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LISTING, CANCELLATION BY AGENT: 11/11/22: Send him another email with the sold change form and tell him if it's not signed and returned to you by 4:30pm today that your broker is going to cancel the listing for cause, today no later than 5pm. If he doesn't sign, copy this language onto the missing paperwork form and then 1) cancel in MLS, 2) submit cancelled Plano and missing pw form to your HomeSmart File, 3) we will cancel the HS file, 4) Send a copy of the cancelled plano to the seller via email and tell him the listing is cancelled and any further communication from him should be directed to me. Language for missing pw form: “Owner/Seller has failed to cooperate and communicate with listing agent/brokerage in a professional, courteous and non-threatening manner and has been verbally abusive. Therefore, after receiving no response from the seller to agents request to mutually cancel this listing by signing the sold/change form, listing agent elects to immediately and unilaterally cancel this listing agreement for stated cause as outlined in the AAR listing agreements, section 7, Cancellation. Reviewed and approved by HomeSmart Managing Broker Jeff Tallman. LISTING CANCELLATION FEE: Seller(s) and Listing Agent mutually agree to immediately cancel the listing agreement for the above noted property which was entered into on xx/xx/xxxx. Seller(s) further agree to pay a listing cancellation fee in the amount of $X made payable to HomeSmart upon execution of this agreement. Seller will be relieved of any further obligation to both the listing agent and HomeSmart. Listing status to be changed in ARMLS from ACTIVE to Cancelled. Payment to be received by HomeSmart within 72 hours of execution of this agreement. Cancellation terms to remain confidential.
LISTING, CANCELLATION FEE: (1/22/2021, darynhutton) I talked with our commission dept manager on the best way to handle this, you can prepare the mutual cancellation agreement including the cancellation fee on the Listing Contract Addendum which is located on both zipForms and TransactionDesk. Once you have that signed you can forward along with the payment to our closing dept and they will process to you as misc income. See the following language: ROUGH LANGUAGE, EDIT TO YOUR NEEDS: Seller and Listing Agent mutually agree to immediately cancel this listing agreement which was entered into on xx/xx/xxxx. Seller agrees to pay listing agent a cancellation fee in the amount of $X which is the amount that was agreed to in the original listing agreement. Seller is relieved of any further obligation to both the listing agent and HomeSmart. Cancellation terms to remain confidential. Payment to be received by HomeSmart within 72 hours of execution of this agreement. The above is for informational purposes only and is not intended as definitive legal or tax advice. You should not act upon this information without seeking independent legal counsel. If you desire legal, tax or other professional advice, please contact your attorney, tax advisor or other professional consultant. Reprinted with permission. Copyright 2007, all rights reserved. CO=LIST: Q: I met with an agent in another company who is doing some leading edge marketing for luxury properties. I want to work with him on a few deals but don’t want to leave Home Smart. LISTING, COMING SOON: Language in ER: “Seller authorizes coming soon advertising and marketing.” “From xx/xx/xxxx to xx/xx/xxxx, a yard sign will be installed at the property with a “COMING SOON” rider. Property will be entered in the MLS as ACTIVE on xx/xx/xxxx.” Q: Are there any time restrictions on how long you can have a sign up with a coming soon rider? A: Hi X, There is not an exact amount of time, a few weeks would be acceptable, a few months would not. OR “Owner to notify listing agent when to list property in the MLS and gives permission to instll a “Coming Soon” sign befoe home is listed in the MLS. LISTING, COMMISSION RESTRICTION ON LEASE LISTINGS: Broker note, per Jane Dutra: As of June 24th, 2014 ARMLS rules do not allow Agents to put conditions on the lease commission. You are obligated to pay the co-broker on the gross % of the full lease term regardless of it's length. You may want to consider a flat fee. Please remove the remarks in the MLS which are in violation of the new rule and upload a copy of the plano once revised. Contact a broker if you have any questions. Thanks. See MLS Rule 12.1. COOPERATIVE COMPENSATION SPECIFIED ON EACH LISTING. Compensation amounts that are not based on the gross sales/lease price (e. g., compensation is based on the base price of a new home) must be shown as a fixed dollar (non-zero) amount. Such offers of