To many looking to Sell a Home, a Seller Brokerage Agreement (also referred to as an Exclusive Seller Listing Agreement) is not the first thing that comes to mind. There are usually endless To Do Lists, Home Staging, Home Repairs, Moving plans and many more things to worry about. As a property owner and home seller, it is important that you understand what the signing of this document means and how it can benefit you. In this post, I will explain to you what this document is and why it is important for you to sign the Seller Brokerage Agreement with your chosen REALTOR® or Real Estate Agent.
- What is a Seller Brokerage Agreement (Exclusive Seller Listing Agreement)?
A Seller Brokerage Agreement is a legal document that formalizes your working relationship with a REALTOR® or Real Estate Agent. This document details what services you are entitled to as a Seller (Client) and what your Real Estate professional expects from you in return.
While the language used in the document is formal, home sellers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services you will receive. This document represents the official hiring of the Real Estate professional.
- Do I need to sign a Seller Brokerage Agreement (Exclusive Seller Listing Agreement) if I am going to hire multiple Agents?
No. The Seller Brokerage Agreement is meant to serve as an exclusive way to mutually work together in the sale of your property. This exclusive legal document should only be agreed upon and signed with only one Real Estate professional. You signing this document with multiple Agents can cause future legal and financial disputes. Keep in mind this document entitles you to services you would not otherwise receive from your chosen Agent.
- When do I sign the Seller Brokerage Agreement (Exclusive Seller Listing Agreement)?
The first thing I would recommend in choosing a Real Estate professional is to do your research. Narrow down your choices and interview them. Once you have chosen a REALTOR® or Real Estate Agent, they will more than likely bring this document up in your first appointment. Do not take this the wrong way. The intention here is to facilitate the sale of your property while helping you achieve your Real Estate Financial goals. Signing this document without delay only tells the Real Estate professional that you are serious about the sale of the property, and you want to hire them to represent you.
- How do I sign a Seller Brokerage Agreement (Exclusive Seller Listing Agreement)?
When you meet with your REALTOR® or Real Estate Agent, they will go over the document in full. There is a good chance that the Real Estate professional that you will be working with will have you sign the document electronically. With today’s technology, signing documents this way is more common practice. Electronic signing of documents are easier, faster and secure while providing you with a better legible copy for your records. However, there are some REALTORS® or Real Estate Agents that still use paper contracts. If the chosen Agent does this, then you would be signing a paper document.
- Where can I see a sample/draft copy of a Seller Brokerage Agreement (Exclusive Seller Listing Agreement)?
A sample/draft copy of the Seller Brokerage Agreement can be provided for your review by your local REALTOR®. Keep in mind this document can be updated and changed usually yearly, by each individual State Association of REALTORS®. If you are looking for a sample of the document in your own state, please seek the assistance of a REALTOR® in your local area.
Do you have any questions or comments? Please let me know!