ADDvantage® Real Estate Network United States Full Service Multiple Listing Service (MLS) Agreement to List and Maintain Real Properties
Short Sale ADDvantage® Full Service 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 2nd day of December , 2016 , (or date of MLS Listing Entry) and terminating on the 2nd day of June , 2017 , or when Property sells, or agreement is cancelled. SELLER may opt to extend this agreement at no charge for additional 6 month 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:
3) Price and Terms:
The property is offered for sale on the following terms, or on other terms acceptable to SELLER:
A) Price: Price includes all fixtures and personal property defined above
B) Financing Terms:
Seller Financing: Seller will hold a purchase money mortgage in the amount of $ with the following terms:
Assumption of Existing Mortgage: Buyer may assume existing mortgage in the amount of $ plus an assumption fee of $. The mortgage is for a term of years beginning in , at an interest rate of % ( fixed) ( variable)
Lender approval of assumption ( is required) ( is not required) ( unknown). Notice to Seller: You may remain liable for an assumed mortgage for a number of years after the Property is sold. Check with your lender to determine the extent of your liability. Seller will ensure that all mortgage payments and required escrow deposits are current at the time of closing and will convey the escrow deposit to the buyer at closing.
C) SELLER Expenses: SELLER will pay mortgage discount or other closing costs not to exceed % of the purchase price; and any other expenses SELLER agrees to pay in connection with a transaction.
4) Broker Obligation and Authority:
Broker agrees to make diligent and continued efforts to sell the Property until a sales contract is pending on the Property.
SELLER authorizes Broker to:
A) Advertise the Property as Broker deems advisable in newspapers, publications, computer networks, including the Internet and other media; place appropriate transaction signs on the Property, including "For Sale" signs and "Contract Pending" signs (once SELLER signs a sales contract); and use SELLER's name in connection with marketing or advertising the Property;
B) Obtain information relating to the present mortgage(s) on the Property.
C) 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.
D) Provide objective comparative market analysis information to potential buyers; and
E) (Check if applicable)
i) Use 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.
ii) Withhold all offers once Seller accepts a sales contract for the Property.
F) Act as a transaction broker.
5) Seller Obligations:
In consideration of Broker's obligations, SELLER agrees to:
A) Cooperate with Broker in carrying out the purpose of this Agreement, including referring immediately to Broker all inquires regarding the Property's transfer, whether by purchase or any other means of transfer.
B) Provide Broker with keys to the Property and make the Property available for Broker to show during reasonable times.
C) Inform Broker prior to leasing, mortgaging, or otherwise encumbering the Property.
D) Consult appropriate professionals for legal, tax, zoning, permitting, square footage, property condition or size, environmental, foreign reporting requirements and other specialized advice (SELLER acknowledges that Broker and its salespersons are not qualified or authorized to give such advice and, if given, SELLER shall not rely in any way on such advice); and
E) 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 attached hereto,
ii) no person or entity has any right to purchase or lease the Property or any portion thereof by virtue of any agreement, authorization, option or right of first refusal except as expressly disclosed in paragraph 17, and
iii) there are no prior listings, sale or other agreements affecting the Property that have not been lawfully terminated.
SELLER agrees to:
A) Indemnify Broker and hold Broker harmless from losses, damages, costs and expenses of any nature, including attorney's fees, and from liability to any person, that Broker incurs because of
i) SELLER's negligence, representations, misrepresentations, actions or inaction,
ii) any loss or theft relating to the use of a lock box or form SELLER's failure to remove or secure valuables,
iii) the existence of undisclosed material facts about the Property, or
iv) a court or arbitration decision that a broker who was not compensated in connection with a transaction is entitled to compensation from Broker. This clause will survive Broker's performance and the transfer of title.
B) Perform any act reasonably necessary to comply with FIRPTA (Internal Revenue Code Section 1445).
C) Make all legally required disclosures, including all facts that materially affect the Property's value and are not readily observable or known by the buyer.
D) Immediately inform Broker of any material facts that arise after signing this Agreement.
7) 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 providing of such names shall not in any way be construed to be a recommendation or endorsement of, nor is Broker warrant the work of, any of the named providers.
