Completing Listing Contracts In North Carolina Need To Know Info
Basics of North Carolina Listing Contracts Types of Listing Contracts in North Carolina
- An exclusive right to sell agreement is where we provide the highest level of service to the seller. It allows the agent to list the property and receive a commission for professional services performed no matter who brings the buyer to the transaction.
- In an exclusive agency agreement, only one broker lists the property. If our broker or any other broker sells the property, the listing agent/broker is owed a commission as agreed to in the agency agreement. If the seller locates the buyer, no commission is owed.
- In an open listing agreement, the seller may contract with many real estate agents to locate a buyer. Only the agent who brings in the buyer earns the commission.
Contact form for Dwain Ammons, Allen Tate NC sellers listing agent or call (828) 447-0036.
Terminating Real Estate Listing Contracts in North Carolina
There are many ways to terminate a listing contract, including:
- When the property sells and closes.
- When the stated listing term ends, even if the property has not sold.
- By mutual agreement.
- By abandonment by the listing agent.
- Through breach of duties by either the seller or the broker.
- By the seller’s request (with agreement/permission from the listing broker)
- By death or insanity of the principal.
- By dissolution of the brokerage firm.
- When the property is completely destroyed (for example, by fire or other means)
- When the property is partially destroyed rendering it not marketable.
- Through a legal intervention like a bankruptcy or property destruction.
Elements of the NC Real Estate Listing Contract
- NC Listing contracts must be written in clear and unambiguous language, and must meet the following requirements:
- Must have a definite expiration date.
- Must contain anti-discriminatory language.
- Must be signed by all the parties to the agreement.
- Must include the listing broker’s license number.
North Carolina Listing Contract Timelines
- Listing contracts should be completed prior to our agent/broker performing any activities for the seller that would create an agency relationship.
- After the listing presentation, we will go over all of the provisions in the listing contract and complete the document with the seller.
- We will provide sellers with a copy of the purchase contract to review so that sellers know what to expect when they receive an offer.
- We are required to provide a copy of the listing agreement to the sellers within three days of the document being executed.
Guidelines for Completing North Carolina Listing Contracts
- The listing contract should be legible (either typed or written in ink).
- All blank spaces should be filled in, even if it’s with “N/A” or “none.”
- Sellers may not sign an incomplete contract.
- We will use complete and precise answers on the form, and avoid abbreviations, acronyms, and technical jargon.
- Changes to the contract (additions or deletions) should be initialed and dated by both the agent and the seller.
- We may not provide any legal advice, but should recommend that sellers consult with an attorney if they have any legal questions about the contract.
- Use complete names for each seller on the contract.
- We may draft additional provisions in the “additional terms and conditions” section of the contract, but should use caution when doing so.
- A married seller’s spouse must sign the listing agreement, even if the spouse is not a recorded owner of the property being sold. In the event that married sellers have an existing prenuptial or postnuptial agreement in place, brokers should consult with an attorney to determine whose signatures are needed.
Contact form for Dwain Ammons, Allen Tate NC sellers listing agent or call (828) 447-0036.
Residential vs. Commercial Listing Agreements in North Carolina
- Brokers should be familiar with both residential and commercial listing agreements so they use the correct form for each transaction.
- While the forms contain similar language and provisions, there are some differences between the two:
- The residential listing contract contains information about personal property, seller representations that are specific to residential properties, and a warning about wire fraud.
- The commercial listing contract is shorter, contains an option for sellers to reimburse the firm for marketing expenses, and has a provision regarding intellectual property.
Contact form for Dwain Ammons, Allen Tate NC sellers listing agent or call (828) 447-0036.
It is always prudent to seek competent legal advice when proceeding to closing or attempting to terminate any contract including real estate. This article is for informational purposes only and should not be construed as legal advice.