exclusive agency marking agreement
EXCLUSIVE AGENCY MARKING AGREEMENT This Agreement is made as of by and between Flat Fee LLC, a Vermont limited liability company with its principal office in Burlington, Vermont (hereinafter “Flat Fee”) and Seller’ Name #1:
Seller’s Name #2:
Seller’s Name #3: The Seller’s Mailing Address is: The address of the property the Seller desires to sell is: The SPAN Number of the Property (found on tax bill) is: The Property is described as (e.g. single family, multi family, condo, land, commercial):
The Price of the Property to be sold: Seller Fee to be paid to Flat Fee (hereinafter the “Flat Fee Compensation”): $375 for 6 month listing or $500 for 12 month listing. Seller Fee to be paid to Buyer’s Agent or Cooperating Agent (hereinafter “Buyer Agent Compensation”) (at least $1 but can be any other dollar amount or percentage Seller desires): Date Listing Begins: Date Listing Ends:
(6 months or 12 months from date beginning)
The Terms of Agreement by and between Flat Fee and Seller for the marketing of the Property 1. Agency: Seller hereby engages Flat Fee to be its agent for the limited purpose of marketing the Property for sale through the submission of certain data provided by Seller to Flat Fee to the Northern New England Real Estate Network Multiple Listing System (“NNEREN MLS”). Seller agrees that Flat Fee shall be Seller’s exclusive agent for purposes of marketing the Property and that Seller is prohibited from engaging the services of another agent for the same purpose.
2. Inquiries: Flat Fee agrees to direct any and all inquiries in connection with marketing of the Property to Seller during the term of this Agreement. 3. Seller’s Cooperation: Seller agrees to cooperate with Flat Fee to best of Seller’s ability in the marketing of the Property, including but not limited to assisting Flat Fee in arranging showings of the Property and responding promptly to inquiries from Flat Fee. 4. Terms of Flat Fee’s Compensation: Seller shall pay the Flat Fee Compensation prior to Flat Fee submitting the data to the NNEREN MLS. 5. Terms of Buyer Agent and Cooperating Agent Compensation: Seller shall pay the Buyer Agent Compensation if during the term of this Agreement a buyer is procured by either an agent of a buyer or an agent acting under a cooperation agreement with Flat Fee (“Cooperating Agent) and: (a) the Property is sold or title is otherwise conveyed to a bonafide arms length third party; (b) the Seller enters into an agreement for the sale of the Property and the terms of the agreement are for a full price non-contingent sale; or (c) the Seller enters into an agreement for the sale of the Property and all contingencies contained in the agreement are satisfied; or (d) the Seller enters into an agreement for the sale of the Property during the term of this agreement, but the closing occurs after the expiration of the Agreement and this Agreement is not extended by the parties hereto. Seller agrees to indemnify and hold Flat Fee harmless against any and all claims asserted by buyer’s agents and/or cooperating agents on account of the submission of the Buyer Agent Compensation to the NNEREN MLS. 6. Flat Fee’s Agency Duties: Seller acknowledges that Flat Fee’s duties are limited under this Agreement. Flat Fee’s duties are limited to submitting the data provided by Seller to the NNEREN MLS. Flat Fee has no other duties than to maintain its account with the NNEREN MLS and to continue to maintain Seller’s information in the NNEREN MLS database until the earliest of the following: (a) The sale of the Property; (b) The expiration of this Agreement; (c) The Seller’s voluntary termination of this Agreement; (d) Termination for cause by Flat Fee of this Agreement; 7. Flat Fee’s Authority: Seller hereby grants Flat Fee the authority to provide Seller’s contact information to any party inquiring into the Property. Flat Fee has the authority to perform all reasonable duties in connection with the maintenance of the Seller’s listing in the NNEREN MLS, including but not limited to taking such action as is necessary to ensure compliance with Bylaws and Rules and Regulations of the NNEREN MLS. 9. Seller’s Responsibilities: Seller has the following responsibilities under this Agreement: (a) Seller shall submit a completed MLS Listing Data Sheet (see Flat Fee’s website) (b) Seller agrees to provide such additional information as is needed in order to maintain the listing under the NNEREN MLS requirements, Rules and Bylaws. (c) Seller shall submit at least one (1) digital exterior photograph of the Property, including the building if one is located on the Property. (d) Seller shall review the listing after it is published in the NNEREN MLS to confirm its accuracy.
