Updated April 22, 2024
A Delaware real estate agent listing agreement is a document completed when an agent agrees to represent a seller in a real estate transaction. The document indicates the seller’s desire to have their property listed for sale and eventually sold to a suitable buyer. Described in the agreement will be a beginning and expiration date within which the document will be effective. During this time, the agent can entertain offers from prospective buyers and negotiate a deal to get as close as possible to the seller’s asking price while satisfying their conditions for the sale. The agent will generally be granted a commission in the form of a percentage of the amount attained from the sale. Therefore, it is in the agent’s best interests to achieve the highest sales price possible.
Consumer Information Statement – A disclosure that provides important information relating to agency law in Delaware. Must be reviewed and signed by the buyer or seller for any real estate transaction involving a 1-to-4 family residence.[1]
Dual Agency – Legal in Delaware. Delaware law assumes that the buyer or seller consents to dual agency unless they indicate otherwise by initiating the appropriate area on the Consumer Information Statement (available above).[2]
Seller’s Disclosure of Real Property Condition Report – Informs buyers of material defects affecting a property. Sellers of residential properties must complete this form and make it available to buyers before signing a listing agreement. If the property is a recent construction, the seller must instead complete the New Construction disclosure statement.[3]
Search a Licensee – Examine the license information of an agent through the State license verification service.