ADDvantage® Real Estate Network
Flat Fee Multiple Listing Service (MLS) Agreement to List and Maintain Real Properties
Professional ADDvantage™ Flat Fee Listing Exclusive Right of Sale Listing Agreement
This is a sample listing agreement. Any commissions, bonuses, dates, etc that are shown will be changed based on data input by the seller during the sign-up process.
This Exclusive Right of Sale Listing Agreement ("Agreement") is between ("SELLER") and ADDvantage® Real Estate Network ("BROKER").
1) Authority to Sell Property:
SELLER gives BROKER the EXCLUSIVE RIGHT TO SELL the real and personal property (collectively "Property") described below, at the price and terms described below, beginning the 20th day of May , 2012 , (or date of MLS Listing Entry) and terminating on the 20th day of May , 2013 , or when Property sells, or agreement is cancelled (“Termination Date”). SELLER may opt to extend this agreement at no charge for additional 1 year periods until property is sold. Upon full execution of a contract for sale and purchase of the Property, all rights and obligations of this Agreement will automatically extend through the date of the actual closing of the sales contract.
SELLER and BROKER acknowledge that this Agreement does not guarantee a sale.
This Property will be offered to any person without regard to race, color, religion, sex, handicap, familial status, national origin, or any other factor protected by federal, state, or local law.
SELLER certifies and represents that he/she/it is legally entitled to convey the Property and all improvements.
2) Description of Property:
A) Real Property Street Address:
B) Legal Description:
C) Personal property included:
D) Occupancy: Property (is) (is not) currently occupied by a tenant. If occupied, the lease term expires
Additional Lease Information:
Additional Lease Information:
3) Price and Terms:
The Property is offered for sale with the following terms, or with other terms acceptable to SELLER:
A) Price: Price includes all fixtures, personal property defined above, and major appliances except:
B) Price includes all fixtures, personal Property defined above, and major appliances except:
C) Financing Terms:
4) BROKER Obligation and Authority:
BROKER agrees to make diligent and continued efforts to sell the Property until a sales contract is obtained.
SELLER authorizes BROKER to:
A) Advertise the Property as BROKER deems advisable in publications, computer networks, including the Internet and other media, and place appropriate transaction signs on the Property, including "For Sale" signs.
B) Place the Property in a multiple listing service(s) (MLS). SELLER authorizes BROKER to report to the MLS/Association of Realtors® this listing information and price, terms and financing information on any resulting sale. SELLER authorizes BROKER, the MLS and/or Association of Realtors® to use, license, or sell the active listing and sold data.
C) BROKER will make available to SELLER a lock box system to show and access the Property. A lock box does not ensure the Property's security; SELLER is advised to secure or remove valuables. SELLER agrees that the lock box is for the SELLER's benefit and releases BROKER, persons working through BROKER and BROKER's local Realtor® Board/Association from all liability and responsibility in connection with any loss that occurs.
D) d) Act as a transaction broker (see Transaction Broker Notice at end of agreement)
E) Broker for ADDvantage® Real Estate Network agrees to do the following as a part of the Professional ADDvantage™ Flat Fee Listing program:
i) Upon receipt of an offer from a Realtor® or buyer's agent (in behalf of buyer), ADDvantage® Real Estate Network will forward offer to seller by email or fax and call SELLER to confirm receipt of such offer.
ii) Broker for ADDvantage® Real Estate Network will arrange a time convenient to SELLER to discuss offer and what actions should be considered.
iii) Broker for ADDvantage® Real Estate Network will request Realtor® or buyer's agent (on behalf of buyer) to provide SELLER with a “pre-approval” letter from mortgage banker, mortgage broker, or major lender, or proof of funds if it is a cash offer.
iv) Broker for ADDvantage® Real Estate Network will negotiate all offers, counter offers, inspection addendums, appraisal related issues, and close the transaction in a professional manner.
v) Broker for ADDvantage® Real Estate Network will assist SELLER with choosing a title agent and send such title company a fully executed sales contract.
vi) Broker for ADDvantage® Real Estate Network will assist, cooperate, and facilitate the closing process with all parties including Realtor®/buyer's agent, property inspectors, property appraisers, and Title Company.
vii) Broker for ADDvantage® Real Estate Network will request a HUD settlement statement from Title Company prior to closing, send a copy to SELLER and review HUD with SELLER.
viii) Broker for ADDvantage® Real Estate Network should not be relied upon or held responsible for the following: to be physically present at Property inspections, Property appraisals, closing, or be held responsible for delivery of keys.
