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In the complex terrain of real estate transactions, a formal understanding between the seller and the broker is critical for defining their obligations and rights. The Exclusive Right of Sale Listing Agreement form, used in Florida, exemplifies such a document, laying the foundation for a structured selling process by providing the broker with the exclusive rights to sell the property. This agreement delineates several pivotal elements including the authority to sell, a comprehensive description of the property, the pricing and terms of sale, and the broker's obligations towards marketing and selling the property. Additionally, it touches upon aspects such as the duration of the agreement, the inclusion of the property in the Multiple Listing Service for broader exposure, and conditions under which the seller is obligated to compensate the broker. Furthermore, it specifies the responsibilities of the seller, from cooperation with the broker to the mandate of making all legally required disclosures about the property’s condition. Additionally, it outlines the cooperation with other brokers, the broker-seller relationship specifics, provisions for dispute resolution, and the arbitration process, ensuring both parties have a clear understanding of the path forward in the event of disagreements or legal questions. This agreement serves not only as a contract but also as a guideline for the entrusted professional relationship, aiming to ensure a fair and efficient transaction process for both parties involved.

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Exclusive Right of Sale Listing Agreement

1This Exclusive Right of Sale Listing Agreement (“Agreement”) is between

2 ("Seller")

3 and

 

("Broker").

 

41. Authority to Sell Property: Seller gives Broker the EXCLUSIVE RIGHT TO SELL the real and personal

5property (collectively “Property”) described below, at the price and terms described below, beginning

6 ____________________ and terminating at 11:59 p.m. on ____________________ (“Termination Date”). Upon

7full execution of a contract for sale and purchase of the Property, all rights and obligations of this Agreement will

8automatically extend through the date of the actual closing of the sales contract. Seller and Broker acknowledge

9that this Agreement does not guarantee a sale. This Property will be offered to any person without regard to race,

10color, religion, sex, handicap, familial status, national origin, or any other factor protected by federal, state, or local

11law. Seller certifies and represents that she/he/it is legally entitled to convey the Property and all improvements.

122. Description of Property:

13

(a) Street Address:

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

15

 

Legal Description:

 

 

 

 

 

 

 

16

____________________________________________________

See Attachment

 

 

17

(b) Personal Property, including appliances:

 

 

 

 

 

 

 

 

18

 

____________________________________________________

See Attachment

 

 

 

19(c) Occupancy:

20

Property

 

is

 

is not currently occupied by a tenant. If occupied, the lease term expires ______________.

 

 

213. Price and Terms: The property is offered for sale on the following terms or on other terms acceptable to Seller:

22

(a)

Price: $

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

(d)

Financing

Terms:

Cash

 

Conventional

VA

FHA

 

 

 

Other (specify)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in the amount

 

 

 

 

 

 

Seller Financing: Seller will hold a purchase money mortgage

24

 

of $

 

 

 

25

 

with the following terms:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

Assumption of Existing

Mortgage: Buyer may assume existing mortgage for $

___________________

plus

27

 

an assumption fee of $____________________. The mortgage is for a term of

______ years beginning in

28

 

 

, at an interest

rate of

 

 

 

%

fixed

 

variable (describe)

 

.

 

______

______

 

_____________________________

29

 

Lender

approval of assumption

 

 

 

is

required

 

 

is not required

 

 

unknown. Notice to Seller: (1) You may

 

 

 

 

 

 

 

 

 

 

30remain liable for an assumed mortgage for a number of years after the Property is sold. Check with your

31lender to determine the extent of your liability. Seller will ensure that all mortgage payments and required

32escrow deposits are current at the time of closing and will convey the escrow deposit to the buyer at closing.

33(2) Extensive regulations affect Seller financed transactions. It is beyond the scope of a real estate licensee’s

34authority to determine whether the terms of your Seller financing agreement comply with all applicable laws or

35whether you must be registered and/or licensed as a loan originator before offering Seller financing. You are

36advised to consult with a legal or mortgage professional to make this determination.

37 (e) Seller Expenses: Seller will pay mortgage discount or other closing costs not to exceed ______% of the

38purchase price and any other expenses Seller agrees to pay in connection with a transaction.

394. Broker Obligations: Broker agrees to make diligent and continued efforts to sell the Property in accordance with

40this Agreement until a sales contract is pending on the Property.

