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Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Guidelines for Drafting an Agreement for Appointment of Broker for Selling a House
Usage:
An Agreement for Appointment of Broker for Selling a House is a legal document used when a homeowner (the "principal") wishes to engage the services of a real estate broker (the "broker") to assist in the sale of their property. This agreement outlines the terms and conditions of the broker's appointment and their responsibilities in marketing and selling the house.
Common Mistakes to Avoid:
Clear Identification: Accurately identify the principal (homeowner) and the appointed broker, providing their full legal names, addresses, and contact information.
Property Description: Clearly describe the property to be sold, including its address, legal description, and any unique features or conditions.
Broker's Commission: Specify the broker's commission percentage or fee structure, payment terms, and any circumstances under which the commission may be reduced or forfeited.
Exclusive or Non-Exclusive Agreement: Clearly state whether the agreement is exclusive (the broker has exclusive rights to sell) or non-exclusive (the principal can engage multiple brokers).
Term of Agreement: Define the agreement's duration, including the start and end dates, and any renewal or termination conditions.
Marketing and Promotion: Outline the broker's responsibilities for marketing the property, including advertising, showings, and open houses.
Listing Price: Agree on the listing price or provide a mechanism for determining it, taking into consideration market conditions and the homeowner's expectations.
Property Disclosure: Specify the homeowner's obligation to disclose any known defects or issues with the property.
Termination Clause: Include conditions for terminating the agreement, such as notice periods, breach of terms, or mutual consent.
Legal Counsel: Seek legal advice or have the agreement reviewed by an attorney experienced in real estate transactions to ensure compliance with local laws and regulations.
Property Access: Address the broker's access to the property for showings and inspections and any restrictions or security considerations.
Record Keeping: Maintain clear records of the agreement, property showings, and communications to prevent misunderstandings or disputes.
By adhering to these guidelines and avoiding common mistakes, homeowners and brokers can create an Agreement for Appointment of Broker for Selling a House that protects their interests, ensures legal compliance, and facilitates a transparent and successful property sale.