The seller is authorized to finalize all current real estate offers that take place before the contract date. The Oklahoma Real Estate Commission (OREC) agreement for residential real estate is used for listing your property. This real estate agreement between the parties [Agent.FirstName] [Agent.LastName] (Agent) (Agent) and [Seller.FirstName] [Seller.LastName] (Seller) (Seller) In the event that the provisions of this Agreement are found to be unenforceable or illegal, the parties will cooperate to agree on a similar applicable clause. In addition, the list agreement contains other contractual terms such as law, mediation and other details of the agreement. I will discuss the full contract in detail at the time of the listing agreement. For the duration of the agreement, the agent must keep the best interests of the seller as a top priority. Compensation – For a contract to be valid, there must be compensation. The listing contract will indicate the amount and date of payment to your broker. As a general rule, the payment is an agreed percentage of the sale price payable at closing.
It is important to note that your obligation to pay your broker does not necessarily depend on a sale transaction. For example, if the real estate agent finds a good faith buyer who is willing to pay your price and accept the terms you have offered, but you have cold feet at the last moment and you decide not to sell, the broker has done his job and is allowed to be paid under the terms of the list contract. When this contract through the real estate agency ends for any reason, all offers accepted by the seller on the basis of the agent`s benefits result in the payment of these commission percentages to the agent. The list agreement specifies how and when I should be paid for the sale of your property. The following signatures will serve as confirmation and approval by the parties involved. This part of the agreement specifies the type of contractual relationship we will have. This describes the obligations and responsibilities that real estate agents have towards our clients. In fact, the list agreement clearly indicates how long the agreement is in effect – usually six months, but it may be longer, depending on the size and difficulty of selling the property. If your homes are not sold under the list contract, this agreement can be renewed with the written agreement of both parties. In the event that the seller decides not to sell the property before the end of the terms of this real estate agency contract, and the seller will be offered a bona-fide price by a buyer they refuse, the commission of this sale will be due to the broker, as if the offer had been accepted. The agent is responsible for all personal and travel expenses incurred during the execution of this real estate agent contract, including additional brokerage fees.
The agent remains an independent contractor and is, as such, responsible for managing the hours worked to meet the obligations arising from this real estate contract. Title – For all list contracts, you ask who owns the property. Real estate can only be sold if anyone involved in the property is part of the sale. The listing contractAs the listing agreement, the listing contract gives a professional property authorization granted to negotiate on your behalf when selling your home.