415. Multiple Listing Service: Placing the Property in a multiple listing service (the “MLS”) is beneficial to Seller

42because the Property will be exposed to a large number of potential buyers. As a MLS participant, Broker is

43obligated to enter the Property into the MLS within one (1) business day of marketing the Property to the public

44(see Paragraph 6(a)) or as necessary to comply with local MLS rule(s). This listing will be published accordingly in

45the MLS unless Seller directs Broker otherwise in writing. (See paragraph 6(b)(i)). Seller authorizes Broker to

46report to the MLS this listing information and price, terms, and financing information on any resulting sale for use

47by authorized Board / Association members and MLS participants and subscribers unless Seller directs Broker

48otherwise in writing.

Seller (_____) (_____) and Broker/Sales Associate (_____) (_____) acknowledge receipt of a copy of this page, which is Page 1 of 4.

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© 2020 Florida Realtors®

496. Broker Authority: Seller authorizes Broker to:

50(a) Market the Property to the Public (unless limited in Paragraph 6(b)(i) below):

51(i) Public marketing includes, but is not limited to, flyers, yard signs, digital marketing on public facing

52

websites, brokerage website displays (i.e. IDX or VOW), email blasts, multi-brokerage listing sharing

53

networks and applications available to the general public.

54(ii) Public marketing also includes marketing the Property to real estate agents outside Broker’s

55office.

56(iii) Place appropriate transaction signs on the Property, except if Paragraph 6(b)(i) is checked below.

57(iv) Use Seller’s name in connection with marketing or advertising the Property.

58

Display the Property on the Internet except the street address.

59(b) Not Publicly Market to the Public/Seller Opt-Out:

60

(i.)

Seller does not authorize Broker to display the Property on the MLS.

61(ii.) Seller understands and acknowledges that if Seller checks option 6(b)(i), a For Sale sign will not be

62placed upon the Property and

63(iii.) Seller understands and acknowledges that if Seller checks option 6(b)(i), Broker will be limited to

64marketing the Property only to agents within Broker’s office.

65________/__________ Initials of Seller

66(c) Obtain information relating to the present mortgage(s) on the Property.

67(d) Provide objective comparative market analysis information to potential buyers.

68

(e) (Check if applicable)

Use a lock box system to show and access the Property. A lock box does not

69ensure the Property’s security. Seller is advised to secure or remove valuables. Seller agrees that the lock

70box is for Seller’s benefit and releases Broker, persons working through Broker, and Broker’s local Realtor

71Board / Association from all liability and responsibility in connection with any damage or loss that occurs.

72

Withhold verbal offers.

Withhold all offers once Seller accepts a sales contract for the Property.

73(f) Act as a transaction broker.

74(g) Virtual Office Websites: Some real estate brokerages offer real estate brokerage services online. These

75websites are referred to as Virtual Office Websites (“VOWs”). An automated estimate of market value or

76reviews and comments about a property may be displayed in conjunction with a property on some VOWs.

77Anyone who registers on a VOW may gain access to such automated valuations or comments and reviews

78about any property displayed on a VOW. Unless limited below, a VOW may display automated valuations or

79comments and reviews about this Property.

80

Seller does not authorize an automated estimate of the market value of the listing (or a hyperlink to such

81estimate) to be displayed in immediate conjunction with the listing of this Property.

82

Seller does not authorize third parties to write comments or reviews about the listing of the Property (or

83display a hyperlink to such comments or reviews) in immediate conjunction with the listing of this Property.

847. Seller Obligations: In consideration of Broker’s obligations, Seller agrees to:

85(a) Cooperate with Broker in carrying out the purpose of this Agreement, including referring immediately to

86Broker all inquiries regarding the Property’s transfer, whether by purchase or any other means of transfer.

87(b) Recognize Broker may be subject to additional MLS obligations and potential penalties for failure to comply

88with them.

89(c) Provide Broker with keys to the Property and make the Property available for Broker to show during

90reasonable times.

91(d) Inform Broker before leasing, mortgaging, or otherwise encumbering the Property.

92(e) Indemnify Broker and hold Broker harmless from losses, damages, costs, and expenses of any nature,

93including attorney’s fees, and from liability to any person, that Broker incurs because of (1) Seller’s

94negligence, representations, misrepresentations, actions, or inactions; (2) the use of a lock box; (3) the

95existence of undisclosed material facts about the Property; or (4) a court or arbitration decision that a broker

96who was not compensated in connection with a transaction is entitled to compensation from Broker. This

97clause will survive Broker’s performance and the transfer of title.

