Listing a property for sale is an agreement between the Listing Agent and the Seller. The Agent is appointed by the Seller to act on their behalf to find a Buyer and negotiate an agreement. When listing a property for sale, the Agent must obtain all the Seller's details and, if the property is in two or more names, then all Owners must sign the listing agreement. The Seller can terminate the listing agreement with the Agent for whatever reason before a written offer is presented to the Seller by the Listing Agent. The Seller must give seven (7) days written notice to the Agent stating the reason for termination. Also, Form U must be executed for a proper termination.
When working with a real estate agent, it is best to work with one, qualified agent. A qualified agent will be able to find you the right property based on your needs. This agent will only work for the Buyer. In this scenario, a Buyer's Agent completes FORM B and the Buyer(s) sign the agreement. The Buyer can terminate the agreement with the Agent for whatever reason. The Buyer must give seven (7) days written notice to the Agent stating the reason for termination. Also, Form U must be executed for a proper termination. Buyer's Agents can attend inspections, auctions and interact with a Listing Agent, providing it is on the appropriate FORM I - Agent to Agent Agreement.
The purchase agreement details the property, price, terms and conditions of the property intended for purchase. This is known as FORM F. It only becomes a contract if both the Buyer and the Seller have signed it. The signatures need to be witnessed and dated by the Agent.
When two agents engage to work together, Form I must be completed by both RERA certified agents. The purpose of this form it to protect the agent listings, agent clients and to ensure a professional relationship between two, qualified RERA real estate agents.
The proper way to terminate an agreement (Form A/Form B) with a real estate agent is by using Form U.
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