As a real estate licensee who has no brokerage relationship with you, TOR Real Estate & its Associates owe to you the following duties: 1. Dealing honestly and fairly; 2. Disclosing all known facts that materially affect the value of real property and are not readily observable to the buyer; 3. Accounting for all funds entrusted to the licensee.
Multiple Listing Service (MLS):
1. Placing the Property in a multiple listing service (the "MLS") is beneficial to Seller because the Property will be exposed to many potential buyers. As a MLS participant, Broker is obligated to timely deliver this listing to the MLS. This listing will be promptly published in the MLS unless Seller directs Broker otherwise in writing. Seller authorizes Broker to report to the MLS the listing information and price, terms, and financing information on any resulting sale for use by authorized Board / Association members and MLS participants and subscribers unless Seller directs Broker otherwise in writing.
1. Seller may cancel this listing at any time prior to entering, or engaging in negotiations to enter, a sales contract. 2. Seller may not terminate this agreement once the Property is under contract for sale. 3. If this agreement expires while the property is under contract Seller must comply with the terms of this agreement.
1. Broker agrees to make diligent and continued efforts to sell the Property until a sales contract is pending on the Property. 2. Broker will then have 48 hours (not including weekends and holidays) after the authorized listing status change or listing update is received, to apply the changes.
1. Seller is responsibility to notify Broker in writing (or at www.listahomeforsale.com/change-or-update-a-listing) within 24 hours of all changes in the status of the Property. Example of changes that need to be reported to broker include: i. Entering into Contract; ii. Closing of Contract; iii. Terminating of Sale, iv. Change of Listing Price; v. Change of offered Cooperating broker’s commission.
2. Seller must provide Broker with copies of executed sales contracts and closing statement. State laws require that the Listing Broker retain these records.
3. Seller may not make offers of compensation to Realtors or Brokers outside of this agreement.
4. Failure to notify Broker within 24 hours of status changes, breaching this agreement, breaking state or MLS rules may result in the MLS listing being immediately canceled.
Broker and Co-Broker Compensation:
1. Broker will make an offer of compensation to all members of the MLS as indicated by the Seller and the seller’s choice of listing program. 2. Seller agrees to pay the commission offered in this listing agreement in the event the property is sold or contracted to be sold. 3. The seller retains the right to find their own buyer, not to work with a buyer’s agent, and pay no buyer’s agent commission. 4. Under the Flat Fee MLS program, the commission offered by seller will be paid to the office of the Realtor who produces the buyer (less a $200 MLS administrative which will only be charged to a selling agent). 5. Under the Direct to Buyer program, Broker will make marketing efforts that allow the seller to connect directly with a buyer. Under this program the closing commission is paid to the Broker upon closing. The initial listing fee is offered as MLS compensation. In the event the listing is withdrawn or canceled, the Broker will retain the initial listing fee. Under the Direct to Buyer, Broker will be available for transaction coordination, document preparation, legal disclosures, pricing opinions, market reports, and general guidance to help facilitate the selling process. 6. If seller elects to use the expertise of Broker for closing coordination, seller agrees that 1% of the closing commission will be paid to the listing broker for their service. Under the Virtual Broker program, Broker will be available for transaction coordination, document preparation, legal disclosures, pricing opinions, market reports, and general guidance through the sales process.
Seller Acknowledgements and understanding :
1. Seller understands that by placing their Property on the MLS, Seller is agreeing to cooperate with any Broker who is a member of the MLS. 2. Seller understands that their property will be marketed across many platforms, websites, and advertising outlets in an attempt to find a prospective buyer. Listing information and property photos will be reproduced and displayed on many outlets. 3. Seller agrees to make the Property available to MLS members at reasonable hours for showings to prospective Buyer. 4. Seller will return inquiries from buyer’s agents in a timely manner. Failure to be responsive to inquires may result in the listing being reported as unavailable or inaccurate and removed from the MLS database immediately . 5. Seller has chosen to waive Broker Representation. 6. Broker strongly recommends that the Seller seek the guidance of an attorney when selling real estate. 7. 2% of the sales price will be paid at closing for their services. TOR Real Estate will be available to facilitate closing by provide transaction guidance, contract preparation, addendums and disclosures required by banks, and other support required to help facilitate the closing of the transaction. Broker will have a has a no brokerage relationship with either the Seller or Buyer and will act in a manner to help facilitate and coordinate a successful closing between the two parties. 8. Seller accepts responsibility for complying with all Federal, State, local laws, MLS rules, and Property Disclosure requirements. 9. Seller completely relieves TOR Real Estate, LLC & its Associates from all liability.
1. This Agreement is the entire agreement between Seller and Broker No prior or present agreements or representations will be binding on Seller or Broker unless included in this Agreement. Electronic signatures are acceptable and will be binding. Signatures, initials, and modifications communicated electronically will be considered as originals.