SAMPLE FORM ONLY Residential Real Estate LISTING AGREEMENT

SAMPLE FORM ONLY
Residential Real Estate LISTING AGREEMENT
Exclusive Right to Sell – Limited Service
OWNER/seller _________________________________________
PHONE_________________
PROPERTY
ADDRESS _______________________________, CITY_____________, TOWN _______________
COUNTY ___________________________, STATE: NEW YORK ZIP CODE ________________
LISTING AGENT:
PHONE:
AGT. NO. _________________
BROKER:
PHONE:
BRK. NO _________________
1. Listing Price: $_______________OWNER is solely responsible for determining the listing price.
2. Contract Term: This contract will be effective fro m ______________until _______ ____. Listing will
automatically term inate on the expiration date. Exception: if property is Under Contract dur ing this perio d the
contract will extend itself until the settlem ent/closing date arrives. OWNER may cancel t his contract (unless
OWNER has a pending offer on the table or is under cont
ract to a buy er) at any tim e without any additional
obligations. A status change form must be faxed or emailed with instructions to cancel the listing.
3. Brokers Obligations:: BROKER’S sole obligations under this Agreement is in connection with the marketing
of the Listed Propert y shall be lim ited to listing s ame on the MLS along with affiliated internet sit es, and
maintaining it until home is sold and closed out in t he MLS, or until listing has expired or has been cancelled.
BROKER does this in an attem pt to connect Sellers and Bu yers in the hopes that a sale will come to fruition.
BROKER shall provide N YS required forms. BROKER is not obligated to, a nd will not , suggest a listing price
for the Listed Property, or negotiate a potential transaction with a prospective buyer or a Cooperating Broker.
4. Broker Fee ; Owner has paid BROKER $____________, an upfront fee for the above mentioned services. If
owner paid his/her fee to another co mpany, (ie: fsbo, fl at fee mls, etc) for th e a bove mentioned services, then
please post a “0” in the above field and initial here; __________.
5. Cooperating Broker F ee: If a Cooperating Broker procures the buy er, OWNER will pay _____% of the sal e
price at settl ement/closing to Cooperating Broker. Broker authorizes the closing attorne y to pass through the
entire percentage to the Co operating Broker. The C ooperating Broker will be representing their buy er as a Su b
Agent OR Buyers Agent OR Brokers Agent as outlined in the Agency Relationship Disclosure Form. Broker will
post commission (as required on the MLS) to the respective types of Cooperating Brokers with the understanding
that ONLY one commission will be paid, by the OWNER, to the ONE Cooperating Broker that sells the property.
There will be ONLY one commission paid out to the Cooperating Broker who procures the buyer. If the buyer is
not procured by a Cooperating Broker, then no commission will be paid out at closing.
6. Commissi on at Title Transfer : should a Coo perating Broker represent, introduce, or procure a bu yer who
purchases th e Listed Pro perty, OWNER agrees t o pay the agreed-upon commission p reviously stated upon
transfer of title. OWNER and BROKER authorize the cl
osing agent/attorney to pa y the Cooperating Broker
commission directly from the sale proceeds upon the transfer of title, thereby saving you, the OWNER, the step of
issuing a check to Listing BROKER and Listing BROKER issuing a check back to the Cooperating Broker.
7. Fair Hou sing: It is agreed that the Listed Property shall be listed in full compliance with local, st ate, and
federal fair housing laws that prohib it discrimination on the basis of race, color, religion, sex, national origin,
handicap, age, marital status, and/or fa milial status, or ot her prohibited fact ors. Federal and Sate laws make i t
illegal for OWNER, BROKER or an yone to use t he above mentioned classifications as reasons for refusing t o
sell, show, or rent properties, loan money, or set depos it amounts, or as reasons for any decision relating to the
sale of the property.
8. OWNERS Authorizations:
a. In order t o facilitate the sale of the Listed Pr
operty, the O WNER hereby (i) grants to BROKER a nonexclusive, irr evocable royalty -free lice nse to use, sublicense, publish, displa y, and reproduce any ph otographs,
images, grap hics, video recordings, virtual tours, draw ings, diagram s, written descriptions, rem arks, nar ratives,
pricing information, and o ther copyrightable elements of or relating to the Listed Propert y provided by OWNER
to BROKER (hereinafter referred to as OWNER
Listing Content), and t o prepare derivative works of th e
OWNER Listing Content , and to repro duce, subm it to the MLS, distribute, a nd pu blicly d isplay t he OWNER
Listing Content or any derivative works thereof, and ( ii) grants the BROKER the exclusive ri ght to place "FOR
SALE" signs or the like on the Listed Property, to the exclusion of OWNER. OWNER represents and warrants to
BROKER that the OWN ER Listing Content, and the license granted to BROKER for the OWNER Listing
Content, do not violate or infringe upon the rights, including any copyright rights, or any person or entity.
b. The OWNER may or may not authorize the use of a lockbox, and accepts any and all responsibility for an y
damage, loss, or injur y arising from the use of the lockbox. The OWNER understands that by pr oviding the
OWNER wit h a lockbox, the BROKE R shall not be consider ed the custodian of or responsible for said Listed
Property, lockbox, authorized or unauthorized use of said lockbox, or items placed therein.
