NewYork, Ny (PRWEB) March 30, 2013
Laws.com announced the launch of Seller Agreement template. The template can be accessed by visiting doc.laws.com sub domain. The laws.com Seller Agreement template is free to download and use.
Seller agreement is a listing contract, a contract between a real estate broker (or it can be agents or representatives) and a seller of real property to give the broker the right to of selling the property.
The contract in general terms is known as a listing agreement if the broker is a member of National Association of Realtors, the agreement should be inclusive of certain details.
The first and foremost is the beginning and the termination date, the price for which the property is offered for sale. The terms and other conditions under which amount shall be paid to the broker should be in black and white. Entrusting the broker to work in cooperation with other brokers in the field as sub-agents or buyer’s agents and detail of the offered compensation in the event they locate a buyer. Authorizing the broker to disclose or not to disclose the prevailing offers if any. Certain other condition may also find a place in the agreement, like authorizing the broker to advertise the property, placing a lock on the door, advising the broker on the state of the property and the broker’s responsibility to make the seller aware about the rules and regulations involved, which will have an impact on the property sale etc.
Separate listing agreements are there for land, residential property, commercial and business property. The broker tries to locate a buyer when the property listing is done, and when he finds a lucrative buyer, he expects a compensation (commission) for the services.
Downloading the Seller Agreement:
Laws.com offer the sales agreement template at free of cost. To download the sales agreement form visits the laws.com sample seller agreement page.
Payment of commission
The terms of the contract may defer, in general cases the brokerage fee depends on certain factors. The triumphant communication of a buying contract between the seller and the buyer and the capability of the buyer in concluding the deal or finding an agreeable buyer who is willing to pay the complete listing price or more for the property without any specific conditions.
If the seller refuses to sell the property when both the above conditions are met, it’s considered that the broker has done a commendable job in finding a satisfactory buyer. Under such circumstances, the sell must pay the offered commission. If the failure is from the buyer’s side, the seller has absolutely no responsibility to pay the commission.
The commission usually is 2 to 3 percent of the sale value, but in case of residential property this varies from 3 to 7 percent. As mentioned above the commission could be a flat rate or percentage of the sale value. In certain cases, it can be a combination of both. The seller will pay the commission to the broker who will compensate with their listing agent and he will part a share from the commission received, to sub agents if any.
The seller agreement has to be dealt with much care as the sale involves huge sums at times. Laws.com offers help in the arena of seller agreements, an agreement between the seller and broker in the sale of a real property.