Full question:
What agreement do I need to sell commercial property for a seller and what do I need to make sure the buyer only deals with me once he knows who the seller is (what is non 800 number as I'm in Canada for ordering by phone)
- Category: Real Property
- Subcategory: Sales
- Date:
- State: California
Answer:
A real estate broker acts as an agent in selling, purchasing, renting, and financing real property. The brokerage agreement outlines the services provided and the broker's compensation rights. A listing agent represents the seller and markets their property during the sale and closing process. In auction sales, they perform traditional real estate functions and share commissions based on their involvement and the defined relationship.
An exclusive buyer's agency agreement specifies that the buyer's agent will receive a commission, and if the buyer does not pay, they may be responsible for it. An exclusive agency listing appoints one real estate broker as the exclusive agent for the property. Under this agreement, the seller can only list the property with that broker until the listing expires or the property is sold. However, the broker only earns a commission if the property sells through a real estate agent; if the seller finds a buyer independently, the broker does not receive a commission.
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This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.