compensation are unconditional except that entitlement to compensation is determined by the Cooperating Participant’s performance as the procuring cause of a successful transaction. LISTING AGENT CREDIT SELLER AT COE OF REPLACEMENT HOME “Upon successful close of escrow, Listing Agent agrees to credit seller x% of the final sales price for this listing located at 123 Main Street. Credit will occur upon successful COE of sellers purchase of "replacement" property where sellers will be acting in the capacity of "buyers." Credit will be applied toward buyer closing costs or subtracted from sales price at successful COE of buyers replacement property, as allowed by lender.” or “Agent will credit clients with x% or x$ toward their closing costs in the purchase of their next property, with Agent acting in capacity of SA, after the success COE of this property.” LISTING: DATES FOR NON-MLS LISTINGS: Q: I have a client that wants to list a house in January. They want to sign listing docs now. I seem to remember there’s a rule that you must enter a listing in the MLS within 48 hours. Is there a way to have docs signed now without it going on the MLS? I don’t want days on market to start either. A: Hi X, You should write on page six of the ER Listing Agreement that "This listing not to be entered into MLS until further notified by seller" or something similar (could even be a future date, ie, not entered into MLS until 2/1/2019). It does need to be entered into MLS within two days unless it is a non-MLS listing (we call that an off-market listing). When you do enter the listing into the MLS at some future time, use whatever date that is as your listing date (MLS doesn't need to know that you have been an off market listing prior to entering into MLS). LISTING: DEADLINES & RULES: ARMLS http://armls.com/listing-deadlines LISTING, DECEASED, ONE PARTY ON TITLE I DECEASED: LANGUAGE FOR LISTING AND PURCHASE CONTRACT: “The parties acknowledge that second owner listed on the tax records is deceased. Title will be corrected in escrow.” LISTING, DELAYED LISTING: Q: This may seem a silly question, but not sure about Delayed listing rules. I have a Delayed listing on the MLS right now, scheduled to go active August 1st. A buyer took a look at the home prior to me entering into the MLS and has now made an offer. If we accept, do I just change the active date to the date we go under contract, then change the status again to UCB? A: I talked to the folks at ARMLS, you are correct. Put the listing back to ACTIVE and then make the change to UCB or PEND.
LISTING: DEED ISSUE: Q: Old girlfriend is on deed. What now? I have a seller that wants to list his home today. His old girlfriend is on the deed and mortgage. She is out of the picture and he has been making all the house payments. He/seller is more then willing to give her have of the proceeds at close of escrow. My question is, can I list the home with just his signature? A: You need to have both parties sign the listing agreement. Or, they can execute a quit claim deed whereby she relinquishes any rights she may have and then you could only require his signature. He should have in writing from her how everything will be worked out prior to a potential sale to make sure that they don't have a major issue right before closing! LISTING, DESIGNATE SIGNER: “The signer and Personal Representative for this listing and sale shall be xxx.” LISTING, DIVORCE PROCEEDS LANGUAGE (OR BOYFRIEND/GIRLFRIEND SPLITTING UP): ABC and XYZ agree to these terms: $X from sale to ABC to cover original purchase price of property, including mandatory repayment of mortgage balance and 401K loans. Equity, after consideration of closing costs, to be divided evenly between the parties, ie, 50% to ABC, 50 to XYZ. LISTING: EARNEST MONEY SPLIT WITH SELLER IF SALE TRANSACTION CANCELS: WRITE ON PAGE 6 OF ER: In the event any Earnest Money is forfeited to seller, it will be distributed in equal parts between listing agent and seller. See line #126-128 of the Exclusive Right to sell Listing Agreement. OR “In the event any Earnest Money is forfeited to seller, it will be split equally between Listing Agent and Seller. LISTING: EXCLUSIVE RIGHT TO SELL, ER: LINE #275: “Please "uncheck" either the first or third box on line 275 of the Exclusive Right to Sell. This is the Owner's instructions to you on how they would like subsequent offers dealt with. You will either accept backup offers, or withhold all offers once an offer is accepted.” LISTING, EQUITABLE POSITION: Also see Agent, Equitable Position: Listing Agent holds an equity position and is a member/manager of the selling entity. Co-listing agent also holds an equity position in the selling entity.” LISTING, EXCLUSION: Seller