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Exclusive Right To Sell Listing Contract (All Types Of Properties) Form. This is a Colorado form and can be use in Real Estate Statewide.
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Tags: Exclusive Right To Sell Listing Contract (All Types Of Properties), LC50, Colorado Statewide, Real Estate
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The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
(LC50-10-06) (Mandatory 1-07)
THIS IS A BINDING CONTRACT. THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES
SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING.
Compensation charged by real estate brokerage firms is not set by law. Such charges are established by each real estate brokerage firm.
DIFFERENT BROKERAGE RELATIONSHIPS ARE AVAILABLE WHICH INCLUDE BUYER AGENCY, SELLER AGENCY
OR TRANSACTION-BROKERAGE.
EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT
(ALL TYPES OF PROPERTIES)
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SELLER AGENCY
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TRANSACTION-BROKERAGE
Date:
1.
AGREEMENT. Seller and Brokerage Firm enter into this exclusive, irrevocable contract as of the date set forth above.
2.
BROKER AND BROKERAGE FIRM.
a. Multiple-Person Firm. If this box is checked, the individual designated by Brokerage Firm to serve as the broker of Seller and
to perform the services for Seller required by this contract is called Broker. If more than one individual is so designated, then references in
this contract to Broker shall include all persons so designated, including substitute or additional brokers. The brokerage relationship exists
only with Broker and does not extend to the employing broker, Brokerage Firm or to any other brokers employed or engaged by Brokerage
Firm who are not so designated.
b. One-Person Firm. If this box is checked, Broker is a real estate brokerage firm with only one licensed natural person.
References in this contract to Broker or Brokerage Firm mean both the licensed natural person and brokerage firm who shall serve as the
broker of Seller and perform the services for Seller required by this contract.
3.
DEFINED TERMS.
a. Seller:
b.
Brokerage Firm:
c.
Broker:
d.
Property. The Property is the following legally described real estate in the County of
, Colorado:
known as No.
,
Street Address
City
State
Zip
together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, all interest of Seller in
vacated streets and alleys adjacent thereto, except as herein excluded.
e. Sale. A Sale is the voluntary transfer or exchange of any interest in the Property or the voluntary creation of the obligation to
convey any interest in the Property, including a contract or lease. It also includes an agreement to transfer any ownership interest in an
entity which owns the Property.
f. Listing Period. The Listing Period of this contract shall begin on
, and shall continue through the earlier
. Broker shall continue to assist in the
of (1) completion of the Sale of the Property or (2)
completion of any transaction for which compensation is payable to Brokerage Firm under § 16 of this contract.
g. Applicability of Terms. A check or similar mark in a box means that such provision is applicable. The abbreviation “NA” or
the word “Deleted” means not applicable. The abbreviation “MEC” (mutual execution of this contract) means the latest date upon which
the parties have signed this contract.
4. BROKERAGE SERVICES AND DUTIES. Brokerage Firm, acting through Broker, shall provide brokerage services to Seller. The
Broker, acting as either a Transaction-Broker or a Seller’s Agent, shall perform the following Uniform Duties when working with Seller:
a. Broker shall exercise reasonable skill and care for Seller, including, but not limited to the following:
(1) Performing the terms of any written or oral agreement with Seller;
(2) Presenting all offers to and from Seller in a timely manner regardless of whether the Property is subject to a contract for
Sale;
(3) Disclosing to Seller adverse material facts actually known by Broker;
(4) Advising Seller regarding the transaction and to obtain expert advice as to material matters about which Broker knows but
the specifics of which are beyond the expertise of Broker;
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(5) Accounting in a timely manner for all money and property received; and
(6) Keeping Seller fully informed regarding the transaction.
b. Broker shall not disclose the following information without the informed consent of Seller:
(1) That Seller is willing to accept less than the asking price for the Property;
(2) What the motivating factors are for Seller to sell the Property;
(3) That Seller will agree to financing terms other than those offered;
(4) Any material information about Seller unless disclosure is required by law or failure to disclose such information would
constitute fraud or dishonest dealing; or
(5) Any facts or suspicions regarding circumstances that could psychologically impact or stigmatize the Property.
c. Seller consents to Broker’s disclosure of Seller’s confidential information to the supervising broker or designee for the purpose of
proper supervision, provided such supervising broker or designee shall not further disclose such information without consent of Seller, or
use such information to the detriment of Seller.
d. Brokerage Firm may have agreements with other sellers to market and sell their property. Broker may show alternative
properties not owned by Seller to other prospective buyers and list competing properties for sale.
e. Broker shall not be obligated to seek additional offers to purchase the Property while the Property is subject to a contract for Sale.
f. Broker has no duty to conduct an independent inspection of the Property for the benefit of a buyer and has no duty to
independently verify the accuracy or completeness of statements made by Seller or independent inspectors. Broker has no duty to conduct
an independent investigation of a buyer’s financial condition or to verify the accuracy or completeness of any statement made by a buyer.
g. Seller shall not be liable for the acts of Broker unless such acts are approved, directed or ratified by Seller.