c. The OWNER authorizes and directs the Cooperating Broker to submit all off ers for the Listed Propert y to the
OWNER.
d. The OWNER shall provide a “Pr
operty Condition Disclosure State ment” to potential purchasers and to
Cooperating Broker, unless instructed differently by owner’s attorney. OWNER is entirely responsible and liable
for the accuracy and com pleteness of the disclosures made therein, and m ay be liable to provide a credit of
$500.00 to the buyer if a “Property Condition Disclosure Statement” is not provided at the time of offer.
e. The OWNER represents and warrants that he/she has received a copy of the "Disclosure Regarding Real Estate
Agency Relationships."
f. OWNER r epresents and warrants to BROKER that OWNER is not under contract with or otherwise utilizing
the services of any other licensed real estate broker or agent in connection with the Listed Property.
g. OWNER agrees to submit a fully executed “Sales Contract” and “Status Change” form to BROKER within 24
hours after both parties have signed the ag reement, and again on the day of closing. Failure to do this may result
in a m onetary fine issued by th e MLS. These
fines are passed on to
the OWNER. In addition, the
“HUD/Settlement Statement” (which is given to t he OW NER b y the attorne y upon closi ng) m ust be faxed to
BROKER to close out your file.
h. OWNER agrees to r equire all visitors who s ee the interi or of t he Listed Pro perty without the a ssistance of a
Cooperating Broker to sign a visitor’s log. This log sh all be created and retained by OWNER until six m onths
after the tran sfer of title or expiration of this Agreem ent, whichever occurs later. If the prospective purchaser
answers “y es” to working with an Agent (on t
he sign- in log), it is further understood by OWNER that a
Cooperating Broker is entitled to a commission if home is sold to that buyer. If the prospective purchaser answers
“no,” that purchaser could still choose to be represente d by a Cooperating Broker in a number of di fferent
circumstances, including, but not limited to, returning to the property with a Cooperating Broker and/or having an
offer present ed on his/her behalf by a Cooperating Broke r. In such cases, a co mmission would be due and
payable by OWNER.
If OWNER agrees to sell the Listed Propert y to a buy er who is not represented by a real Cooperating Broker,
OWNER shall require such buy er t o si gn a statem ent befo re transfer of title stating: "For good and valuable
consideration, the sufficiency of which is hereby acknowledged, I (We) represent and warrant to OWNER and the
Listing Broker that I (We) have not been represent ed by a Cooperating Broker in connection with the Listed
Property, have not been i ntroduced to t he Listed Prope rty b y a Cooperating Broker, have not been sh own the
Listed Property by a Cooperating Broker, and have not had communication with a Cooperating Broker pertaining
to the Listed Property. If a licensed r eal estate bro ker presents proof that he has perfor med any of the above,
OWNER would then pay the Cooperating Broker as defined in this Agreement). OWNER agrees that OWNER is
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ultimately responsible for payment of the commission provided f or herein. If a Cooperating Broker is not paid a
commission that he is due, the Cooperating Broker
may c hoose to take legal action. The Buy er's statement
provided for in this paragraph is me rely a precautionary action to help the OWNER collect t he Commission due
to the Cooperating Broker if the Buyer has circumvented a Cooperating Broker who is d ue a commission in
connection with the sale o f the Listed P roperty. A COPY OF THIS STATEMENT SHALL BE F AXED TO
BROKER ALONG WITH CLOSING DOCUMENTS! NO EXCEPTIONS!
9. Multiple Listing Service: The OWNER understands and agrees that the Real Estate BOARD and MLS are not
the OWNER'S agents and that none of the terms of this Agreement shall make them the OWNER'S agents.
10. Escrow: OWNER acknowledges and agrees that BROKER will not act as an escrowee, and OWNER will not
direct any one verbally or in writing to have BROK ER hold escrows or earne st money, or otherwise ac t as an
excrowee. OWNER is advised to consult with his/her attorney prior to closing about any potential escrow monies.
11. Subsequent Offers; OWNER SHOULD CONSULT AN ATTORNEY REGARDING ANY SUBSEQUENT
OFFERS, BECAUSE A BINDI NG CONTRACT FOR T HE PROPERTY MAY ALREADY E XIST AND
BROKERAGE COMMISSION CLAIMS MAY BE INVOLVED.
12. Dispute Resolution: OWNER un derstands that should the Cooperating Broker take the Listing Broker to
arbitration or court, OWNER will appear to testify if requested by the BROKE R regardless of whether the venue
has a legal right or jurisdi ction to subpoena the OWNER. OWNER consents to all service and/or notifications by
Certified Mail. OWNER agrees to permit the BROKER to assign his/her rights for da mages from the Owner for
breach of the contract to the Cooperating Broker.
Should the Cooperating B roker prevail against the BROKE R for a failure to pay comm ission and said unpaid
commission was n ever p aid by the OWNER to the BRO KER, OWNE R inde mnifies and holds harm less
BROKER and agrees to pay all damages awarded by an Arbitrator or a Court of Law to the Cooperating Broker.