98(f) Perform any act reasonably necessary to comply with FIRPTA (Section 1445 of the Internal Revenue Code).

99(g) Make all legally required disclosures, including all facts that materially affect the Property’s value and are not

100readily observable or known by the buyer. Seller certifies and represents that Seller knows of no such

101material facts (local government building code violations, unobservable defects, etc.) other than the following:

102

______________________________________________________________________________________

103Seller will immediately inform Broker of any material facts that arise after signing this Agreement.

104(h) Consult appropriate professionals for related legal, tax, property condition, environmental, foreign reporting

105requirements, and other specialized advice.

Seller (_____) (_____) and Broker/Sales Associate (_____) (_____) acknowledge receipt of a copy of this page, which is Page 2 of 4.

ERS-18tb Rev 5/20

© 2020 Florida Realtors®

1068. Compensation: Seller will compensate Broker as specified below for procuring a buyer who is ready, willing,

107and able to purchase the Property or any interest in the Property on the terms of this Agreement or on any other

108terms acceptable to Seller. Seller will pay Broker as follows (plus applicable sales tax):

109 (a) __________% of the total purchase price plus $____________________ OR $____________________, no

110later than the date of closing specified in the sales contract. However, closing is not a prerequisite for Broker’s

111fee being earned.

112 (b) __________ ($ or %) of the consideration paid for an option, at the time an option is created. If the option is

113exercised, Seller will pay Broker the Paragraph 8(a) fee, less the amount Broker received under this

114subparagraph.

115 (c) __________ ($ or %) of gross lease value as a leasing fee, on the date Seller enters into a lease or

116agreement to lease, whichever is earlier. This fee is not due if the Property is or becomes the subject of a

117contract granting an exclusive right to lease the Property.

118(d) Broker’s fee is due in the following circumstances: (1) If any interest in the Property is transferred, whether by

119sale, lease, exchange, governmental action, bankruptcy, or any other means of transfer, regardless of whether

120the buyer is secured by Seller, Broker, or any other person. (2) If Seller refuses or fails to sign an offer at the

121price and terms stated in this Agreement, defaults on an executed sales contract, or agrees with a buyer to

122

cancel an executed sales contract. (3) If, within ______ days after Termination Date (“Protection Period”),

123Seller transfers or contracts to transfer the Property or any interest in the Property to any prospects with whom

124Seller, Broker, or any real estate licensee communicated regarding the Property before Termination Date.

125However, no fee will be due Broker if the Property is relisted after Termination Date and sold through another

126broker.

127 (e) Retained Deposits: As consideration for Broker’s services, Broker is entitled to receive ______% (50% if

128left blank) of all deposits that Seller retains as liquidated damages for a buyer’s default in a transaction, not to

129exceed the Paragraph 8(a) fee.

1309. Cooperation with and Compensation to Other Brokers: Notice to Seller: The buyer’s broker, even if

131compensated by Seller or Broker, may represent the interests of the buyer. Broker’s office policy is to cooperate

132with all other brokers except when not in Seller’s best interest and to offer compensation in the amount of

133

 

 

 

% of the purchase price or $

 

to a single agent for the buyer;

 

% of the

 

______

_______________

______

134

purchase

price or $_______________ to a transaction broker for the buyer; and

 

 

______% of the purchase

 

 

 

price or $

 

to a broker who has no brokerage relationship with

 

buyer.

 

 

135

the

 

 

_______________

 

 

136

 

None

of the above. (If this

is checked, the Property cannot be placed in the MLS.)

 

 

13710. Brokerage Relationship: Broker will act as a transaction broker. Broker will deal honestly and fairly; will account

138for all funds; will use skill, care, and diligence in the transaction; will disclose all known facts that materially affect

139the value of the residential property which are not readily observable to the buyer; will present all offers and

140counteroffers in a timely manner unless directed otherwise in writing; and will have limited confidentiality with

141Seller unless waived in writing.