5. ADDITIONAL DUTIES OF SELLER’S AGENT. If the Seller Agency box at the top of page 1 is checked, Broker is a limited
agent of Seller (Seller’s Agent), with the following additional duties:
a. Promoting the interests of Seller with the utmost good faith, loyalty and fidelity.
b. Seeking a price and terms that are acceptable to Seller.
c. Counseling Seller as to any material benefits or risks of a transaction that are actually known by Broker.
6.
BROKERAGE RELATIONSHIP.
a. If the Seller Agency box at the top of page 1 is checked, Broker shall represent Seller as a Seller’s Agent. If the TransactionBrokerage box at the top of page 1 is checked, Broker shall act as a Transaction-Broker.
b. In-Company Transaction – Different Brokers. When Seller and buyer in a transaction are working with different brokers,
those brokers continue to conduct themselves consistent with the brokerage relationships they have established. Seller acknowledges that
Brokerage Firm is allowed to offer and pay compensation to brokers within Brokerage Firm working with a buyer.
c. In-Company Transaction – One Broker. If Seller and buyer are both working with the same broker, Broker shall function as:
(1) SELLER’S AGENT. If the Seller Agency box at the top of page 1 is checked, the parties agree the following applies:
Check One Box Only
(a) Seller Agency. If this box is checked, Broker shall represent Seller as Seller’s Agent and shall treat the buyer as a
customer. A customer is a party to a transaction with whom Broker has no brokerage relationship. Broker shall disclose to such customer
Broker’s relationship with Seller.
(b) Seller Agency Unless Brokerage Relationship with Both. If this box is checked, Broker shall represent Seller as
Seller’s Agent and shall treat the buyer as a customer, unless Broker currently has or enters into an agency or Transaction-Brokerage
relationship with the buyer, in which case Broker shall act as a Transaction-Broker, performing the duties described in § 4 and facilitating
sales transactions without being an advocate or agent for either party.
(2) TRANSACTION-BROKER. If the Transaction-Brokerage box at the top of page 1 is checked, or in the event neither box
is checked, Broker shall work with Seller as a Transaction-Broker. If Seller and buyer are working with the same broker, Broker shall
continue to function as a Transaction-Broker.
7.
SELLER’S OBLIGATIONS TO BROKER.
a. Negotiations and Communication. Seller agrees to conduct all negotiations for the Sale of the Property only through Broker,
and to refer to Broker all communications received in any form from real estate brokers, prospective buyers, tenants or any other source
during the Listing Period of this contract.
b. No Existing Listing Agreement. Seller represents that Seller Is
Is Not currently a party to any listing agreement with any
other broker to sell the Property.
c. Ownership of Material and Consent. Seller represents that all material (including all photographs, renderings, images or other
creative items) supplied to Broker by or on behalf of Seller are owned by Seller, except as Seller has disclosed in writing to Broker. Seller
is authorized to and grants to Broker, Brokerage Firm and any multiple listing service (that Broker submits the Property to) a nonexclusive
irrevocable, royalty-free license to use such material for marketing of the Property, reporting as required and the publishing, display and
reproduction of such material, compilation and data. This license shall survive the termination of this contract.
d. Residential Foreclosure Disclosure and Consent. If the Property is residential, is in foreclosure, and Buyer will not live in the
Property for at least 1 year, the terms of the Foreclosure Protection Act (Act) may apply. Upon Seller becoming aware that the Property is
in foreclosure, Seller must notify Listing Broker of such fact. The Act requires that special provisions must be included in the Contract to
Buy and Sell Real Estate. Therefore, if the Act applies, Seller agrees, unless Seller and buyer enter into the Foreclosure Property
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Addendum concurrent with the Contract to Buy and Sell Real Estate, Broker is not obligated to prepare any contract for the sale of the
Property and Seller will employ and pay for an attorney to prepare such contract. Seller also consents that Broker is authorized to disclose
to other brokers and prospective buyers that the Property is in foreclosure. Broker
IS
IS NOT authorized to disclose in any multiple
listing service the Property is submitted to that the Property is in foreclosure.
8.
PRICE AND TERMS.
a. Price. U.S. $ ______________________________
b. Terms.
