EXCLUSIVE LISTING CONTRACT - SALE

Transcription

1 Anne Arundel County Association of REALTORS EXCLUSIVE LISTING CONTRACT - SALE DATE: PROPERTY ADDRESS: OWNER: / BROKERAGE: OWNER or authorized representative of OWNER hereby grants to BROKER an exclusive right to sell the property known as ( Property ). OWNER acknowledges that Property is being conveyed (initial) IN FEE SIMPLE, or SUBJECT TO AN ANNUAL GROUND RENT, now existing, in the amount of $ payable semi-annually. 1. LISTING PRICE: The listing price of Property is $, and shall be the price advertised by BROKER. If OWNER desires to change the listing price, OWNER shall immediately inform BROKER in writing of the changed listing price, which shall thereafter be the price advertised by BROKER. 2. PROPERTY DESCRIPTION AND CONDITION: OWNER agrees to provide descriptive information regarding Property on the attached Residential Property Information form. OWNER acknowledges notice from BROKER that a Contract of Sale for single-family residential real property is subject to the requirements of Section of the Real Property Article, Annotated Code of Maryland. This Section may require OWNER to deliver to the buyer either a written statement disclosing the condition of Property or a written disclaimer statement. 3. TERM: This exclusive authority shall be effective (date) and shall continue until (date). Either party may hereafter specify an earlier date for termination by giving the other party ( ) days written notice after ( ) days from the effective date hereof, or until settlement date specified in any Contract of Sale initiated during the original term or extension of this Exclusive Listing Contract, whichever is later. 4. RETAINER FEE: BROKER acknowledges receipt of Dollars ($ ) non-refundable retainer fee, in the form of payable to BROKER, which is earned, due and payable upon signing this Exclusive Listing Contract; retainer fee shall transfer with any extension of this Exclusive Listing Contract. 5. BROKER S COMPENSATION FEE: OWNER shall pay BROKER a brokerage compensation fee (the FEE ) in the amount of ( ) % of final sales price as stated in the Contract of Sale entered into by OWNER, a flat rate commission of $ to BROKER at time of settlement, plus month(s) ground rent, if any, if during the term of this Exclusive Listing Contract or any extension thereof, BROKER, OWNER or any other party procures a Buyer to purchase or otherwise obtain title to Property at the listing price shown above or any other price agreed upon between OWNER and a buyer. This obligation of OWNER to pay compensation to BROKER shall also apply to any purchase, exchange or other conveyance of Property, within ( ) days after termination of this Exclusive Listing Contract or any extension thereof, to anyone who, with the knowledge of OWNER or BROKER or any agent thereof, made inquiry about, inspected, or negotiated to purchase, exchange, or otherwise obtain title to said Property during the term of this Contract or any extension. OWNER shall NOT be obligated to pay the compensation referred to in this paragraph if this Exclusive Listing Contract is terminated unconditionally and a subsequent valid Exclusive Listing Contract is in effect, under which another licensed real estate broker is entitled to compensation from OWNER. If a deposit made on any Contract of Sale shall be forfeited to OWNER, compensation for BROKER s services shall be ( ) % of the amount forfeited or the amount received as a settlement, but in no event to exceed an amount equal to the full compensation specified herein. EXCLUSIVE LISTING CONTRACT SALE Page 1 of 5 Revised 06/10

2 6. AUTHORITY TO COOPERATE WITH OTHER BROKERS: OWNER authorizes BROKER to cooperate with other BROKERS as (Check All That Apply) ( ) Buyers Agents ( ) Sub Agents. OWNER consents to BROKER s cooperation and fee sharing with the above checked agency, who have earned and are entitled to share in the fee, as follows: Buyers Agent ( ) % of sales price plus month(s) ground rent, Sub Agent ( ) % of sales price plus month(s) ground rent. OWNER hereby acknowledges that such cooperation by BROKER may include sharing with other brokers the Residential Property Information form provided by OWNER, assisting with preparation of offers to purchase, performing ministerial acts, making Property available for inspection by licensed real estate agents, prospective buyers and authorized appraisers and inspectors, and paying selling broker s compensation stated above to co-operating broker. OWNER authorizes BROKER to promptly report a Contract of Sale and the sale price to the MRIS in accordance with MRIS regulations. OWNER authorizes BROKER TO: (Initial