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.
SELLER agrees to hold Broker harmless from any and all claims or losses that in any way arise out of, or relate to, the selection or use of any such service provider.
Seller will compensate Broker as specified below for procuring a buyer who is ready, willing, and able to purchase the Property or any interest in the Property on the terms of this Agreement or on any other terms acceptable to Seller. Seller will pay Broker as follows:
A) 6.0% of the total purchase price if the buyer is represented by another broker, no later than the date of closing specified in the sales contract.
B) 6.0% of the total purchase price if the buyer is represented by Broker (ADDvantage® Real Estate Network) no later than the date of closing specified in the sales contract.
C) See terms of short sale addendum below.
9) Cooperation and Compensation with Other Brokers:
Broker's office policy is to cooperate with all other brokers except when not in Seller's best interest:
A) and to offer compensation in the amount of 3% (chosen by seller during sign-up) of the purchase price and a bonus of $0 to Buyer's agents, who represent the interest of the buyers (single agent) and not the interest of the Seller in a transaction;
B) and to offer compensation in the amount of 3.0% of the purchase price to Transaction brokers for the Buyer;
C) and to offer compensation in the amount of 3.0% of the purchase price to a broker who has no brokerage relationship with the Buyer or Seller;
D) None of the above (if this is checked, the Property cannot be placed in the MLS.)
Only one of the 3 commission scenarios above will apply to any agent representing a buyer.
10) MLS Commission Offer:
Seller(s) is offering 3% (chosen by seller during sign-up) commission in the MLS and Seller(s) is offering 0.0% bonus to procuring Realtor®.
Seller(s) is authorizing BROKER to offer this commission/bonus by means of this listing agreement and further authorizes BROKER to advertise such commission/bonus offer in the MLS on behalf of Seller(s) to Realtors® in an effort procure a buyer for said property.
If a sales contract is fully executed by buyer/seller or if seller(s), by means of any agreement, transfers title of property to another party in which a Realtor® was the procuring cause by evidence that the Realtor®'s name is on the sales contract, and successfully closes transaction, seller(s) gives broker the authority to inform the title company/closing agent or lawyer representing seller(s) to include such commission/bonus, exactly as stated in the MLS, on the HUD1 settlement statement, as an item to be paid by seller(s), and gives the closing agent such authority to disburse said commission/bonus to the procuring Realtor® at closing.
The only exception to this would be if seller(s) and Realtor® have agreed to other commission/bonus terms than what is being advertised in the MLS by attaching this language as an addendum to the final contract (see “Change of Commission Addendum.”)
BROKER will charge Buyer's Agent an Administration Fee, paid at closing, thus reducing the commission SELLER offers Buyer's Agent. For homes listed for less than $60,000, there is NO Administration fee.
For home listed for less than $200,000, the Administration Fee is $199; for homes listed for $200,000 or more, the Administration Fee is $299.
If property is sold without a Buyer's Agent then BROKER waives the Administration Fee.
11) Internet Displays:
I understand and acknowledge that, if I have elected under option “(A)” to withhold authorization to display the listed Property on the Internet, consumers who conduct searches for listings on the Internet will not see information about the listed Property in response to their search.
A) The broker is not authorized to display the listed Property on the Internet. (If Broker is not authorized to display listed Property on the Internet, then (B), (C), and (D) do not apply.) (Initial)
B) The broker is not authorized to have the address of the listed Property displayed on the Internet (Initial)
C) The broker is not authorized to have the automated value of the listed Property displayed on a Broker's Virtual Office Website (VOW) on the Internet. (Initial).
D) The broker is not authorized to have blogging of the listed Property displayed on a Broker's Virtual Office Website (VOW) on the Internet. (Initial)
12) Conditional Termination:
At SELLER's request, Broker may agree to conditionally terminate this Agreement.
If Broker agrees to conditional termination, SELLER must sign a withdrawal agreement, reimburse Broker for all direct expenses incurred in marketing the Property and pay a cancellation fee of $500.