instructs Broker to not allow access or property viewings from next door neighbor (real estate agent Sara Dumond) along with her family members due to an on-going conflict between parties. Seller also instructs Broker to refrain from communicating information about the home to that agent and her family members. LISTING EXCLUSION: Hi Liz, here is the language for the agent exclusion: “Seller instructs listing agent that John Doe with XYZ Real Estate Co is not allowed to "show" or "preview" or have access to the property for any reason during this listing agreement.” (In Private Remarks) “Please call listing agent for showing appointments and exclusions.” Q: I have an upcoming listing in Casa Grande where the property owner asked if they are allowed to omit a particular broker from showing/selling the property or if they can require that brokerage to be appointment only with listing agent or seller present (it is a vacant listing in Casa Grande) when they don't require that of other brokers. They are concerned about fair housing I believe. The brokerage is one that had the property management for the last several years and the sellers feel were negligent in their responsibilities. A: You are allowed to exclude parties from seeing the property. That would not be a fair housing violation, unless of course there was a fair housing component to your exclusion which I'm sure there isn't, right...? Here is sample language for the additional terms page of the Listing Agreement: LISTING EXCLUSION: Agent/brokerage exclusion: “Seller instructs listing agent that John Doe with XYZ Real Estate Co is not allowed to "show" or "preview" or have access to the property for any reason during this listing agreement.” In the private remarks section you should state "Please contact Listing Agent for exclusions." Please let me know if you have any questions...this is not common but does happen from time to time. LISTING DATE, EXPIRATION AND REQUESTING EXPIRATION DATES FROM M LISTING AGENTS: This is a tough way to do business, but you may ask and if Listing Agents does not disclose, you may approach the seller directly. Article 16, SOP 16-4.
LISTING: EXCLUSIVE ONE PARTY LISTING: “This Listing Agreement is exclusive and specific to buyer XYZ and her real estate agent to which the X% cooperative commission is being offered. Seller and HomeSmart agree that home will not be advertised publicly, but will be entered into the MLS at closing so that price and details can be used for market data.”
LISTING, EXCLUSIONS OR ONE PARTY LISTING: “Draperies in BR #1 not included. Chandelier in hall and dining room to be excluded from sale. Seller agrees to credit buyer $250 each for replacement chandeliers at successful COE.” OR “Furniture available by separate bill of sale outside of escrow.” “This is a one party non-MLS listing. Named party is xxx. If xxx does not complete the purchase, this listing agreement will automatically be cancelled. Or “This listing agreement is for a purchase by xyz only (current tenant?). If xyz does not complete the purchase, this listing agreement will automatically be cancelled: or “ The following parties are hereby excluded from this Exclusive Listing Agreement: x, y, z. Or “This is a one party non-MLS listing agreement. Named party is xyz. If this transaction fails to close for any reason, this listing agreement shall be deemed cancelled.” Q: Do we (or ARMLS, or AAONLINE, or ???) have forms for a one party listing agreement? I may have a seller and a buyer for a certain property and if I can use this form, it may work out. A: Hi XYZ, No we don't and I'm not familiar with anywhere there is one. I would just use the regular ER, and write some language on page 5 stating that “this listing only applies to the transaction where the home is being sold to John Doe. In the event John Doe does not elect to complete the purchase, this listing shall be considered cancelled.” Something along those lines should suffice. KF LISTING, EXCULPATORY LANGUAGE, leased items, sewer/septic, liens, sq ft, unpermitted additions. “Seller states there are no leased items on the property” (or list). X convey’s in AS-IS condition, seller will not repair.” Seller states that there are/are not cameras or video/audio survellience equipment in the home. “Seller states that the property is serviced by a sewer (or septic) system. If septic, seller agrees to execute the On-Site Wastewater Treatment Facility Addendum” as part of the AAR Residential Purchase Contract.” “Seller states that they are unaware of Clouds on Title or any type of LIEN against the property other than the primary/secondary mortgage/deed of trust.” “Seller states that the Square Footage to be used for this Listing is xxxx sq ft and