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"On the hook" with a listing agreement - part 1

If you sold or leased real estate with an agent or broker, you probably signed a listing agreement, or what is formally called an “exclusive authorization and right to sell,” or “exclusive right to represent owner for sale or lease of real property,” depending on the form used.

Just as the title implies, the property owner is giving the real estate broker the exclusive right to represent them and their property in marketing and eventual transaction. There are also less exclusive representations called an “agency authorization” and an “open listing.”

A broker representing a seller has a fiduciary duty of care, integrity, honesty, and loyalty to their client. Did you know the seller has specific responsibilities as well in their representation to the broker?

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