one section) ( / ) disclose ( / ) not disclose to prospective buyers and/or their agents the existence of multiple offers, should such occur during the period of this Exclusive Listing Contract. SPECIAL CONDITION(S): 7. FAIR HOUSING: Property is offered without respect to race, religion, physical or mental handicap, color, sex, sexual orientation, national origin and familial or marital status, in compliance with the Civil Rights Act of 1866, the Federal Fair Housing Law of 1988, and the anti-discrimination provisions of subsequent federal laws and applicable state and local laws. 8. AGENCY DISCLOSURE: Prior to entering into this Exclusive Listing Contract, BROKER provided to OWNER the following disclosure(s) required by Maryland law: Understanding Whom Real Estate Agents Represent and Consent for Dual Agency, if applicable. Said disclosure(s) has/have been signed by OWNER and is/are attached to this Exclusive Listing Contract. 9. LEAD PAINT: OWNER acknowledges that Property, if constructed before 1978, is subject to Federal law (Title X) as to the presence of lead-based paint and/or lead-based paint hazards. OWNER represents and warrants to BROKER, it s agents and cooperating brokers/agents, intending that they rely upon such warranty and representation, that Property was constructed: (Initial one section) during or after 1978; or before 1978; or OWNER is uncertain as to date of construction. If OWNER is uncertain as to date Property was constructed, OWNER agrees that, for the purpose of the sale contemplated by this Exclusive Listing Contract, Property will be treated the same as those constructed prior to If Title X applies to Property, OWNER acknowledges receipt from BROKER of brochures titled EPA and HUD Real Estate Notification and Disclosure Rule and Protect Your Family from Lead Paint, and OWNER agrees to comply fully with the requirements as set forth in the Rule. 10. OWNER S RESPONSIBILITIES: OWNER is solely responsible for physical condition of Property and the care thereof, including, but not limited to, costs of all utilities, maintenance and repairs, the security of premises, all personal property therein and OWNER acknowledges that all necessary hazard insurance and personal injury insurance has been secured for the term of this Exclusive Listing Contract. BROKER, including BROKER s agents, subagents and employees shall have no responsibility, or liability for such matters. 11. LIENS AND MORTGAGES: OWNER represents to BROKER that OWNER is current, unless otherwise specified herein, shall remain so, is not in default on any mortgages or lines of credit secured by Property, there are no liens or judgments against Property and/or OWNER including but not limited to Federal, State or Local taxes; OWNER has not filed for bankruptcy protection and is not contemplating doing so during the term of this Exclusive Listing Contract or any extension. OWNER to check and initial any that apply: Foreclosure / Auction / Potential Short Sale / OTHER: OWNER agrees to immediately notify BROKER of any changes in the status of the aforementioned liens, mortgages, lines of credit, judgments and material facts. EXCLUSIVE LISTING CONTRACT SALE Page 2 of 5 Revised 06/10

3 12. MARKETING / MLS / INTERNET ADVERTISING: OWNER authorizes BROKER and/or assigns to photograph Property and to submit photographs, description and address of Property to MRIS within 48 hours from this date, excluding weekends and holidays, and further authorizes MRIS to store, display and publish said information in the MRIS database in accordance with MRIS regulations. The MRIS database may be licensed for use to third parties and may also be published on certain approved Internet sites that display real estate listings for sale unless Seller specifies in writing a date and time which they authorize BROKER to submit to MRIS OWNER acknowledges that BROKER is bound by the bylaws, policies and procedures, and rules and regulations governing the MRIS and the lock box system owner. BROKER is hereby granted the right to report to the MRIS for dissemination, in accordance with the MRIS rules and policies, any contract of sale and sales price (including the other terms upon which any sale of Property is made). BROKER, upon election by BROKER and in BROKER s sole and absolute discretion, is hereby authorized by OWNER to submit and market Property (including street name and house number) by and through: Property and/or Directional Signs BROKER s internet websites, licensed real estate salespersons or associates of real estate brokers Any other Internet website in accordance with applicable MRIS rules and regulations; Print media Any available