14211. Conditional Termination: At Seller’s request, Broker may agree to conditionally terminate this Agreement. If

143Broker agrees to conditional termination, Seller must sign a withdrawal agreement, reimburse Broker for all direct

144 expenses incurred in marketing the Property, and pay a cancellation fee of $____________________ plus

145applicable sales tax. Broker may void the conditional termination, and Seller will pay the fee stated in Paragraph

1468(a) less the cancellation fee if Seller transfers or contracts to transfer the Property or any interest in the Property

147during the time period from the date of conditional termination to Termination Date and Protection Period, if

148applicable.

14912. Dispute Resolution: This Agreement will be construed under Florida law. All controversies, claims, and other

150matters in question between the parties arising out of or relating to this Agreement or the breach thereof will be

151settled by first attempting mediation under the rules of the American Mediation Association or other mediator

152agreed upon by the parties. If litigation arises out of this Agreement, the prevailing party will be entitled to recover

153reasonable attorney’s fees and costs, unless the parties agree that disputes will be settled by arbitration as follows:

 

Arbitration: By initialing in the space provided, Seller

 

 

 

 

 

 

 

154

(____)

(____), Sales Associate (____), and Broker (____)

155agree that disputes not resolved by mediation will be settled by neutral binding arbitration in the county in which

156the Property is located in accordance with the rules of the American Arbitration Association or other arbitrator

157agreed upon by the parties. Each party to any arbitration (or litigation to enforce the arbitration provision of this

158Agreement or an arbitration award) will pay its own fees, costs, and expenses, including attorney’s fees, and will

159equally split the arbitrator’s fees and administrative fees of arbitration.

16013. Miscellaneous: This Agreement is binding on Seller’s and Broker’s heirs, personal representatives,

161administrators, successors, and assigns. Broker may assign this Agreement to another listing office. This

Seller (_____) (_____) and Broker/Sales Associate (_____) (_____) acknowledge receipt of a copy of this page, which is Page 3 of 4.

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© 2020 Florida Realtors®

162Agreement is the entire agreement between Seller and Broker. No prior or present agreements or representations

163will be binding on Seller or Broker unless included in this Agreement. Electronic signatures are acceptable and

164will be binding. Signatures, initials, and modifications communicated by facsimile will be considered as originals.

165The term “buyer” as used in this Agreement includes buyers, tenants, exchangors, optionees, and other categories

166of potential or actual transferees.

167 14. Additional Terms: __________________________________________________________________________

168______________________________________________________________________________________________

169______________________________________________________________________________________________

170______________________________________________________________________________________________

171______________________________________________________________________________________________

172______________________________________________________________________________________________

173______________________________________________________________________________________________

174______________________________________________________________________________________________

175______________________________________________________________________________________________

176______________________________________________________________________________________________

177______________________________________________________________________________________________

178______________________________________________________________________________________________

179______________________________________________________________________________________________

180

Seller’s Signature:

 

 

 

 

 

 

 

 

 

 

Date:

 

 

 

 

 

 

 

 

 

 

 

 

 

_______________________

181

Home Telephone:

 

 

 

 

Work Telephone:

 

 

 

 

Facsimile: ___________________

 

 

 

 

 

 

 

 

182

Address:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

183

Email Address:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

184

Seller’s Signature:

 

 

 

 

 

 

 

 

 

 

 

Date: _______________________

 

 

 

 

 

 

 

 

 

 

 

 

Home Telephone:

 

 

 

Work Telephone:

 

 

 

 

Facsimile:

 

185

 

 

 

 

 

 

___________________

186

Address:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

187

Email Address:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authorized Sales Associate or Broker:

 

 

 

 

 

 

_______________________________

Date:

 

 

188

_______________________

 

Brokerage Firm Name:

 

Telephone:

 

189

_____________________________________________

___________________

190

Address:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

191

Copy returned to Seller on

 

by

email

facsimile

mail

personal delivery.

_____________________

 

 

 

 

 

 

 

Florida REALTORS® makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as REALTOR®. REALTOR® is a registered collective membership mark which may be used only be real estate licensees who are members of the NATIONAL ASSOICATION OF REALTORS® and who subscribe to its Code of Ethics. The copyright laws of United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms.

Seller (_____) (_____) and Broker/Sales Associate (_____) (_____) acknowledge receipt of a copy of this page, which is Page 4 of 4.