(e) Seller shall within one (1) business day of Seller executing a contract for the sale of the Property email notification to [email protected]. (f) Seller shall within (1) business day of Seller conveying title to the buyer email notification of the sale to [email protected]. (g) Seller shall abide by all of the NNEREN MLS Rules, Bylaws and requirements. Seller shall indemnify and hold Flat Fee harmless if Seller’s failure to meet Seller’s responsibilities results in Flat Fee incurring a penalty from the NNEREN MLS, including but not limited to fines or suspension of Flat Fee’s membership in the NNEREN MLS. 10. Cooperating Agreements: In the event Flat Fee enters into a cooperation agreement with other licensed real estate salespersons or brokers, Seller acknowledges and understands that some of these agreements will be with agents of other buyers and some of these agreements will be with agents acting as subagents of Flat Fee. Seller further understands and agrees that these relationships are governed by the terms of the cooperating agreements. The most common cooperating agreement is governed by the NNEREN MLS. This cooperating agreement allows for licensed real estate salespersons and brokers to be compensated without the need for either the Seller or Flat Fee to execute a separate agreement with each licensed party in the State of Vermont. By stating in this Agreement that Seller shall offer the Buyer Agent Compensation, Seller gives Flat Fee permission to include the Buyer Agent Compensation as the amount of compensation in its cooperating agreements. Flat Fee shall not include a greater amount in its cooperating agreement unless agreed to by the Seller in writing. Seller understands and agrees to be subject to the terms of cooperating agreements, including but not limited to the Northern New England Real Estate Networks rules, which can be found at NNEREN.com. 11. Potential Conflict with Flat Fee’s Buyers: The State of Vermont Real Estate Commission Rules prohibit licensed real estate agents to represent both a buyer and seller in the same transaction (so called “Dual Agency”). Seller acknowledges and understands that Flat Fee has several agents working for it simultaneously and that Flat Fee may be representing prospective buyers of property as the agent of the buyer. Seller agrees that Flat Fee may continue representing prospective buyers of property and may enter into new buyer agency agreements during the term of this Agreement. 12. Limited Agency: Although Seller agrees that Flat Fee may continue acting as buyer agents under #11 above, there may be an occasion where a prospective buyer client of Flat Fee develops an interest in the Property. In the event a buyer client of Flat Fee develops an interest in the Property and Seller and Flat Fee’s buyer client desire to participate in the same real estate transaction, then the State of Vermont Real Estate Commission Rules allow Flat Fee to continue as the “Limited Agent” in the transaction so long as both parties consent in writing signed by both parties. The Real Estate Commission Rules state that prior to consenting Flat Fee must disclose the following: (a) Seller may refuse consent and have each party represented by their own agent; (b) Seller is surrendering its right to undivided loyalty from Flat Fee. However, Flat Fee must continue to advance Seller’s interest so long as it does not conflict with the buyer’s interest and Flat Fee must act impartially.