is evidenced by the tax record/appraiser/builder/owner/other.” “Seller states that there are no unpermitted additions on the property (or list).” “Tax Records do not reflect the unpermitted addition.” “Seller agrees to complete the SPDS accurately and to the best of their ability.” LISTING EXPIRATION: Q: We have a listing that was due to expire on 12/14 that we now have an accepted offer on that is scheduled to close on 12/28. Do we need to extend the listing with the seller? A: No, the MLS automatically "rolls over" the listing expiration date to the close of escrow date when the listing goes under contract. However, if the escrow were to cancel, and it was past the expiration date, then it would show as expired and you would need to extend with the seller. LISTING, EXTENSION/EXPIRATION, ARMLS RULE: Q: When must the extension be signed/dated? A: Per ARMLS® rule 8.18, an extension must be signed on or before the expire date of the listing. Unfortunately, the extension documentation provided for your listing number #5842038 was signed after the expiration date of 4/30/2019 and therefore your request to extend the expiration date and return the listing to Active status has been denied. The Sold/Changed Form was signed on 5/01/2019. We just need another copy of the Sold/Change Form with the date of 4/30/2019 when it was signed. ARMLS Customer Support, 5/2/2019 LISTING FILE: Lease documents: 1) ER or EA, 2) Lease Owners Advisory, 3) MLS input form and/or sellers signature on PLANO, 4) MLS Plano, 5) READE, 6) Residential Lease Owners Property Disclosure Stmt. LISTING, LANGUAGE: ADD OR REMOVE LANGUAGE TO ER, STRIKE COMMISSION LANGUAGE, ATTORNEY CLIENT, 11/12/2020, Q: (SELLER TO AGENT) I’ve had a chance to review the rest of the listing agreement. My comment on November 9 below applies to all of Section 6. When I was a baby lawyer looking at my first real estate contract, that was one of the things I was cautioned to look for and I have consistently made that change ever since. I just don’t want a circumstance to arise (which I understand is highly unlikely) where a closing doesn’t happen but you or your broker say a commission is due. The form won’t let me make a change so I need to ask you to add it in the additional terms section. Q (AGENT Q TO BROKER) the scenerio would be buyer and seller performed, buyer’s agent and listing agent performed and seller chooses not to close. Buyer’s agent has completed his contractual role, brought a ready and willing and able buyer, the Listing Agent has completed their role and Seller decides he is not going to sell? At this point a Seller is putting himself in front of a legal freight-train…) Q: (SELLER TO AGEN) The lines I am focusing on are 86 through 88 and 125 through 128. My suggestion is to add the following language starting on line 303. “Notwithstanding any other provision of this Listing Contract, a commission is due and payable only upon the actual closing of a sale of the Premises.” Thanks! ANSWER PER RICHxLARUE: CAN DO. ADD THAT STIPULATION TO TERMS AND CONDITIONS OF ER. ADD THAT SAME LANGUAGE TO PRIVATE REMARKS IN ARMLS: “A commission is due and payable only upon the actual closing of a sale of the Premises.” (agent is lindaxleebove)
LISTING, LIMITED SERVICE LISTING: Q: There is Listing Agent Info mentioned on the MLS, however in the private remarks it states seller is NOT working with that agent. I have never seen that before and want to know if it seems legit or not. Seller seems eager to sell and shes been straight up with me that she isn't working with an agent. Also, In the purchase contract, do I need to add that listing agents info as well? A: This is called a limited service listing, they basically pay a fee to have the property listed in the MLS. You will work directly with the seller. Have the seller sign the document titled "DISCLOSURE OF BUYER AGENCY AND SELLER WAIVER AND CONFIRMATION" which is located on zipForms. All other normal transaction documents will apply. And yes, you will enter the listing brokerage info as shown in the MLS on page 10 of the pc. (Attach aaronline article if necessary) LISTING, LOWER PRICE IN INCREMENTS: “Seller hereby authorizes an MLS price reduction of $X, every 30 days beginning 30 days after the listing date. No more than X price reductions allowed, further seller approval will be required for additional price reductions.” LISTING: MULTI FAMILY LISTING, Use multi family ER and Profile...Rest is the same. LISTING, NON-MLS: “This is a non-MLS Listing.” “Seller will instruct Listing Agent when to enter property in MLS.” “Not to be entered into MLS until xx/xx/xxxx or until instructed by seller.” LISTING, OPEN DOOR LANGUAGE USED BY XCHRISTIEGIANNETTOX: 9/24/19: Line #89 to read 