ERS-18tb Rev 5/20

© 2020 Florida Realtors®
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Document Overview

Fact Name Description
Form Type Exclusive Right of Sale Listing Agreement
Parties Involved Agreement between Seller and Broker
Authority to Sell Property Seller grants Broker the exclusive right to sell the property, requiring all rights and obligations to extend through actual closing of the sales contract.
Governing Law Florida law governs the Agreement, with dispute resolution via mediation or arbitration in the county where the property is located.
Broker Obligations Broker agrees to make diligent and continued efforts to sell the Property, including marketing and placing the property in a multiple listing service (MLS) if applicable.

Instructions on How to Fill Out Florida Listing Agreement

Filling out the Florida Listing Agreement form is a crucial step towards officially putting your property on the market with the assistance of a real estate broker. This form outlines the terms under which your property will be sold, including the price, the responsibilities of the real estate broker, and the duration of the listing agreement. It is essential to read and understand each section carefully before filling it out to ensure that all the details align with your expectations and legal requirements.

  1. Start by entering the full names of the property owner(s) (referred to as "Seller") and the real estate broker or brokerage firm (referred to as "Broker") at the top of the form.
  2. Fill in the start date and the termination date of the listing agreement in the space provided. This defines the period during which the broker has the exclusive right to sell the property.
  3. Under "Description of Property," provide the street address, legal description, and details of any personal property included in the sale. If necessary, attach additional pages for a complete description.
  4. In the "Occupancy" section, indicate whether the property is currently occupied by a tenant and, if so, note the lease term expiration date.
  5. For "Price and Terms," specify the asking price, acceptable financing terms, and any particulars regarding seller financing or assumption of the existing mortgage by the buyer.
  6. List any expenses the seller agrees to pay, such as mortgage discount points or other closing costs, specifying the maximum percentage of the purchase price—or fixed dollar amount—these expenses can reach.
  7. Review the "Broker Obligations" section to understand the efforts the broker will make to sell the property and how it will be listed in the Multiple Listing Service (MLS), if applicable.
  8. In the section regarding "Broker Authority," mark any limitations on marketing the property and initial to confirm your preferences.
  9. Under "Seller Obligations," confirm your cooperation with the broker in selling the property, including making the property available for showings and providing any necessary keys or access codes.
  10. For "Compensation," detail how much the broker will be paid, including the percentage of the sale price and any other fees for services, such as options or leases.
  11. Determine how the broker will interact with and compensate other brokers who may bring potential buyers, specifying the compensation rate or choosing not to list in the MLS, if applicable.
  12. Select the nature of the brokerage relationship, which in this form is defaulted to a transaction broker relationship, and read through the obligations and limitations it entails.
  13. If a conditional termination is applicable, fill in the details regarding direct expenses, cancellation fees, and the circumstances under which conditional termination may be voided.
  14. Discuss and agree on the resolution of disputes, marking whether mediation, arbitration, or litigation will be the preferred method, and initial appropriately.
  15. Review the entire agreement for completeness and accuracy. Add any additional terms that are agreed upon but not covered in the standard sections of the form.
  16. Ensure both the seller and the authorized sales associate or broker sign and date the form, filling in contact information, and acknowledging receipt of all pages of the agreement.

Once the form is fully completed, both the seller and the broker should retain a copy for their records. It's important to remember that this agreement is legally binding once signed, and it outlines the rights and obligations of both the seller and the broker during the listing period. Careful attention to the details and terms will help ensure a smooth selling process.

Listed Questions and Answers

What is an Exclusive Right of Sale Listing Agreement in Florida?

An Exclusive Right of Sale Listing Agreement in Florida is a legal contract between a property owner (Seller) and a real estate broker. This contract gives the broker the exclusive right to sell the property on the owner’s behalf under specified terms and conditions. It outlines the obligations of both the seller and the broker, including the property details, the listing price, the duration of the agreement, and any specific conditions related to the sale.

How does this agreement benefit a seller?

This agreement benefits a seller by providing a dedicated effort from the broker to market and sell the property. Since the broker has the exclusive right to sell, they are likely to invest significant resources into advertising, staging, and showcasing the property to potential buyers. Additionally, placing the property in a multiple listing service (MLS) exposes it to a wide audience, increasing the chances of a sale.

Can the seller offer the property to anyone regardless of race, religion, or national origin?

Yes, the agreement states that the property will be offered to any person without regard to race, color, religion, sex, handicap, familial status, national origin, or any other factor protected by federal, state, or local law. It reaffirms the commitment to fair housing laws and ensures that the sale process is inclusive and non-discriminatory.