Cash
Conventional
FHA
VA
Other:
c. Loan Discount Points.
d. Buyer’s Closing Costs (FHA/VA). Seller shall pay closing costs and fees that Buyer is not allowed to pay, in an amount not to
exceed $
for only the following items: tax service and
.
in the form of
.
e. Earnest Money. Minimum amount of earnest money deposit U.S. $
f. Seller Proceeds. Seller will receive net proceeds of closing as indicated:
Cashier’s Check at Seller’s expense;
Funds Electronically Transferred (Wire Transfer) to an account specified by Seller, at
Seller’s expense; or Closing Company’s Trust Account Check.
g. Advisory-Tax Withholding. The Internal Revenue Service and the Colorado Department of Revenue may require closing
company to withhold a substantial portion of the proceeds of this Sale when Seller either (1) is a foreign person or (2) will not be a
Colorado resident after closing. Seller should inquire of Seller’s tax advisor to determine if withholding applies or if an exemption exists.
9. DEPOSITS. Brokerage Firm is authorized to accept earnest money deposits received by Broker pursuant to a proposed Sale contract.
Brokerage Firm is authorized to deliver the earnest money deposit to the closing agent, if any, at or before the closing of the Sale contract.
10. INCLUSIONS AND EXCLUSIONS.
a. Inclusions. The Purchase Price includes the following items (Inclusions):
(1) Fixtures. If attached to the Property on the date of this contract, lighting, heating, plumbing, ventilating, and air
conditioning fixtures, TV antennas, inside telephone wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems,
built-in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories), garage door openers including
remote controls; and
(2) Personal Property. If on the Property whether attached or not on the date of this contract: storm windows, storm doors,
window and porch shades, awnings, blinds, screens, window coverings, curtain rods, drapery rods, fireplace inserts, fireplace screens,
fireplace grates, heating stoves, storage sheds, and all keys. If checked, the following are included:
Water Softeners
Smoke/Fire Detectors
Security Systems
Satellite Systems (including satellite dishes); and
.
The Personal Property to be conveyed at closing shall be conveyed, by Seller, free and clear of all taxes (except personal property
taxes for the year of closing), liens and encumbrances, except
.
Conveyance shall be by bill of sale or other applicable legal instrument.
(3) Trade Fixtures. The following trade fixtures:
The Trade Fixtures to be conveyed at closing shall be conveyed, by Seller, free and clear of all taxes (except personal property taxes
for the year of closing), liens and encumbrances, except
.
Conveyance shall be by bill of sale or other applicable legal instrument.
;
(4) Parking and Storage Facilities.
Use Only
Ownership of the following parking facilities:
.
and the following storage facilities:
(5) Water Rights. The following legally described water rights:
Any water rights shall be conveyed by
deed or other applicable legal instrument. The Well Permit # is
(6) Growing Crops. The following growing crops:
b.
.
Exclusions. The following are excluded:
11. TITLE AND ENCUMBRANCES. Seller represents to Broker that title to the Property is solely in Seller’s name. Seller shall
deliver to Broker true copies of all relevant title materials, leases, improvement location certificates and surveys in Seller’s possession and
shall disclose to Broker all easements, liens and other encumbrances, if any, on the Property, of which Seller has knowledge. Seller
authorizes the holder of any obligation secured by an encumbrance on the Property to disclose to Broker the amount owing on said
deed, only that title Seller
encumbrance and the terms thereof. In case of Sale, Seller agrees to convey, by a
has in the Property. Property shall be conveyed free and clear of all taxes, except the general taxes for the year of closing.
All monetary encumbrances (such as mortgages, deeds of trust, liens, financing statements) shall be paid by Seller and released except
.
as Seller and buyer may otherwise agree. Existing monetary encumbrances are as follows:
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The Property is subject to the following leases and tenancies:
.
If the Property has been or will be subject to any governmental liens for special improvements installed at the time of signing a Sale
contract, Seller shall be responsible for payment of same, unless otherwise agreed. Brokerage Firm may terminate this contract upon
written notice to Seller that title is not satisfactory to Brokerage Firm.
12. EVIDENCE OF TITLE. Seller agrees to furnish buyer, at Seller’s expense, a current commitment and an owner’s title insurance
policy in an amount equal to the Purchase Price in the form specified in the Sale contract, or if this box is checked,
An Abstract of
Title certified to a current date.
13. ASSOCIATION ASSESSMENTS. Seller represents that the amount of the regular owners’ association assessment is currently
per
and that there are no unpaid regular or special assessments against
payable at $
the Property except the current regular assessments and except
. Seller agrees to promptly request the owners’ association to deliver to buyer before date of closing a current
statement of assessments against the Property.