6%, Line #94 to read 3%. Total commission will be 0% if property is purchased by Opendoor Property Acquisitions LLC. All other terms and conditions to remain the same. LISTING, OWNER/AGENT: OWNER/AGENT: (On ER/MLS): “Seller is Owner/Agent of this property, Owner/Agent Addendum is uploaded to the MLS Documents Tab and must be attached to and included along with your offer.” LISTING PHOTOS: WHO OWNS? http://realtormag.realtor.org/daily-news/2018/04/10/two-ways-reduce-your-firm-s-liability-risk?om_rid=AAFBp8&om_mid=_Ba2PxPB9nMOrK8&om_ntype=NARWeekly LISTING PHOTOS: LANGUAGE TO REQUEST REMOVE PHOTOS: I noticed that you listed the home on 123 Main Street and used the photos from my previous listing (123456) without my permission. I reached out to to ARMLS and this is their response: Per 8.23, an agent may not use photos from another agent’s listing without them permission. If this has happened to you, you can call the listing agent and ask that they remove the photos (to save the agent from receiving a violation) or you can click on the listing and hit “Report an Error”. Be sure to also mention the MLS# from which the photos were taken. I hereby demand that you take down immediately the photos that you are using for your listing (987654). LISTING, POWER OF ATTORNEY, HOW HANDLE...?: 10/27/2020: Q: I’m about to take a listing where the daughter has Power of Attorney to sign for her mother (and the home is in the mother’s name but she is unable to sign for herself). What paperword do I need? A: Hi Doug, we don't need the actual POA when you take the listing but when you go under contract title will require a copy of that so have it available to submit to title once you have an open escrow. Also, on page six of the ER Listing Agreement write: 1) Seller agrees to deliver a copy of POA documents to title company once a contract is accepted. 2) Authorized signer for POA is John Doe. Power of Attorney: ADDENDUM: It's also prudent to have language in the contract or on an addendum whereby the parties acknowledge that the property is being sold under Power of Attorney, such as: “Seller and Buyer acknowledge and agree that Property is being sold under Power of Attorney. John Doe is acting as Attorney in Fact and is the authorized signer on behalf of the seller.”POWER OF ATTORNEY (POA): AKA Attorney in Fact or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power). The one authorized to act is the agent, attorney, or in some common law jurisdictions, the attorney-in-fact. POA ends upon death of principal. SIGNATURE EXAMPLE: If your client has power of attorney, they will sign as: Mike R Jones, Power of Attorney or Mike R Jones, POA. LISTING, PROBATE: Q: We have a probate listing that went on the market yesterday. We currently have 10 offers and the sellers have picked on that they would like to accept. We want to make sure that the probate situation is clear, etc. Is there any other verbiage that we need to include to protect our seller on our counter offer? The deceased sellers sister is the PR (Personal Representative). A: You need to follow the instructions of the probate court and probate attorney as to their requirements in the purchase contract. Those are usually specific legal and contractual terms and conditions as part of the probate process and sale often outlined in an addendum provided by the court and/or attorney. Please follow the instructions they provide, we do not have generic language or the expertise to advise the seller in these scenarios. Please feel free to call the broker dept with any questions. LISTING, PROTECTION CLAUSE (AKA “TAIL CLAUSE”): The protection period does not apply if the property is relisted with another brokerage, and also does not apply to cancelled listings. Also see “Acceleraton-Listing Acceleration Agreement” LISTING PROTECTION: Yes you may pursue the seller for a pocket listing or a one party listing or any type of listing you wish as long as the property is not currently and actively listed with another brokerage. The protection period does not apply if the property is relisted with another brokerage, and also does not apply to cancelled listings. LISTING, RENTAL LISTING, PURCHASE BY TENANT: Be sure to add a sale commission amount when you take a Rental Listing just in case the tenant ends up buying the property from the landlord, this will protect your commission . See ER, line #112, “Purchase By Tenant.” Also, Plus put something in the lease you write for tenant to protect you in case they end up buying the Rental Property (See Listing Language for verbiage that protects Listing Agent): “If this lease develops into a sale between the landlord and tenant, seller agrees to compensate the Sellers Agent X% of the sales price at COE.”
