Updated June 20, 2022
An exclusive agency listing agreement is when a seller agrees to commit to a single real estate agency to market and sell their property with the condition that, if the seller finds a buyer, the agent is not owed a commission. If the seller is contacted by another real estate agent, in accordance with most real estate commissions, the seller must refer the agent to their listing agent. This ultimately depends on what is written in the listing agreement and the laws in the State. Under an exclusive agency, the seller retains the rights to market the property themselves in order to find a buyer.
Supplemental Forms
Agency Disclosure Forms – Required in most States to be signed by the seller and attached to the listing agreement to inform the seller of their rights and the responsibilities of the agent.
Lead-Based Paint Disclosure – If the property was constructed before 1978, the seller is required to complete this one (1) page form in accordance with federal law.
Property Disclosure Statement – Often completed at the same time as the listing agreement, this gives the agent a statement of any and all defects on the premises.
Exclusive Agency vs Open Listing
Exclusive Agency – An agreement between a seller and only one (1) real estate agency.
Open Listing – An agreement between a seller and as many agencies as the seller wants.
In both cases, the seller reserves the right to sell the property and not pay a commission if they find the buyer.