5) Leads:
All leads received from any source will be managed and recorded in SELLER's account by the following protocol:
A) Following the showing instructions as provided by SELLER
B) Call SELLER and confirm appointments as instructed by the showing instructions in SELLER account
C) Emailing SELLER a confirmation of all scheduled showings
D) All leads will be documented in SELLER account under “Buyer Leads” section, located within MY ACCOUNT.
6) Live Phone Support
ADDvantage® Real Estate Network agrees to offer SELLER live phone support from 8AM-8PM, 7 days per week.
ADDvantage® Real Estate Network agrees to offer SELLER live phone support from 8AM-8PM, 7 days per week.
7) Listing Changes:
SELLER can make as many changes as necessary at no charge.
8) SELLER Obligations:
In consideration of BROKER's obligations, SELLER agrees to:
A) Cooperate with BROKER in carrying out the purpose of this Agreement, including informing BROKER prior to selling, leasing, mortgaging, or otherwise encumbering the Property.
B) SELLER further agrees to provide agents/brokers access to the Property or make the Property available for showing during reasonable times as indicated according to showing instructions set forth in Property listing form:
C) Inform Listing Broker prior to leasing, mortgaging, or otherwise encumbering the Property.
D) Make all legally required disclosures, including all facts that may materially affect the Property's value and are not readily observable or known by the buyer. SELLER represents and warrants that:
i) SELLER knows of no such material facts except those expressly set forth in the SELLER's Real Property Disclosure Statement
ii) There are no prior listings, sale or other agreements affecting the Property that have not been lawfully terminated
iii) Immediately inform BROKER of any material facts that arise after signing this Agreement
9) Indemnification:
A) Per United States Statutes, the BROKER is responsible to pay co-brokerage fees on behalf of the SELLER if SELLER refuses or fails to sign an offer at the price and terms stated in this Agreement, defaults on an executed sales contract or agrees with a buyer to circumvent an executed sales contract. If such action or inaction causes BROKER to be found liable for a co-brokerage commission as stated in this agreement (and relied upon by Realtors per the MLS) then SELLER agrees to promptly (within 5 days of such an award) reimburse BROKER for the amount of any such award issued by a court or MLS arbitration finding/hearing having proper jurisdiction.
B) SELLER holds ADDvantage® Real Estate Network, ADDvantage Real Estate Network, its agents, brokers, affiliates, heirs, employees, owners, assignees, and shareholders not accountable and indemnifies the same from loss, damages, costs, fees, or attorney fees from any person, companies, or other entities that BROKER incurs because of:
SELLER(s), please initial here: ; ; ; .
i) SELLER's negligence, representations, misrepresentations, false statements, misleading statements, actions, or inaction.
ii) The existence of undisclosed material facts about the Property.
10) Third Party Vendors:
As a courtesy, BROKER may provide SELLER with one or more names of service providers including but not limited to, inspectors, engineers, contractors, repairpersons, or attorneys that other consumers have used or of whom we are aware.
The final choice of any service provider rests solely with SELLER and SELLER is free to choose any provider, whether the name appears on any list or not.
11) Compensation:
A) SELLER agrees to compensation to BROKER of $499 and ½% at close with a minimum of $699 at close for this service, if the buyer is represented by licensed agent other than BROKER.
B) BROKER will be compensated the offered commission of 3.0% if BROKER procures a BUYER for property in which case the closing transaction fee is waived.
C) BROKER will be compensated a closing transaction fee of 1% at closing, should SELLER find their own buyer and BROKER represents both sides (buyer and SELLER) as a transaction broker.
D) If the transaction closing fee is higher than the offered co-broke commission, then the higher fee will prevail.
E) SELLER may request that their MLS listing be temporarily withdrawn from the MLS:
i) The property can only be off the market for a period of time, not to exceed 3 months (90 days), as per local MLS rules and regulations.
ii) SELLER may temporarily withdraw a property*, at no cost, for reasons such as painting/remodeling, refinancing, or if the SELLER is out of town and wishes that the property not be shown during this time.