LISTING, RENTAL, ADD “SALE” COMMISSION TO RENTAL LISTING AGREEMENT: Q: I have a rental right now that a tenant with an agent wants to rent for a year and may want to purchase. What language would I use to protect our commission for the sale of the property if this was to transpire. Owner is all in on signing something. A: You will need to amend your listing agreement to include a commission for sale amount on line #89 and a co-broke amount on line #93 of the ER Listing Agreement along with a number (30-60-90) on line #113. Write something on the Listing Contract Addendum such as: “ER Listing Agreement: Line #89 is amended to read X% or X$. Line #93 is amended to read X% or X$. Line #113 is amended to read X days. If the tenant purchases the property during their tenancy, or within x days after its termination, the commission agreed to on line #89 and #93 of the ER Listing Agreement shall be due to the listing and selling brokers". JT
LISTING, REO: Be sure to use the HomeSmart form “property disclosure” to disclose anything material that you are aware of regarding the property. You will visit the property and look for any red flags.
LISTING, REPAIRS: Q: We have a potential Seller. After meeting with him, we found out that his home has been vacant for 3 years and is in need of some paint, flooring and a few cosmetic updates like new light fixtures and blinds. He asked if we would be able to assist him in scheduling/overseeing the work with people we know and he would pay them directly. Is that something we can help the seller with with? A: Sure you can help by making the property available, I would not authorize any repairs or make payments to the vendors. You also can not charge for those services. That crosses the line into property management and HomeSmart does not allow our agents to conduct prop mgmt activities.JS LISTING, RETAINER FEE: “$X retainer fee will be credited back to seller upon the successful close of escrow of an accepted offer for this property." LISTING: SALE/LEASE LISTING: MLS requires that you cross-reference a sale/rental listing in the MLS (Cross reference one from the other…) LISTING: SELLER PROCURED BUYER: Write on page 6: “Seller has procured buyer. Listing will not appear in MLS. No cooperating commission will be paid.” LISTING: SIGNATURES, MUST BOTH SPOUSES SIGN? Note: Both spouses will need to sign the purchase contract in order for the home to be sold. Combs Law Group: https://www.combslawgroup.com/both-spouses-signature-listing-agreement/ Q: A potential seller called me last night wanting to meet with me about listing his townhouse. He is separated from his wife. His wife started the listing process with Homie.com. Husband says he hasn't signed anything - but says he has been given "tasks" and a photographer has already been to the house. That leads me to believe that the wife may have signed a listing agreement. Just so I don't violate any rules/codes...should I tell him I can't do a listing consultation with them until I know there is no listing agreement between them and Homie.com? I spoke to him on the phone and briefly told him about my marketing plan...but no official meeting yet. A: Please see the attached article from Combs Law Group regarding signatures on the listing agreement. The listing agreement is binding if signed by one party, but there could be issues with that. The Code of Ethics also tells us that we must respect another brokerages exclusive listing, so I would not have the husband sign a separate agreement until and unless he informs you that 1) any prior listing agreement has been cancelled, and 2) you are sure both spouses are going to sign. (Get something in writing, an email will suffice). LISTING: SIGNATURES, MUST BOTH SISTERS SIGN? Q: Hi Jeff, I'm taking a listing tomorrow and the unit is owned by 2 sisters in trust. 