What are the different listing agreements used to sell property in Florida? If you are an agent reading this, call me as you need a new Broker. If you’re thinking selling your house is easy, it’s not. Call me Chris 561.818.3858
As of August 2024 there is a new version of the “satndard” Exlcusive Right of Sale listing agreement…
Note in this there are now 3 options in regards to paying a Broker for the Buyer. 1) There a total compensation paid from the Seller to their Broker with a specified amount to be paid FROM the Broker for the Seller to a Broker for the Buyer. 2) There a compensation paid from the Seller to their Broker AND a specified amount to be paid FROM the Seller to a Broker for the Buyer. or 3) No offer of compensation to any Broker for the Buyer.
EX Rt (Exclusive Right to Sell): Participant (Listing Broker) is granted the exclusive right to earn a commission by representing the owner and bringing a buyer either through another brokerage or directly. The owner pays both the listing and selling broker fees. The owner is prohibited from selling the subject property him/herself without paying a commission to the listing broker.
Exclusive Right of Sale Listing Agreement, Transaction Broker
EX BRK (Exclusive Brokerage aka Exclusive Agency): Allows the owner to sell the subject property. Owner is unrepresented and therefore is responsible for paying the commission to only the buyer’s representative
Exclusive Brokerage Listing Agreement
EX Rt w/EX (Exclusive Right to Sell with Exceptions): Participant (Listing Broker) is granted the exclusive right to earn a commission by representing the owner and bringing a buyer either through another brokerage or directly. The owner pays both the listing and buyer’s representative commissions. The owner is prohibited from selling the subject property him/herself without paying a commission to the listing broker unless an exception is indicated in the listing agreement. The term “Exception” normally refers to the list broker allowing an individual who has expressed interest in the property “X” number of days to produce a contract directly with the owner without the owner owing a commission to the list broker.
EX BRK w/Ex (Exclusive Brokerage aka Exclusive Agency with Exceptions): Allows the owner to sell the subject property. Owner is unrepresented and therefore is responsible for paying the commission to only the buyer’s representative. Exceptions are indicated in the listing agreement. The term “Exception” normally refers to the list broker allowing an individual who has expressed interest in the property a specified number of days to produce a contract directly with the owner without the owner owing a commission to the list broker.
EX Rt w/Limit Svc (Exclusive Right to Sell with Limited Service): Participant (Listing Broker) is granted the exclusive right to earn a commission by representing the owner and bringing a buyer either through another brokerage or directly. The owner pays both the listing and selling broker fees. The owner is prohibited from selling the subject property his/herself without paying a commission to the listing broker. The limitations of service are defined in the listing Agreement.
Limited Service Listing Agreement
EX BRK w/Limit Svc (Exclusive Brokerage aka Exclusive Agency with Limited Service): Allows the owner to sell the subject property. Owner is unrepresented and therefore is responsible for paying the commission to only the buyer’s representative. Limitations of Service are defined in the listing agreement.
The exclusive Right of Sale at a Transactional Broker is by far the most widely used listing agreement. Basically it states that if the property is sold by anyone during the term of the listing agreement then a commission is due to the listing brokerage. If it sells to a party after the agreement has expired but within the ‘Protection Period’ then a commission is due to the listing brokerage.
Exclusive Right of Sale with Exclusions – Same as above HOWEVER, there are parties excluded from the agreement. So let’s say an owner is speaking to a neighbor about buying the property but they want to list it while the neighbor is ‘thinking about it.’ This same basic agreement is the one to use BUT in the additional terms section certain people are excluded.
Similar to the Exclusive Right of Sale again HOWEVER in this instance the brokerage and Seller agree to a set of limited services. The broker enters the data into the MLS but typically all the data collection (pictures, room sizes etc.) and interaction with the Buyer and their agent is done by the Seller. The Owner will take pictures, provide data for the MLS input by the Broker, schedule and show the property, negotiate directly with the cooperating agent and see the sale through to a close.
This is similar to an exclusive right to sell EXCEPT the listing agreement only applies IF there is a cooperating agent who sells the property. The Owner is free to advertise it and attempt to sell it on their own and should they be successful they would not pay a commission.
Exclusive Brokerage with Limited Services – Again, similar to the Exclusive Brokerage BUT the Broker and Seller agree to a limited form of services from the Broker.
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