List price: The list agreement indicates what you are listing your home for. Your realtor will determine a recommended price based on market data, comparable homes that have been sold in the area and the condition of the home. As an owner, you have the right to negotiate the list price. In most cases, it is best to go with a top real estate agent recommendation. Due to problems with trying to force a seller to sue a list against their will, some brokers try to avoid “ending” the list as a whole. Instead of terminating the offer, they simply withdraw it from MLS by having the seller sign a retraction form. If the distinction between termination and retraction is not carefully explained, most sellers expect the offer to be cancelled if they sign the retraction form. If the seller does not fully understand what is really going on, this type of activity puts the broker`s interest in direct contact with that of his client, may include misrepresentation of the seller`s options and harm the seller by continuing the listing (and agency relationship) while seriously reducing market exposure. Brokers will sometimes try to force the seller to allow them to continue the agency relationship by threatening the seller with the liquidated compensation clause in the list agreements. Such clauses often claim to give the listing broker a full commission when the seller terminates the offer. Regardless of the applicability of these clauses, their use to threaten customers raises serious agency obligation issues.
The problem with the threat to your own client is that if you succeed, they remain your customer. If they remain your client, you are required not to threaten them, especially if the threat is that the agent will make statements about the client`s legal rights. The Court of Appeal set aside. The list agreement provided in part that the broker was entitled to compensation if the property was sold within 210 days of the end of the contract to all those with whom the broker had “negotiated” prior to the final termination. In order to obtain compensation, owners must be informed in writing, within 5 calendar days after the termination of the contract, of the names of potential purchasers collected by the original broker during the reference period. Exclusive agency list: In an exclusive agency list, the homeowner allows a real estate agent or broker to try to sell the house. However, as with an open offer, you have the right to find a buyer on your own. If you find a buyer by yourself, the real estate agent would not receive a type of commission. An agency relationship lasts for a certain period of time, for a reasonable period of time in the circumstances, if no clause is indicated until the Agency`s objective is fulfilled or ceases to exist in any other way, or until the parties terminate the action. On the list page, the term of the Agency is indicated – that is the concept of a list. If the property sold before the list “expires” (or burns the house), the agency ends because the purpose of the agency is completed (or made impossible).