1 sister lives out of state. Can I fly with 1 signature until it sells and title can handle all the details. The 2 sisters agree on the sale with no problems. A: Unfortunately, no, we will need both signatures on the ER. In a worst case scenario, sister #2 who lives out of state could easily refuse to sign a purchase contract and would not be bound to do so since she never signed the ER Listing Agreement. HomeSmart could then be liable if a ready, willing and able buyer had submitted a contract and found out we never had a valid listing agreement in the first place. LISTING: SOLICITATON, ANOTHER AGENT SOLICITS MY LISTING…? Q: I recently had a listing expire. 2 days later I noticed it was on the market again. That doesn't trouble me so much. What bothers me is that it was another HomeSmart agent who listed the property. The reason for this email is, I would like to ask that someone in the Broker department look into whether or not this Realtor had a met with and solicited my client while we were still under contract to sell. I have an unsettling suspicion that my client was solicited by someone within HomeSmart while they were under contract with me. I would greatly appreciate your attention and any guidance or direction you can provide regarding this matter. A: I am sorry you lost the listing and were not successful in finding a buyer while you had the property listed. Sometimes Sellers do solicit advice from other agents and just continue to reach out to find out answers - even when you are in continual discussion and communication with them. Per the Code of Ethics, Standard of Pract 16-6 "Standard of Practice 16-6 When Realtors® are contacted by the client of another Realtor® regarding the creation of an exclusive relationship to provide the same type of service, and Realtors® have not directly or indirectly initiated such discussions, they may discuss the terms upon which they might enter into a future agreement or, alternatively, may enter into an agreement which becomes effective upon expiration of any existing exclusive agreement. (Amended 1/98)" I understand it is not a good feeling but this is probably what has transpired. LISTING: STATUS, CHANGE STATUS: Q: Does HomeSmart have paperwork that I need to send To my seller with respect to the agreement to change the listing to under contract accepting back ups? A: There is no further paperwork required. Line #275 in the ER Listing agreement deals with subsequent offers and how the seller wants that handled. However, that could also be changed by using the listing contract addendum to modify whether the seller wants to accept backup offers or withhold all offers once the owner accepts a purchase contract for the premises. LISTING, TAIL CLAUSE: SEE PROTECTION CLAUSE LISTING, TERMINATE: HOW TO TERMINATE A LISTING AGREEMENT WITH A RE BROKER http://homeguides.sfgate.com/terminate-contract-real-estate-broker-3114.html http://contracts.lawyers.com/contracts-basics/reasons-to-end-or-terminate-contracts.html http://everydaylife.globalpost.com/cancelling-residential-listing-agreement-early-26933.html LISTING TRANSFER TO ANOTHER BROKERAGE: Submit transfer form to your local association. When an agent transfers to another brokerage, ARMLS requires that their listing(s) are: 1) transferred to new brokerage, 2) cancelled in ARMLS, or 3) reassigned to another agent in the original brokerage. No Exceptions! LISTING, VARIABLE: “If Listing Agent brings the buyer and represents both Seller & Buyer, or if the Seller finds the Buyer, or if the Buyer is unrepresented with no other broker involved, commission will be reduced to 4%.” OR “If listing agent acts as both sellers agent and buyers agent (dual agency) within the first xx days, the total commission will be reduced to X%. If there is no accepted offer within the first xx days of listing on the Arizona Multiple Listing Service, the listing price will be reduced to $X. OR “Total commissions shall be X% of the purchase price plus $495 payable to listing broker at close of escrow. If the listing agent finds the buyer and no other agent is involved, then the total commission shall be X%. If the owner decides to take the property off the market for any reason during the listing agreement, owner agrees to pay HomeSmart a cancellation fee of $495 in certified funds.”
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