The Land Sale Commission Agreement serves as the foundational document governing the relationship between property owners and real estate professionals in the United States. This agreement is essential when property owners seek professional assistance in selling their land or property. It clearly defines the commission structure, responsibilities, and terms of service, while ensuring compliance with federal regulations such as RESPA and state-specific real estate laws. The document protects both parties' interests by establishing clear expectations, payment terms, and service scope.
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1. Parties: Identifies the seller/property owner and the real estate broker/agent
2. Background: States the intent to sell property and engage broker services
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Authority: Establishes the broker's authority to sell and represent the property
5. Commission Structure: Details the commission rate and payment terms
6. Term of Agreement: Specifies duration and renewal conditions
7. Broker's Obligations: Lists the services to be provided by the broker
8. Seller's Obligations: Outlines the seller's responsibilities
9. Termination: States conditions for ending the agreement
1. Protection Period: Defines post-termination period where commission may still be due
2. Multiple Listing Service: Terms for MLS listing and related obligations
3. Marketing Budget: Specifies marketing costs and responsibilities allocation
4. Dual Agency: Terms and conditions for broker representing both parties in the transaction
1. Property Description Schedule: Detailed description of the property being sold including legal description and included fixtures
2. Commission Rate Schedule: Detailed breakdown of commission rates and conditions for payment
3. Marketing Plan: Detailed marketing strategy, timeline, and budget allocation
4. Required Disclosures: State-specific required disclosures and forms as mandated by law
Relevant legal definitions
Agreement
Property
Commission
Broker
Agent
Seller
Owner
Listing Period
Closing
Effective Date
Exclusive Right to Sell
Listing Price
Marketing Materials
Multiple Listing Service (MLS)
Net Sale Price
Protection Period
Purchase Agreement
Qualified Buyer
Sale
Term
Territory
Transaction
Business Day
Confidential Information
Force Majeure
Property
Commission
Broker
Agent
Seller
Owner
Listing Period
Closing
Effective Date
Exclusive Right to Sell
Listing Price
Marketing Materials
Multiple Listing Service (MLS)
Net Sale Price
Protection Period
Purchase Agreement
Qualified Buyer
Sale
Term
Territory
Transaction
Business Day
Confidential Information
Force Majeure
Clauses
Commission Structure
Agency Appointment
Exclusive Rights
Term and Duration
Property Description
Marketing Rights
Broker Obligations
Seller Obligations
Payment Terms
Protection Period
Termination
Representation and Warranties
Confidentiality
Indemnification
Assignment
Force Majeure
Governing Law
Dispute Resolution
Notices
Severability
Entire Agreement
Amendment
Multiple Listing Service
Insurance
Compliance with Laws
Agency Appointment
Exclusive Rights
Term and Duration
Property Description
Marketing Rights
Broker Obligations
Seller Obligations
Payment Terms
Protection Period
Termination
Representation and Warranties
Confidentiality
Indemnification
Assignment
Force Majeure
Governing Law
Dispute Resolution
Notices
Severability
Entire Agreement
Amendment
Multiple Listing Service
Insurance
Compliance with Laws
Relevant Industries
Relevant Teams
Relevant Roles
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