MRIS Program(s) that enable participants to display aggregated MRIS active listing information on participant s websites. OWNER further consents to and authorizes BROKER, in accordance with the MRIS rules and regulations, to allow other MRIS participants and authorized users to market Property by and through the internet website of other such MRIS participants and authorized users. BROKER s responsibility to market Property is suspended upon OWNER acceptance of a written offer to purchase Property, unless otherwise agreed by BROKER. OWNER OPT OUT SELECTION: OWNER elects to have the property listing and address displayed on the Internet except as specified below: OWNER to circle choice and initial all that apply: a. / YES / NO OWNER authorizes the listed property to be displayed on the internet. OWNER acknowledges that, having selected NO, to not allow property information on Internet websites, a consumer who conducts searches for listings on the Internet will not see the corresponding information about the property in response to a search. If NO is selected skip to number 14. If YES is selected above, OWNER acknowledges certain features may be displayed on the websites of MRIS participants and licensees including unedited comments or reviews of the property (or display a hyperlink to such comments or reviews); or an automated estimate of the market value of the property (or a hyperlink to such estimate). OWNER authorizes these displays unless otherwise specified below: OWNER to circle choice and initial each: b. / YES / NO OWNER authorizes the address of the property to be displayed on the internet. c. / YES / NO OWNER authorizes the display of unedited comments or reviews of the property (or display a hyperlink to such comments or reviews) on the Internet. d. / YES / NO OWNER authorizes the display of an automated estimate of the market value of the property (or a hyperlink to such estimate) on the Internet.. During the term of this agreement, OWNER by written request to BROKER may authorize BROKER to enable or disable use of either feature as described above. BROKER agrees to transmit promptly the request to MRIS. BROKER s responsibility to market Property is suspended upon OWNER acceptance of a written offer to purchase the property, unless otherwise agreed by BROKER. EXCLUSIVE LISTING CONTRACT SALE 6 Page 3 of 5 Revised 06/10

4 13. MEDIATION OF DISPUTES: Mediation is a process by which the parties attempt to resolve a dispute or claim with the assistance of a neutral mediator who is authorized to facilitate the resolution of the dispute. The mediator has no authority to make an award, to impose a resolution of the dispute or claim upon the parties or to require the parties to continue mediation if the parties do not desire to do so. OWNER and BROKER agree that any dispute or claim arising out of this Exclusive Listing Contract during the term of this Contract shall be mediated through the Maryland Association of REALTORS, Inc. or its member local boards/associations in accordance with the established Mediation Rules and Guidelines of the Association or through such other mediator or mediation service as mutually agreed upon by OWNER and BROKER in writing. Unless otherwise agreed in writing by the parties, mediation fees, costs and expenses shall be divided and paid equally by the parties to the mediation. If either party elects to have an attorney present that party shall pay his or her own attorney s fees. OWNER and broker further agree that the obligation of OWNER and BROKER to mediate as herein provided shall apply to all disputes and claims arising whether prior to, during or within one (1) year following this exclusive listing contract or any extension. OWNER and broker agree that neither party shall initiate or commence any action in any court or before any administrative agency, without first submitting the dispute or claim to mediation as herein provided. In the event OWNER and/or BROKER shall initiate or commence any action in any court or before any administrative agency without first submitting the dispute or claim to mediation as herein provided, the party initiating or commencing such action agrees to pay all costs and expenses, including reasonable attorney fees, incurred to enforce the obligation as provided herein to first mediate the dispute or claim by any person or entity with whom or with which the party was required to mediate. The provisions of this paragraph shall survive closing and shall not be deemed extinguished by merger with the deed. 14. ATTORNEY S FEES: In the event BROKER prevails in any action at law or in equity brought against OWNER to collect all or part of the compensation as herein set forth, OWNER agrees to pay all costs incurred by BROKER in maintaining such action, including, but not limited to, reasonable attorney s fees and court costs and further agrees to pay pre-judgment interest on the unpaid balance of the compensation at the legal rate of interest as determined by the court. 