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.