,
14. POSSESSION. Possession of the Property shall be delivered to buyer as follows:
subject to leases and tenancies as described in §11.
15. MATERIAL DEFECTS, DISCLOSURES AND INSPECTION.
a. Broker’s Obligations. Colorado law requires a broker to disclose to any prospective buyer all adverse material facts actually
known by such broker including but not limited to adverse material facts pertaining to the title to the Property and the physical condition of
the Property, any material defects in the Property, and any environmental hazards affecting the Property which are required by law to be
disclosed. These types of disclosures may include such matters as structural defects, soil conditions, violations of health, zoning or
building laws, and nonconforming uses and zoning variances. Seller agrees that any buyer may have the Property and Inclusions inspected
and authorizes Broker to disclose any facts actually known by Broker about the Property.
b. Seller’s Obligations.
(1) Seller’s Property Disclosure Form. A seller is not required by law to provide a written disclosure of adverse matters
regarding the Property. However, disclosure of known material latent (not obvious) defects is required by law. Seller
Agrees
Does
Not Agree to provide a Seller’s Property Disclosure form completed to the best of Seller’s current, actual knowledge.
(2) Lead-Based Paint. Unless exempt, if the improvements on the Property include one or more residential dwellings for
which a building permit was issued prior to January 1, 1978, a completed Lead-Based Paint Disclosure (Sales) form must be signed by
Seller and the real estate licensees, and given to any potential buyer in a timely manner.
16. COMPENSATION TO BROKERAGE FIRM. Seller agrees that any Brokerage Firm compensation that is conditioned upon the
Sale of the Property shall be earned by Brokerage Firm as set forth herein without any discount or allowance for any efforts made by Seller
or by any other person in connection with the Sale of the Property.
a. Amount. In consideration of the services to be performed by Broker, Seller agrees to pay Brokerage Firm as follows:
(1) Sale Commission. (a)
% of the gross purchase price in U.S. dollars, or (b)
.
(2) Lease Commission. (a)
% of the gross rent under the lease in U.S. dollars, or (b)
.
b. When Earned. Such commission shall be earned upon the occurrence of any of the following:
(1) Any Sale of the Property within the Listing Period by Seller, by Broker or by any other person;
(2) Broker finding a buyer who is ready, willing and able to complete the transaction as specified herein by Seller; or
(3) Any Sale of the Property within
calendar days subsequent to the expiration of the Listing Period (Holdover
Period) to anyone with whom Broker negotiated and whose name was submitted, in writing, to Seller by Broker during the Listing Period
(including any extensions thereof). However, Seller shall owe no commission to Brokerage Firm under this subsection (3) if a commission
is earned by another licensed real estate brokerage firm acting pursuant to an exclusive agreement entered into during the Holdover Period.
c. When Applicable and Payable. The commission obligation shall apply to a Sale made during the Listing Period or any
extension of such original or extended term. The commission described in subsection 16a(1) shall be payable at the time of the closing of
the Sale as contemplated by subsection 16b(1) or 16b(3), or upon fulfillment of subsection 16b(2) where either the offer made by such
buyer is defeated by Seller or by the refusal or neglect of Seller to consummate the Sale as agreed upon.
d. Lease and Lease Option Commissions. If the transaction consists of a lease or a lease and right to purchase the Property, the
commission relating to the lease shall be as provided in subsection 16a(2), payable as follows:
.
e. Other Compensation.
17. LIMITATION ON THIRD-PARTY COMPENSATION. Neither Broker nor the Brokerage Firm, except as set forth in § 16, shall
accept compensation from any other person or entity in connection with the Property without the written consent of Seller. Additionally,
neither Broker nor Brokerage Firm shall assess or receive mark-ups or other compensation for services performed by any third party or
affiliated business entity unless Seller signs a separate written consent.
18. OTHER BROKERS’ ASSISTANCE, MULTIPLE LISTING SERVICE AND MARKETING. Seller has been advised by
Broker of the advantages and disadvantages of various marketing methods, the use of multiple listing services and various methods of
making the Property accessible by other brokerage firms (e.g., using lock boxes, by-appointment-only showings, etc.), and whether some
methods may limit the ability of another broker to show the Property. After having been so advised, Seller has chosen the following (check
all that apply):
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a.
b.
The Property:
Shall
Shall Not be submitted to one or more multiple listing services.
Shall
Shall Not be submitted to one or more property information exchanges.
Seller authorizes the use of electronic and all other marketing methods except:
Seller further authorizes use of the data by multiple listing services and property information exchanges, if any.