*) Note: SELLER may temporarily withdraw a property a maximum of 4 times per calendar year.
F) SELLER can permanently withdraw from the MLS at any time with no cancelation fee. If a SELLER chooses to permanently withdraw, SELLER may reinstate their Professional ADDvantage™ listing for a fee of $199, if such a request is made within 7 months of termination. After 7 months but less than 24 months, SELLER may reinstate their Professional ADDvantage™ listing for a fee of $249. After 24 months, SELLER may reinstate their Professional ADDvantage™ listing for a fee of $399
G)
The SELLER has elected to use Agent Activate® service.
As described on the website (http://www.reoaddvantage.com/agent-activate.asp).
An ADDvantage® agent or one of its Agent-Activate® affiliates will show SELLER's property to unrepresented buyers.
SELLER agrees to compensate such agent or affiliate at a commission rate of 3.0% if the showing results in a sale.
SELLER(s), please initial here: ; ; ; .
12) Cooperation and Compensation with Other Brokers and Deposits:
BROKER agrees to cooperate with all other brokers and SELLER acknowledges the following:
A) A commission may be due at closing to another agent/broker as specified in sales contract for procuring a buyer who is ready, willing, and able to purchase the Property. If Property is sold by an agent/broker, SELLER agrees to pay 3.0% of the total purchase price and a bonus of $0 .
B) In United States, there are 3 types of “agency relationships” that agents may have with buyer or seller clients, as listed below. Regardless of which agency relationship an agent has with their buyer, ADDvantage® Real Estate Network will cooperate with any of these 3 agency relationships listed below and pay the offered co-broke commission of 3.0% . Only one commission would be paid to one agent on the buyer side.
i) Buyer's Agent: Agents that have an exclusive relationship with buyer owes obedience to buyer as one of the predominant conditions of employment.
ii) Transaction Broker: Agent that have conditions of employment that include honest and forthright dealing with buyer and seller, all parties should be treated equally.
iii) No-Brokerage Relationship: Agents that typically have less responsibility than the above transaction broker relationship to buyer and seller.
13) Dispute Resolution:
This agreement will be construed under United States law.
All controversies, claims, and other matters in question between the parties arising out of or relating to this Agreement or the breach thereof will be settled by first attempting mediation under the rules of the American Arbitration Association or other mediator agreed upon by the parties.
Arbitration: SELLER and BROKER agree that disputes not resolved by mediation will be settled by neutral binding arbitration in the county in which the Property is located in accordance with the rules of the American Arbitration Association or other arbitrator agreed upon by the parties.
Each party to any arbitration or litigation (including appeals and interpleaders) will pay its own fees, costs and expenses, including attorney's fees, and will equally split the arbitrators' fee and administrative fees of arbitration.
14) Governing Law, Venue, and Waiver of Jury Trial:
This agreement will be construed under United States law.
In the event of litigation involving BROKER in any way arising out of or relating to this Agreement, the Property, or relationship created hereunder, venue shall be exclusively in County, United States.
BROKER and SELLER hereby knowingly and voluntarily waive nay right to trial by jury in any litigation.
15) Miscellaneous:
This Agreement is binding on BROKER's and SELLER's heirs, personal representatives, administrators, successors, and assignees.
Time is of the essence.
For purposes of paragraphs 9, 10, and 14 the term “BROKER” includes BROKER's sales associates and employees.
Paragraphs 9, 10, 14, and 16 shall survive the termination or expiration of this Agreement.
16) Entire Agreement:
This Agreement sets forth the entire agreement between SELLER and BROKER and may only be modified in writing signed by SELLER and BROKER.
This Agreement may be executed in counterparts and via facsimile.
If any provision herein is or becomes invalid or unenforceable, all remaining provisions shall remain fully effective.
17) SELLER Acceptance of Agreement:
All persons or entities authorized to sell this property and/or have ownership interest must sign this agreement and including those persons duly authorized to act as representatives for the SELLER and such persons having certified that they are legally authorized to enter into this agreement.
If you do not fully understand this contract, consult an attorney before you sign it.
By signing below, SELLER understands and agrees to all of the terms and conditions of this Agreement and acknowledges receipt of a copy within 24 hours of acceptance by BROKER.
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* Describe your position (owner, partner, president, V.P., attorney, power of attorney, other)
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