What happens if the property is sold while under the Exclusive Right of Sale Listing Agreement?

If the property is sold while under the Exclusive Right of Sale Listing Agreement, all rights and obligations of the agreement automatically extend through the date of the actual closing of the sales contract. This ensures ongoing cooperation and fulfillment of agreed-upon terms until the sale is legally finalized.

What are the broker’s obligations under this agreement?

The broker is required to make diligent and continued efforts to sell the property in accordance with the agreement, including marketing the property to the public, obtaining information on existing mortgages, providing comparative market analysis to potential buyers, and, if applicable, using a lock box system for property showings. The broker’s efforts aim to facilitate the sale in an efficient and effective manner.

What does placing the property in a Multiple Listing Service (MLS) entail?

Placing the property in a Multiple Listing Service (MLS) significantly increases its exposure to potential buyers by making the details available to a large network of real estate professionals. Unless directed otherwise in writing by the seller, the broker will enter the property into the MLS, abiding by the local MLS rules. This step is often crucial in reaching a broader audience and facilitating a quicker sale.

Are there any specific seller expenses detailed in the agreement?

Yes, the agreement outlines specific seller expenses, including the payment of mortgage discount or other closing costs, which are not to exceed a specified percentage of the purchase price. Additionally, any other expenses the seller agrees to pay in connection with the transaction are outlined, ensuring transparency and understanding of financial responsibilities.

What happens if a seller wants to terminate the agreement early?

In case a seller wishes to terminate the agreement early, a conditional termination may be requested. If the broker agrees, the seller must sign a withdrawal agreement, reimburse the broker for the direct expenses incurred in marketing the property, and possibly pay a cancellation fee. Any transfer of the property during the agreement period, including the Protection Period, may void the conditional termination and require the seller to pay the agreed-upon broker’s fee, minus the cancellation fee.

How is a dispute between the seller and broker resolved?

Disputes arising from or relating to the agreement are first attempted to be resolved through mediation under the rules of the American Mediation Association or another agreed-upon mediator. If necessary, disputes not resolved by mediation may be settled by binding arbitration in the county where the property is located, in accordance with the rules of the American Arbitration Association or another agreed-upon arbitrator. This structured approach aims to resolve conflicts efficiently and fairly, with each party responsible for their own costs.

Common mistakes

Filling out the Florida Listing Agreement form is a critical step in the process of selling a property. However, there are common mistakes that can be made during this process, which can lead to potential issues down the line. Here are seven mistakes to avoid:

  1. Not specifying the termination date: It's crucial to clearly state the beginning and ending dates of the agreement. Failing to specify a termination date can lead to confusion about the duration of the broker's exclusive right to sell the property.
  2. Incomplete property description: Skipping details in the property description, including both the street address and the legal description, can lead to ambiguities about what is being sold. Additionally, neglecting to list included personal property, such as appliances, can cause disputes later.
  3. Vague terms of sale: Listing the sale price without clear terms or leaving financing terms undefined can weaken the seller's position and create uncertainty around the conditions under which the property is being offered.
  4. Ignoring the option for broker obligations regarding marketing: Not making selections related to marketing the property, such as public marketing, internet display, and use of lock boxes, can limit the broker’s ability to effectively market the property.
  5. Omitting seller obligations: Failing to acknowledge and agree to seller obligations, such as making the property available for showings and cooperating with the broker, can hamper the selling process.
  6. Misunderstanding compensation structure: Not clearly defining the compensation, including the percentage of the sale price or specific amounts due under certain conditions, can lead to disputes about broker fees.
  7. Skipping dispute resolution clauses: Neglecting to review and understand the dispute resolution process, including mediation, arbitration, and the allocation of attorney’s fees, can leave parties unprepared in case of a disagreement.

By paying close attention to these details, sellers can avoid common pitfalls and establish a clear, effective agreement with their Florida real estate broker.

Documents used along the form

When you're dealing with a Florida Listing Agreement, it's part of a larger process of gathering and completing various documents needed for property transactions. This bundle of paperwork establishes the terms of the listing, but several other forms often come into play, each serving a crucial role in the transaction's success.

