In an exclusive agency listing, a seller may sell without being liable for paying a commission.

It is not a purchase agreement or a lien. The state recording laws do not permit the listing to be recorded by anyone.

Exclusive Agency Listing: A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker if the property is sold through the efforts of any real estate broker.

Exclusive Agency Listing: In an exclusive agency listing, the homeowner allows one real estate agent or broker to try to sell the home. However, similar to an open listing, you have the right to find a buyer on your own.

An exclusive listing is a type of real estate listing agreement in which one broker is appointed as the seller’s sole agent. In an exclusive agency listing, the seller retains the right to sell the property, with no obligation to the broker.

Commonly, in exclusive contracts, there is a pre-set period (2-6 months, often) where the agreement expires on its own. If your house isn’t sold yet, you can opt for a different agent without penalty. Death, insanity, and bankruptcy of either broker or seller can terminate a listing agreement almost automatically.

Definitions of Open Listing & Exclusive Listing An exclusive listing is when a landlord or seller chooses only one agent to list their property (or properties). An open listing is when a landlord or seller has given permission for more than one broker to advertise a property.

A sole agency is still only using one agent, but if you find a buyer yourself you don’t have to pay commission to the estate agent. If you appoint more than two estate agents on a ‘multiple agency’ basis, only the estate agent who sells the property will be entitled to the commission.

Joint Agency This type of agreement allows you to use two estate agents to sell your property. Once your sale is complete, your agents will split your commission fee. Generally this type of agreement is only effective if you choose agencies with different ways of attracting buyers.

If you’re looking to cancel either your listing agreement or your exclusive buyer-broker agreement, refer to the terms of the contract. Termination details should be spelled out and may require payment or commission.

When a contract is signed by a client (the seller) during a visit by the agent to their home, at their work place, away from the agent’s premises or online, then they must be given a right to cancel that contract within 14 calendar days of signing. The client should be given a ‘Notice of Right to Cancel’.