15. MARYLAND NON-RESIDENT SELLER: If Property is not OWNER s principal residence and OWNER is a nonresident individual of the State of Maryland or is a non-resident entity which is not formed under the laws of the State of Maryland or qualified to do business in the State of Maryland, a withholding tax from the proceeds of sale may be required to be paid at the time of settlement to the Maryland Comptroller of the Treasury except as otherwise provided by Maryland law (Section of the Tax-Property Article, Annotated Code of Maryland). 16. TAXES: Section 1445 of the Internal Revenue Service (IRS) Code may require the settlement agent to report the gross sales price, Seller s federal tax identification number and other required information to the IRS. Seller will provide to the settlement agent such information at the time of settlement. In certain situations, the IRS requires a percentage (currently 10%) of the sales price to be withheld from the Seller s proceeds (for the payment of capital gains tax due, if any) if Seller is a foreign person for purposes of U.S. income taxation. A foreign person includes, but is not limited to, non-resident aliens, foreign corporations, foreign partnerships or foreign states. Seller represents that Seller is OR is not a foreign person for purposes of U.S. income taxation. 17. HOMEOWNERS OR CONDOMINIUM ASSOCATION: OWNER represents that the Property is part of a development which is a (initial all that apply) Homeowners Association or Condominium Association. OWNER shall obtain and be responsible for providing a valid Resale Homeowner s Association and/or Condominium Association Package. 18. PARAGRAPH HEADINGS: The Paragraph headings of this Contract are for convenience and reference only, and in no way define or limit the intent, rights or obligations of the parties. 19. ENTIRE AGREEMENT: This Exclusive Listing Contract and any addenda thereto contain the final and entire agreement between the parties, and neither they nor their agents shall be bound by any terms, conditions, statements, warranties or representations, oral or written, not herein contained. The parties to this Contract mutually agree that it is binding upon them, their heirs, executors, administrators, personal representatives, successors and, if permitted as herein provided, assigns. Once signed, the terms of this Contract can only be changed by a document executed by all parties. This Contract shall be interpreted and construed in accordance with the laws of the State of Maryland. It is further agreed that this Contract may be executed in counterparts, each of which when considered together shall constitute the original Contract. EXCLUSIVE LISTING CONTRACT SALE Page 4 of 5 Revised 06/10

5 20. ELECTRONIC DELIVERY: The parties agree that this Listing Contract shall be deemed validly executed and delivered by a party if said party executes this Contract and delivers a copy of the executed Contract to the other party by telefax or telecopier transmittal, or delivers a digital image of the executed document by transmittal. 21. ADDENDA: The Addenda marked below, which are hereby attached, are made a part of this Agreement. Anne Arundel County Required Addendum (AACAR) Understanding Whom Real Estate Agents Represent (DLLR) Consent for Dual Agency (DLLR) EPA and HUD Real Estate Notification and Disclosure Rule Pamphlet (EPA online) Protect Your Family From Lead in Your Home Pamphlet (EPA online) Residential Property Information (AACAR Form) Maryland Homeowners Association Act Notice to Buyer (MAR) Maryland Non-Resident Seller Transfer Tax Withholding Addendum (MAR) Notice to Parties Property Condition Disclosure Law (MAR) Maryland Residential Property Disclosure/Disclaimer Statement (DLLR) Financial Condition of Property Disclosure (MAR) Short Sale Addendum to Exclusive Right to Sell Residential Listing Agreement (MAR) Addendum Electronic Lockbox (AACAR Form) Condominium Resale Notice Other: 22. RECEIPT OF COPY: OWNER acknowledges receipt of a copy of this agreement at time of signing hereof. BROKER OWNER Date Broker/Duly Authorized Representative Date OWNER Date Broker Address: Owner Address: Broker Office Phone: Owner Home Phone: REALTOR Mobile Phone: Owner#1 Mobile Phone: Owner#2 Mobile Phone: REALTOR Owner#1 Owner#2 EXCLUSIVE LISTING CONTRACT SALE Page 5 of 5 Revised 06/10