Language of Real Estate Uncategorized

Exclusive right to sell vs. Exclusive agency

Exclusive right to sell vs. Exclusive agency

The exclusive right to sell gives the broker a commission no matter who sells the property (the owner or the brokers), whereas under an exclusive agency, no commission is due if the seller finds the buyer.

Exclusive agency — A written listing agreement giving a sole agent the right to sell a property for a specified time, but reserving to the owner the right to sell the property himself without owing a commission. The exclusive agent is entitled to a commission if he or she personally sells the property or if it is sold by anyone other than the seller. It is exclusive in the sense the property is listed with only one broker. The multiple-listing service must accept exclusive-agency listings submitted by participating brokers.

Exclusive right to sell — A written listing agreement appointing a broker the exclusive agent for the sale of property for a specified period of time. The listing broker is entitled to a commission if the property is sold by the owner, by the broker or by anyone else. The phrase “right to sell” really means the right to find a buyer; it does not mean that the agent has a power of attorney from the owner to sell the property. Unless the contract clearly states it is an exclusive right or authorization to sell, most courts will treat it as being a mere exclusive-agency listing.
https://www.realtown.com/words/exclusive-right-to-sell

 

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