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Paragraph 11 of the TAR Residential Real Estate Listing Agreement: Understanding Your Rights and Obligations
When it comes to selling or buying a residential property, the importance of a well-drafted listing agreement cannot be overstated. The Texas Association of Realtors (TAR) has provided a standardized residential real estate listing agreement that serves as a comprehensive contract between the seller and the listing broker. Paragraph 11 of the TAR Residential Real Estate Listing Agreement is a crucial section that outlines the terms and conditions that govern the duration of the agreement.
What is Paragraph 11?
Paragraph 11 is titled “Duration” and specifies the length of the listing agreement. The duration of the agreement is the period during which the listing broker has the exclusive right to market and sell the listed property. This section also details the terms for extending or renewing the agreement if the property remains unsold after the initial listing period. Additionally, this paragraph outlines the terms for terminating the agreement before its expiration.
Duration of the Listing Agreement
In most cases, the listing agreement is valid for a specific period, usually 90 days, although this can vary depending on the agreement between the seller and the listing broker. Paragraph 11 outlines the start and end date of the listing agreement, and the time frame during which the listing broker has the right to market and sell the property.
Extensions and Renewals
If the property remains unsold after the initial listing period, Paragraph 11 allows for an extension or renewal of the agreement. The terms and conditions for extending or renewing the agreement should be agreed upon between the seller and the listing broker before the initial agreement expires. The seller may choose to extend the agreement for a certain period or renew it for a new period, usually with a new listing price and marketing strategy.
Termination of the Listing Agreement
Paragraph 11 also outlines the circumstances under which the listing agreement can be terminated before its expiration. If the seller decides to terminate the agreement for any reason, they must provide written notice to the listing broker. However, if the property is sold during the listing period, the agreement is automatically terminated.
Conclusion
Paragraph 11 of the TAR Residential Real Estate Listing Agreement plays a critical role in determining the duration and terms of the agreement between the seller and the listing broker. Understanding this section is essential for sellers to know their rights and obligations concerning the duration of the agreement, extensions and renewals, and termination. A seasoned real estate agent can help a seller navigate this section of the listing agreement and ensure that their interests are adequately protected.