  • Property Disclosure Form: Sellers use this document to communicate any known problems or defects with the property. This might cover anything from leaks to a faulty HVAC system, ensuring the buyer is fully informed before purchase.
  • Lead-Based Paint Disclosure: For homes built before 1978, this form is required by federal law. It discloses the presence of lead-based paint, protecting buyers from potential health risks.
  • Florida Residential Sales Contract: This is the primary agreement between the buyer and seller, detailing the property's purchase price, financing conditions, and other terms of the sale.
  • HOA Disclosure: If the property is part of a homeowners' association (HOA), this form outlines the HOA's fees and any regulations, giving the buyer a clear understanding of what to expect.
  • Title Insurance Commitment: Before closing, a title company ensures the property's title is clear of liens or disputes. This commitment offers insurance against future title issues, safeguarding both buyer and seller.

Together with the Listing Agreement, these documents guide the process, ensuring clarity and protection for all parties involved. While the listing sets the stage for selling the property, these accompanying forms ensure that the transaction can proceed smoothly, with each party fully informed and their interests safeguarded.

Similar forms

The Florida Listing Agreement form is similar to other types of real estate listing agreements, like the Exclusive Agency Listing Agreement and the Open Listing Agreement, though each has its particularities regarding the relationship between the seller and the broker. One key similarity lies in the central purpose: authorizing a broker to act on behalf of a seller in the sale of property. However, the nature of the authorization and the obligations of both parties under each type of agreement can differ significantly.

Exclusive Agency Listing Agreement: Like the Exclusive Right of Sale Listing Agreement used in Florida, an Exclusive Agency Listing Agreement grants one broker the right to sell a property. However, unlike the Exclusive Right of Sale Agreement, if the property owner finds a buyer without the broker’s help under an Exclusive Agency Listing, they may not have to pay the broker's commission. This contrasts with the Exclusive Right of Sale Listing Agreement, which requires the seller to pay the broker's commission regardless of who finds the buyer. Both agreements restrict the seller from listing the property with any other brokers during the term of the agreement but vary in terms of commission obligations, highlighting the nuances of seller-broker relationships and financial responsibilities.

Open Listing Agreement: An Open Listing Agreement allows a seller to engage multiple brokers simultaneously. Unlike the Exclusive Right of Sale Listing Agreement, which provides an exclusive relationship between the seller and a single broker, an open listing gives several brokers the opportunity to sell the property, with only the successful broker earning a commission. This type of agreement offers sellers the ability to potentially reach a broader market for their property, as multiple brokers work to sell it. However, it may result in less marketing effort from brokers, given that an exclusive relationship and guarantee of a commission are absent. Understanding these differences helps sellers make informed decisions about which type of listing agreement best suits their selling objectives and desired level of involvement from a broker.

Dos and Don'ts

When you're filling out the Florida Listing Agreement form, pay close attention to these tips to ensure both compliance and accuracy throughout the process:

  • Do provide accurate property details. Complete the sections concerning the property's street address and legal description thoroughly. Attachments are your friends for giving expansive descriptions, ensuring all details related to the property and included personal property are captured.
  • Don't leave blanks unfilled. If a section doesn’t apply, consider marking it as N/A (not applicable). This demonstrates that you didn't overlook the section but evaluated its relevance to your situation.
  • Do clarify the property's occupancy status. Indicate whether the property is currently occupied by tenants and, if so, detail the lease terms remaining. This information is crucial for understanding potential occupancy issues or benefits.
  • Don't underestimate the terms of sale section. Be clear and specific about the selling price, financing terms, and any unique conditions that apply. This section guides negotiations and sets clear expectations.
  • Do diligently list all your obligations. Review and understand your responsibilities as a seller under this agreement, including cooperation with the broker and making the property accessible for showings.
  • Don't ignore the importance of disclosing material facts. Transparently disclose any known issues that could affect the property's value. Not only is this legally required, but it also fosters trust with potential buyers.
  • Do review the broker's obligations. Understand what you should expect from your broker in terms of marketing efforts, listing on the MLS, and other obligations. Also, clarify the implications of any marketing restrictions you place.
  • Don't skim over the compensation details. Ensure you fully understand the compensation structure, including the percentage of the purchase price and conditions under which the broker will be compensated.
  • Do pay close attention to the brokerage relationship. The form outlines the nature of the brokerage relationship (e.g., transaction broker), which affects the level of representation and confidentiality you receive. Ensure this aligns with your expectations.

