The seller agreement outlined below is between ABC including all his heirs, assignors and executors; and XYZ, a real estate brokerage firm operating in the XXX area of XXXX state, United states. It shall be dated mm/yy/dddd and shall replace all other seller agreements, if any, currently in place between ABC and XYZ.
As required by seller agreements, all relevant parties will be defined.
1.1 ABC including all his heirs, assignors and executors shall hence forward been known as the ‘seller’.
1.2 XYZ and any persons acting on behalf of the firm shall be known as the ‘broker’.
1.3 The seller agreement relates to the sale of the premises located at the following address and shall hitherto be referred to as ‘the property’.
ABC ABC ABC
2. Purpose of Seller Agreement
The purpose of this contract as with all seller agreements is to outline the rights and privileges available to both parties during the course of selling the property. As per this agreement, the seller is employing the broker to sell the property outlined in section 1.3 on his behalf.
3. Duration of the Seller Agreement
The agreement shall commence on the date of signing and shall continue for a period of 12 months.
4. Rights and Obligations of the Broker
This section provides below the rights and obligations assigned to the broker during the course of sale of the property.
4.1 Exclusive Agent
The broker shall be the exclusive agent for sale of the property mentioned in section 1.3 of this seller agreement. No other broker or agent shall claim any right to sell the property or provide alternative seller agreements in this regard.
4.2 Judicious Performance of Duties
Upon signing of this seller agreement, the broker shall take all steps necessary to procure buyers that are ready to purchase the property at the price and terms outlined by the seller. In case market conditions do not produce such a buyer, the broker shall make his best attempt towards identifying buyers prepared to purchase the propert at the next best possible terms.
This seller agreement states that the broker shall not be responsible for failure to perform duties due to factors outside his control like a weak economic climate, act of God or natural calamity.
4.3 Rates and Brokerage Fee
As with seller agreements, the broker is entitled to a fee for sourcing a ready and willing buyer of the property. For his efforts, the broker is entitled 6% of the purchase price obtained for property, subject to the following conditions:
4.3.1 The buyer is identified and introduced by the broker.
4.3.2 The property is sold to a person introduced to it by the broker.
4.3.3 The property is sold during the period when this seller agreement is in effect.
4.4 Right to No Contest
The broker shall be free of legal action imposed by the seller unless there is proven misconduct or negligence on the part of the broker. In case a suit is filed and unsuccessful, the seller shall cover all legal expenses incurred by the broker towards the suit according to conventional practice with seller agreements.
5. Rights and Obligations of the Seller
The seller agreement details the following rights and obligations for the seller of the property contained in section 1.3
5.1 Comply with all Payment Obligations
The seller shall pay all fees due to the broker during the course of the sale of the property. The brokerage fee is outlined in section 3.3 of this seller agreement. The seller is not required to reimburse the broker for any other expenses or incidentals incurred by him. The brokerage fee shall be the sole payment liability.
5.2 Fully Cooperate with the Broker
The seller shall fully cooperate with the broker and enable him to perform his duties to best of his ability. As with seller agreements, the seller shall allow the broker to display the property to prospective buyers and not encumber the process in any way.
In case the seller comes in contact with any prospective buyers, this seller agreement requires that the seller notify the broker in this regard.
5.3 Right to No Contest
As per the seller agreement, the seller shall enjoy the right of no legal action applied by the broker unless there is an incidence of proven misbehavior or default. In the event the broker files such a case and is unsuccessful, all legal fees shall be absorbed by the broker.
This contract is fully understood by me and all my associates connected with the property.