Tips in Creating a Real Estate Agent Agreement
Real estate agent agreement can be defined as a contract that binds the owner & the agent in a mutual exchange relationship of profit & the passing over of rights. In the business of selling and buying real estate, you will need this agreement. So, in this article we will discuss further.
How to Write a Real Estate Agent Agreement
If you want to write a real estate agent agreement template, you will have to know that it contains some basic elements. So, you have to make sure that all of the elements are included in it. For the more detailed explanation, let’s check it out!
First of all, you will need to provide the details of the dealing power with the property. It comes with tenure. In this section, you have to outline it completely. Make sure that the agent can do something worthwhile with the real estate property in the amount of time provided.
The second element you should include in this agreement relates to the responsibilities. Here, you must describe the responsibilities of the owner and the real estate agent in the entire process. It must be as clear as possible to prevent the confusion that may arise in the future.
What you have to do next is to take expert opinion. It requires you to take the opinion of the expert about what the agreement tenure should be, what the commission of the agent will be, and others. In this case, you have to protect the safety & rights of the real estate agent through this agreement.
Then, writing a real estate selling agent agreement also requires you to provide the information of the property. Make sure that include the whole information of the property in this agreement. You may also need to outline the part of property that should be handled by the real estate agent clearly.
Finally, the last thing to provide is authorization. It means that this agreement should contain provisions for the authorization of all parties. This agreement will be valid if only both parties sign it off. The signatures must be handwritten and followed with full names.
You may also need to add some other details. The other details can include agreement duration, sole or general agreement, estimated selling price of the agent, acceptable selling price of the vendor, advertised price, sale method, period of settlement as well as commission & fees.
There are also some considerations when writing this kind of agreement. The first is related to the length of agreement. Besides that, it also relates to the commission for the real estate agent. Then, you also need to consider the advertising fees. These considerations can affect the process of selling.
There are many template samples of real estate agent agreement. For example, there is an exclusive buyer agency agreement, a residential property agency agreement, an agency agreement for commercial property, etc. Now, you can make this agreement based on your need by following this tips.
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