exclusive right to sell agreements or exclusive agency agreements that are listed in the multiple listing services. With this agreement the broker is given permission to distribute the listing and work in cooperation with the other members of the MLS and divide the commission between the listing and selling brokerages.
This is the fourth in a series about forms and contracts relating to New York State Real Estate- If you missed the prior to go to;
New York State Property Condition Disclosure
New York State Agency Disclosure
New York State Lead Disclosure
Barbara Carter and Becky Cook
Mother/Daughter Team Realtors
Exit Realty Services
10 Main Street
New Paltz NY 12561
Office: 845 255 HOME Barbara 845 505 3160 Becky 845 853 4210
Visit us on the Web www.UlsterNYHomes.com
Or email UlsterHomes@yahoo.com
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Barbara CarterNYS Licensed Associate Broker
John J. Lease Realtors
550 Route 299 Highland NY 12528
Cell: 845 505 3160
Office: 845 883 7700 ext 103
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Thanks for sharing this series- it's a great education for both buyers and sellers. For people who don't deal with these contracts and forms on a daily basis, they can be quite confusing.