OWNER agg ress to be responsible for all legal fees in curred by BROKER to defend any clai ms arising out of
OWNERS breach of this contract or fees incurred by the BROKER to collect fees provided by this agreement.
If, for an y re ason, the Co operating Br oker is not p aid th e commission set f orth herein on the due date (or the
closing agent or OWNER’s lawy er does not pay said commission directly to the Cooperating Broker at c losing),
the OWNER shall i mmediately establish an escrow account with a part y m utually agreeable to BROKER and
OWNER and shall place i nto said escr ow an am ount equal to the applicable commission set forth herein. These
monies shall be held in escrow until the parties’ rights to the escrow monies have been determ ined (i) by t he
mutual agreement of the parties hereto,
(ii) by order of a court of competent jurisdiction, or (iii) by some other process to which the parties hereto agree to
in writing.
All claims, disputes, or ot her matters in question arising out of or relating to this Agreement, the Listed Property
and/or the commission set forth herein shall be det ermined by arbitration before an arbitrator in the Cou nty of
Westchester, State of Ne w York, pursu ant to the Commercial Arbitration Ru les of the A merican Ar bitration
Association. The award r endered by the arbitrator sha ll be final, and jud gment may be rendered upo n it in
accordance with applicable law in a court of competent jurisdiction. In any proceeding to enforce any provision of
this Agreement, or for damages caused by breach thereof or default thereunder, the prevailing party s hall be
entitled to reasonable attorney 's fees, costs, and related expenses, such as expert witness f ees, and fees paid to
investigators. In the event the BROKER hires an attorne y or collecti on agent to enforce th e collection of any
brokerage commission du e hereunder and is successful in collecting all or an y portion the reof with or without
commencing an action, proceeding, or arbitration, OWNER agrees to pay such attorney's fees, costs, and expenses
relating to the collection thereof.
.
13. LIMITAION OF LIABILITY: In no event will BROKE R, its shareholders, directors, officers, employ ees,
or agents be liable for any
dam ages, losses, or liab ility, whether based on warranty , contracts, statutes,
regulations, tort, or any other legal theo ry. T he BROKER's liability hereunder is lim ited to the Service Fee paid
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by OWNER to BROKER. If a co mmission was paid directly to a Cooperating Broker, OWNER agrees to make
all claims for reimbursement (should such a cause arise) of said commission against the Cooperating Broker.
14. Indemnification: OWNER shall defend, indem nify and hold BROKER, its shareholders, directors, officers,
employees, agents and rep resentatives har mless f rom, any and all losses, claims, damages, l iabilities and costs,
including wit hout lim itation comm ission claims, court co sts, reasonable attorney’ s fees and MLS penalti es and
fines, which arise fro m, a re related to, or are in conn ection with (i) OWNER’ S breach of this Agree ment or
violation of any federal, state or local law; (ii) OWNER’S provision of false, misleading, inaccurate or incomplete
information, representatio ns or warranties to BROKER, pr ospective buy er or buy ers; or (iii) claims of third
parties relatin g to the Liste d Property , the sale there of, and/or an y com pensation to be paid in connectio n with
such sale (including, without limitation, a claim by the Cooperating Broker against BROKER for a commission).
15. TYPES OF LISTINGS
In accordance with the requirements of New York State, the undersigned Owner(s) does (do) hereby acknowledge
acceptance of the following two definitions:
a. EXPLANATION OF EXCLUSIVE RIGHT TO SELL (As quoted verbatim from the New York Department of
State): An ''exclusive right to sell '' listi ng means that if y ou, the owner of the propert y, fin d a buy er for y our
house, or if another broker finds a buyer, you must pay the agreed commission to the present broker.
b. EXPLANATION OF E XCLUSIVE AGENCY (As quoted verbatim from the New York Depart ment of State):
An ''exclusive agency'' listing means that if you, the owner of the property, finds a buyer, you will not have to pay
a co mmission to the br oker. However, if another broker finds a buyer, you will owe a commission to both the
selling broker and your present broker.
OWNER’S Initials:_______________
Date: _______________________
Interpretive Statement from XXXXX
We are required to provi de you with th e above definitions by law. However, the state' s definition of Exclusive
Agency and Exclusive Right to Sell d o not full y q ualify as our type of listing. The def initions abo ve onl y
consider sales commissions and pre-date the practice of charging up-front compensation for listing real estate. The
Department of State shoul d update them to reflect modern practice but has not done so xxxxxxxxxxxxx.
essentially offers a combination of the two listing t ypes described above but will post your listing in the MLS as
an Exclusive Right to Sell Limited Service when forced to select one of the two.
This contract is subject to the Addendum titled TERMS AND EXPLANATIONS
OWNERS SIGNATURE_________________________________ DATE______________________
OWNERS SIGNATURE_________________________________ DATE______________________
DATE______________________
LISTING OFFICE
LISTING AGENT
DATE______________________
The headings used in this Agreement are for reference purposes only, and shall not be construed to affect the
terms and conditions contained herein.
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