(c) Seller is surrendering its right to absolute confidentiality. However, Flat Fee may not disclose any information provided to it by the Seller that would likely weaken the Seller’s bargaining position if it were known. (d) Flat Fee may not withhold information the Seller provides if it would be deemed a material misrepresentation under the law to withhold it. 13. Mandatory Consumer Disclosure: Seller acknowledges receiving, reading and understanding the State of Vermont Mandatory Consumer Disclosure. 14. Contract Deposits: The State of Vermont Real Estate Commission Rules require all deposits made in connection with a purchase and sale contract between a buyer and seller that are to be held by a licensed real estate brokerage firm must be placed in the firm’s Trust Account. In the event that the interest on the deposit is reasonably expected to exceed One Hundred and 00/100 Dollars ($100.00) then the deposit must be moved to a separate interest bearing account. In the event the interest on the deposit is reasonably expected to be less than One Hundred and 00/100 Dollars ($100.00) then the deposit will remain in the Trust account. Seller agrees that any deposit which the interest is reasonably expected to be less than One Hundred and 00/100 Dollars ($100.00) shall be remitted to the Vermont Housing Finance Agency to benefit affordable housing in Vermont. 15. Non Discrimination in Marketing: Seller agrees that Flat Fee is prohibited by law from discriminating in the marketing of the Property. Flat Fee’s marketing shall not discriminate against any person on the basis of their race, sex, religion, marital status or familial status. 16. Flat Fee’s Limited Role: Seller understands and acknowledges that Flat Fee has no responsibility with respect to the following: (a) Advertising or marketing the Property other than submitting the listing data to the NNEREN MLS and maintaining that listing; (b) Inspecting the physical condition or nature of the Property; (c) Reviewing the deed or other title documents regarding the Property; (d) Reviewing the market data for a price analysis or recommending a sales price (e) Presenting offers from buyers or other agents; (f) Reviewing any offer submitted to the Seller; (g) Delivering any information regarding the Property to prospective buyers or real estate agents other than the Seller’s contact information; (h) Holding of any contract deposits or acting as escrow agent in connection with any transaction; (i) Attending the closing or even being involved in any matter relating to the closing, including but not limited to providing information to the closing agent; 17. Disclosure by Seller of Material Facts: Seller warrants and represents that to best of Seller’s knowledge it has disclosed all material facts concerning the Property to Flat Fee, including but not limited to any fact that may significantly diminish the value of the Property. The Seller further warrants and represents that to the best of its knowledge Seller has “marketable title” to the Property and there are no defects in Seller’s chain of title that could impair the use or marketability of the Property or future value of the Property. Seller further warrants and represents to the best of its knowledge, the Property contains
no known health hazards or safety hazards. Seller agrees to hold Flat Fee harmless for any breach of this provision or for any information provided by Seller to Flat Fee that results in Flat Fee providing incorrect information to a third party. 18. Lead Paint Requirements: Seller understands that if the Property is a residential structure built prior to 1978 that the law requires the Seller to make a disclosure regarding the Seller’s knowledge of the existence of lead based paint and that Seller must provide prospective buyers with any reports (results of inspections, etc..) that Seller may have regarding the same. If the Property is a rental residential structure, Seller shall be required to complete any forms and disclosures regarding the same, including but not limited to an EMP verification. 19. Signs: Seller understands and agrees that the NNEREN MLS rules prohibit any lawn signs other than those of the listing firm. Seller agrees that it shall maintain only a Flat Fee For Sale Sign and no other on the Property. Seller further agrees to follow any and all Federal laws, State laws, local ordinances and private land use covenants governing the placing of signs upon the Property 20. Counsel: Flat Fee strongly recommends that Seller engage the services of a licensed attorney in the State of Vermont to assist in the sale of the Property. The statutes and common law in Vermont relative to selling property can be complex. Furthermore, the signing of contracts creates legal obligations and so Flat Fee recommends that Seller have an attorney review all documents and contracts prior to signing. 21. Limitation of Liability: Seller agrees that Flat Fee’s liability under this Agreement shall be limited to the Flat Fee Compensation. 22. Counterparts: The parties hereto agree that this Agreement may be executed in counterparts and that the counterparts shall constitute an entire Agreement. 