Broker may void the conditional termination and SELLER will pay the fee stated in paragraph 8 less the cancellation fee if SELLER transfers or contracts to transfer the Property or any interest in the Property during the time period of conditional termination to Termination Date and Protection Period, if applicable.
13) Title Insurance:
BROKER offers SELLER the option to use our affiliated Title Company, New Frontier Title, LLC. By signing this listing agreement, you are NOT committing to use New Frontier Title, LLC as your title company.
A) In Florida, SELLER customarily controls and pays for title policy (promulgated by the State of Florida $5.75/$1000 of sales prices) and also by protocol SELLER pays for State of Florida documentary stamps on deed ($0.70/$100 of sales price) except in Collier, Broward, Sarasota, and Miami-Dade Counties, where the buyer may be responsible for title policy.
B) Before closing, SELLER is usually required to provide evidence of clear title to the new buyer and lender. A title search and the resulting title insurance assures buyers and lenders that there are no liens on the property and identifies the balances, if any, of existing mortgages. By controlling title, the SELLER also can often control buyer's escrow utilizing New Frontier Title, LLC's escrow account to hold these buyer escrow funds. To achieve this, have the buyer's agent on page 1 of the Purchase and Sales Agreement (contract) enter (required field on the contract) New Frontier Title, LLC, 2515 1st Ave N, St. Petersburg, FL 33713 phone: 877-544-6447 fax: 888-652-6326 email: firstname.lastname@example.org . New Frontier Title, LLC is bonded & insured; underwriter is Old Republic Title Insurance Company and Alliant National Title Insurance Company.
Advantages for your consideration about using New Frontier Title, LLC
As your listing broker, there may be advantages for you to choose New Frontier Title, LLC as your preferred title company such as:
i) Often, the buyer's agent may suggest allowing them to choose the title company which may put you at a disadvantage with information flow as the title company may have a disposition favorable to the buyer;
ii) By controlling title, the SELLER also can often control buyer's escrow utilizing New Frontier Title, LLC's escrow account to hold these buyer escrow funds. To achieve this, have the buyer's agent on page 1 of the Purchase and Sales Agreement (contract) enter (required field on the contract) New Frontier Title, LLC, 2515 1st Ave N, St. Petersburg, FL 33713 phone: 877-544-6447 fax: 888-652-6326 email: email@example.com . New Frontier Title, LLC is bonded & insured; underwriter is Old Republic Title Insurance Company and Alliant National Title Insurance Company
This Agreement is binding on BROKER's and SELLER's heirs, personal representatives, administrators, and successors.
Signatures, initials, and modifications communicated by facsimile will be considered as originals.
The term BUYER as used in this Agreement includes buyers, tenants, exchangors, optionees and other categories of potential or actual transferees.
The term BROKER includes Broker's sales associates and employees.
Time is of the essence.
Paragraphs 9, 10, 14, and 16 shall survive the termination or expiration of this Agreement.
Should it be found that a member posts comments on the Internet about BROKER or ADDvantage Real Estate Network, LLC/GetMoreOffers.com or any of its employees, associates, partners, or affiliates (“Company”) via social media or other at any time during or subsequent to Agreement period that are defamatory; misleading, untruthful, half-truths, or false statements regarding their experience with Company, SELLER agrees to be bound by the process of arbitration (FS Chapter 682 “arbitration” and American Arbitration Association guidelines and practices). Should SELLER be found liable for defamation through the process of arbitration, BROKER will be automatically awarded $5,000 from SELLER/former SELLER as liquidated damages and SELLER will be required to remove post(s) or be fined $500 per day until removed.
16) 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.
17) Governing Law, Venue, and Waiver of Jury Trial:
This agreement will be construed under United States law.
In the event of litigation or arbitration 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 waives any right to trial by jury in any litigation.
In the event that one or more provisions in this Agreement are deemed invalid, the remaining provisions will remain in full force and affect.
19) 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.
20) Additional Terms:
21) Seller Acceptance of Agreement:
This is intended to be a binding contract.
Neither Broker nor its representatives make any representations as to the legal effect or tax consequences of this Agreement or the transactions contemplated herein.
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 he is 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.