By adhering to these guidelines, you will be better prepared to complete the Florida Listing Agreement form accurately and effectively, setting a solid foundation for the selling process of your property.

Misconceptions

The Florida Exclusive Right of Sale Listing Agreement is a document utilized in real estate transactions within the state of Florida, designed to outline the terms and conditions between a seller and a real estate broker. Despite its common usage, there are numerous misconceptions surrounding this agreement. By clarifying these misinterpretations, individuals involved in real estate transactions can ensure their interests are adequately protected and their transactions proceed smoothly.

  1. Only about selling property: While the primary function is indeed to sell property, the agreement also covers the marketing of the property, cooperation with other brokers, and outlines the obligations of both the seller and the broker throughout the selling process.

  2. Guarantees a sale: The agreement does not guarantee that the property will be sold. It outlines the efforts that the broker will undertake to sell the property but cannot ensure a sale.

  3. Limited marketing: Some may believe that signing this agreement limits the marketing of their property. In reality, it provides the broker with the authority to extensively market the property through various channels, including listing it in the Multiple Listing Service (MLS), which significantly increases its visibility.

  4. No say in the selling process: Sellers retain significant control over the selling process, including the ability to specify terms and conditions under which they are willing to sell the property.

  5. Sellers cannot reject offers: Sellers have the right to reject any offers that do not meet their expectations or the terms outlined in the listing agreement.

  6. Binds seller to a single broker: While it does grant an exclusive right to sell to one broker, this is not inherently negative. It ensures dedicated effort from the broker to sell the property and usually results in more coherent and professional marketing efforts.

  7. No need for professional advice: The agreement explicitly suggests that sellers consult with legal, tax, and other professionals regarding the sale. This is especially important for elements like seller financing which may require additional expertise.

  8. Broker fees are not negotiable: The fees payable to the broker are, in fact, negotiable. The agreement outlines the initial suggestion for compensation, but this can be discussed and altered as agreed upon by both parties.

  9. Lockboxes compromise security: While a lockbox system does allow greater access to the property, the agreement highlights measures to ensure the seller's security, advising them to secure or remove valuables.

  10. Immediate termination is simple: Termination of the agreement before its natural expiration can be more complex than assumed. Sellers may be required to enter a withdrawal agreement, possibly incur costs, or fulfill other conditions as stipulated.

Understanding these key aspects of the Florida Exclusive Right of Sale Listing Agreement can help sellers navigate the real estate selling process more effectively, ensuring their rights are preserved and their property is marketed in accordance with their best interests.

Key takeaways

When entering an exclusive agreement to sell your property in Florida, you're granting a single broker the sole rights to sell your property. This means you can't hire another broker to do the same job during the term of the agreement. It's a mutual commitment: you trust them as your sole representative, and in return, they dedicate their efforts to selling your property.

Understanding the term of your agreement is crucial. The agreement outlines a specific start date and a termination date, ensuring both parties are aware of the timeline for selling the property. If the property sells, the agreement covers the broker's rights and obligations up until the sale is completely closed.

Non-discrimination is at the core of property offerings in Florida. The agreement underscores that the property must be available to any interested buyer, regardless of race, color, religion, sex, handicap, familial status, national origin, or any other protected category. This clause reflects the commitment to fairness and equity in the housing market.

The agreement details financial aspects, including the listing price and the terms under which the property is offered. These details may include financing terms like cash, conventional loans, VA, FHA, or other specified arrangements. It’s vital to clearly understand the financial terms to ensure they align with your goals and expectations.

Marketing your property is a key broker obligation. The broker is tasked with making earnest and ongoing efforts to sell your property, including listing it on the Multiple Listing Service (MLS)—a powerful tool that increases visibility among potential buyers. The decision to list on the MLS, however, remains at your discretion.

There are aspects of control you maintain, such as opting out of public marketing efforts or choosing not to use a lockbox for property showings. These decisions should be made based on your comfort level with various selling strategies and your personal circumstances.

Seller responsibilities also encompass a range of actions, from making the property accessible for showings to providing accurate information about the property’s condition and legal status. It's important to be open and honest to facilitate a smooth selling process.

The agreement outlines the compensation to the broker, determined by either a percentage of the sale price or a fixed amount. Understanding this aspect will help you budget for the sale expenses and recognize the financial implications of the agreed terms.

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