Access to the Property by other brokerage firms may be by:
Lock Box
Other instructions:
Broker shall seek assistance from, and Brokerage Firm offers compensation to, the following brokers outside of Brokerage Firm:
% of the gross sales price in U.S. dollars.
Buyer Agents:
Transaction-Brokers:
% of the gross sales price in U.S. dollars.
19. FORFEITURE OF PAYMENTS. In the event of a forfeiture of payments made by a buyer, the sums received shall be divided
between Brokerage Firm and Seller, one-half thereof to Brokerage Firm but not to exceed the Brokerage Firm compensation agreed upon
herein, and the balance to Seller. Any forfeiture of payment under this section shall not reduce any Brokerage Firm compensation under
§ 16.
20. COST OF SERVICES AND REIMBURSEMENT. Unless otherwise agreed upon in writing, Brokerage Firm shall bear all
expenses incurred by Brokerage Firm, if any, to market the Property and to compensate cooperating brokerage firms, if any. Neither
Broker nor Brokerage Firm shall obtain or order any other products or services unless Seller agrees in writing to pay for them promptly
when due (examples: surveys, radon tests, soil tests, title reports, engineering studies). Unless otherwise agreed, neither Broker nor
Brokerage Firm shall be obligated to advance funds for the benefit of Seller in order to complete a closing. Seller shall reimburse
Brokerage Firm for payments made by Brokerage Firm for such products or services authorized by Seller.
21. MAINTENANCE OF THE PROPERTY. Neither Broker nor Brokerage Firm shall be responsible for maintenance of the Property
nor shall they be liable for damage of any kind occurring to the Property, unless such damage shall be caused by their negligence or
intentional misconduct.
22. NONDISCRIMINATION. The parties agree not to discriminate unlawfully against any prospective buyer because of the race, creed,
color, sex, marital status, national origin, familial status, physical or mental handicap, religion or ancestry of such person.
23. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Seller acknowledges that Broker has
advised that this document has important legal consequences and has recommended consultation with legal and tax or other counsel before
signing this contract.
24. MEDIATION. If a dispute arises relating to this contract, prior to or after closing, and is not resolved, the parties shall first proceed
in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who helps to
resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must agree before
any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The
mediation, unless otherwise agreed, shall terminate in the event the entire dispute is not resolved within 30 calendar days of the date written
notice requesting mediation is sent by one party to the other at the party’s last known address.
25. ATTORNEY FEES. In the event of any arbitration or litigation relating to this contract, the arbitrator or court shall award to the
prevailing party all reasonable costs and expenses, including attorney and legal fees.
26. ADDITIONAL PROVISIONS.
Commission.)
(The following additional provisions have not been approved by the Colorado Real Estate
27. ATTACHMENTS. The following are a part of this contract:
28. NO OTHER PARTY OR INTENDED BENEFICIARIES. Nothing in this contract shall be deemed to inure to the benefit of any
person other than Seller, Broker and Brokerage Firm.
29. NOTICE, DELIVERY AND CHOICE OF LAW.
a. Physical Delivery. Except for the notice requesting mediation described in § 24 and except as provided in § 29b below, any
notice to the other party to this contract must be in writing, and is effective upon receipt.
b. Electronic Delivery. As an alternative to physical delivery, any signed document and written notice may be delivered in
electronic form by the following indicated methods only: Facsimile
E-mail
No Electronic Delivery. Documents with original
signatures shall be provided upon request of any party.
c. Choice of Law. This contract and all disputes arising hereunder shall be governed by and construed in accordance with the laws
of the State of Colorado that would be applicable to Colorado residents who sign a contract in this state for property located in Colorado.
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30. MODIFICATION OF THIS LISTING CONTRACT. No subsequent modification of any of the terms of this contract shall be
valid, binding upon the parties, or enforceable unless made in writing and signed by the parties.
31. COUNTERPARTS. If more than one person is named as a Seller herein, this contract may be executed by each Seller, separately,
and when so executed, such copies taken together with one executed by Broker on behalf of Brokerage Firm shall be deemed to be a full
and complete contract between the parties.
32. ENTIRE AGREEMENT. This agreement constitutes the entire contract between the parties, and any prior agreements, whether oral
or written, have been merged and integrated into this contract.
33. COPY OF CONTRACT. Seller acknowledges receipt of a copy of this contract signed by Broker, including all attachments.
Brokerage Firm authorizes Broker to execute this contract on behalf of Brokerage Firm.
Date:
Date:
Seller
Address:
Phone No.:
Email Address:
Seller
Fax No.:
Date:
Broker
Broker’s Name:
Address:
Phone No.:
Email Address:
Brokerage Firm’s Name:
Address:
Phone No.:
Email Address:
Fax No.:
Fax No.:
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