Paragraph 11 of the TAR Residential Real Estate Listing Agreement Exclusive Right to Sell is an important section that both real estate agents and homeowners should pay attention to. This paragraph outlines the timeline for the listing to be active and how it affects the seller`s ability to work with other agents or sell the property on their own.
According to paragraph 11, the listing will be active for a specific period of time, known as the listing period. This duration is usually negotiated between the agent and the seller and can vary depending on the location and market conditions. Once the listing period is over, the agreement becomes null and void, and the agent no longer has any exclusive right to sell the property.
During the listing period, the seller typically cannot work with any other real estate agent to sell the property. This means that any interested buyers must go through the listing agent to view the property, make an offer, and negotiate the sale. However, there are some exceptions to this rule, which can be negotiated and included in the listing agreement.
The seller also cannot sell the property on their own during the listing period. This means that the seller cannot list the property themselves or work with any other parties to sell the property. If the seller does sell the property on their own, the listing agent may still be entitled to a commission, as outlined in paragraph 12 of the agreement.
It`s important to note that paragraph 11 of the listing agreement does not necessarily prevent the seller from terminating the agreement early. If the seller is not happy with the agent`s performance or wants to sell the property on their own, they can ask the agent to terminate the agreement early. However, this may result in the agent seeking compensation for their time and effort invested in marketing the property.
In summary, paragraph 11 of the TAR Residential Real Estate Listing Agreement Exclusive Right to Sell is a crucial section that both agents and sellers should understand. It outlines the duration of the listing period, restrictions on working with other agents or selling the property on their own, and the ability to terminate the agreement early. By understanding this paragraph, sellers can make informed decisions about their real estate transactions and avoid any legal issues that may arise.