The last of the three main types of list agreements is the Open Listing Agreement. This agreement is also referred to as a non-exclusive list agreement. Here, as in the exclusive agency list agreement, the broker is only entitled to a commission if he actually sells the property. However, contrary to the exclusive agreement on the list of agencies, the Open Listing Agreement requires payment of the agent`s commission only if the agent actually sells the property. The main difference is therefore that if the agent with whom you have an open listing agreement does not sell the property, but another agent does, the contractor is not entitled to their commission, as would be the case in an exclusive agency list agreement. The next time you sell your home, you will negotiate the terms and charges as a professional. When movers negotiate a list contract, they retain part of the commission and use their own list contract on much more advantageous terms than the « standard » forms (they are not at all standard – only unilaterally) with which brokers will present you. Our form should really be checked by a lawyer before trying to use it in your condition. However, many of the ideas in this form should prove very useful when negotiating with your broker.
Minnesota law includes listing contracts in the Minnesota Statute Section 82.66. Brokers are called into status agents. That`s right, if you have a valid listing contract, the real estate agent can keep you at the commission price if there is a buyer and you refuse to sell. If you enter into a list contract, you will receive as a seller a broker bound by fiduciary obligations to work for you, to sell it at the price you have set. The realtor wants to be paid for the work they do to sell the property, so they write the contract to cover them if a deal does not occur. For example, if your listing contract says you sold the house for US$175,000 and the broker receives 6% on sale if you are presented with a buyer for $175,000 during the term of the contract and refuse to sell, the broker will say that it will receive 6% or $10,500. If you don`t pay her, her cure is to sue you. Look to see if the list contract meets all the requirements of the Minnesota Statutes Section 82.66.
Sometimes the list contract does not have all the legal requirements. If that were the case, it could be argued that it is null and void. If something is missing because the broker designed the list contract, you can also argue that the agreement must be interpreted against the author (the broker) and that it does not respect the status. All list agreements must be written and contain the following: (e) protection list. A broker or seller is responsible for proving that anyone on the protection list has shown a positive interest in the property during the period of the listing agreement, either by responding to an ad, by contacting the broker or seller concerned, or by contacting the broker or seller concerned or by physically reporting the property to the broker or seller.