23. Amendments and Termination: The parties hereto agree that any amendment to this Agreement shall be in writing and signed by the party to be charged. Notwithstanding the foregoing, Seller may terminate this Agreement at any time. However, the Flat Fee Compensation is non-refundable. 24. Transmission: The parties hereto agree that executed copies of this Agreement and amendments are valid if sent via electronic mail with a scanned copy attached or by facsimile with a copy transmitted. 25. Restriction on Term: The State of Vermont Real Estate Commission Rules prohibit any agreement from being longer than 12 months. 26. Alteration: Seller shall not alter the material terms of this document as found on Flat Fee’s website without the prior written consent of Flat Fee. Executed as of the date first written above. Flat Fee, LLC
______________________________________ BY:
______________________________________ Seller: _______________________________________ Seller: _______________________________________ Seller:
_______________________________________ Seller:
Seller’s Name #2:
Seller’s Name #3: The Seller’s Mailing Address is: The address of the property the Seller desires to sell is: The SPAN Number of the Property (found on tax bill) is: The Property is described as (e.g. single family, multi family, condo, land, commercial):
The Price of the Property to be sold: Seller Fee to be paid to Flat Fee (hereinafter the “Flat Fee Compensation”): $375 for 6 month listing or $500 for 12 month listing. Seller Fee to be paid to Buyer’s Agent or Cooperating Agent (hereinafter “Buyer Agent Compensation”) (at least $1 but can be any other dollar amount or percentage Seller desires): Date Listing Begins: Date Listing Ends:
(6 months or 12 months from date beginning)
The Terms of Agreement by and between Flat Fee and Seller for the marketing of the Property 1. Agency: Seller hereby engages Flat Fee to be its agent for the limited purpose of marketing the Property for sale through the submission of certain data provided by Seller to Flat Fee to the Northern New England Real Estate Network Multiple Listing System (“NNEREN MLS”). Seller agrees that Flat Fee shall be Seller’s exclusive agent for purposes of marketing the Property and that Seller is prohibited from engaging the services of another agent for the same purpose.
2. Inquiries: Flat Fee agrees to direct any and all inquiries in connection with marketing of the Property to Seller during the term of this Agreement. 3. Seller’s Cooperation: Seller agrees to cooperate with Flat Fee to best of Seller’s ability in the marketing of the Property, including but not limited to assisting Flat Fee in arranging showings of the Property and responding promptly to inquiries from Flat Fee. 4. Terms of Flat Fee’s Compensation: Seller shall pay the Flat Fee Compensation prior to Flat Fee submitting the data to the NNEREN MLS. 5. Terms of Buyer Agent and Cooperating Agent Compensation: Seller shall pay the Buyer Agent Compensation if during the term of this Agreement a buyer is procured by either an agent of a buyer or an agent acting under a cooperation agreement with Flat Fee (“Cooperating Agent) and: (a) the Property is sold or title is otherwise conveyed to a bonafide arms length third party; (b) the Seller enters into an agreement for the sale of the Property and the terms of the agreement are for a full price non-contingent sale; or (c) the Seller enters into an agreement for the sale of the Property and all contingencies contained in the agreement are satisfied; or (d) the Seller enters into an agreement for the sale of the Property during the term of this agreement, but the closing occurs after the expiration of the Agreement and this Agreement is not extended by the parties hereto. Seller agrees to indemnify and hold Flat Fee harmless against any and all claims asserted by buyer’s agents and/or cooperating agents on account of the submission of the Buyer Agent Compensation to the NNEREN MLS. 6. Flat Fee’s Agency Duties: Seller acknowledges that Flat Fee’s duties are limited under this Agreement. Flat Fee’s duties are limited to submitting the data provided by Seller to the NNEREN MLS. Flat Fee has no other duties than to maintain its account with the NNEREN MLS and to continue to maintain Seller’s information in the NNEREN MLS database until the earliest of the following: (a) The sale of the Property; (b) The expiration of this Agreement; (c) The Seller’s voluntary termination of this Agreement; (d) Termination for cause by Flat Fee of this Agreement; 7. Flat Fee’s Authority: Seller hereby grants Flat Fee the authority to provide Seller’s contact information to any party inquiring into the Property. Flat Fee has the authority to perform all reasonable duties in connection with the maintenance of the Seller’s listing in the NNEREN MLS, including but not limited to taking such action as is necessary to ensure compliance with Bylaws and Rules and Regulations of the NNEREN MLS. 9. Seller’s Responsibilities: Seller has the following responsibilities under this Agreement: (a) Seller shall submit a completed MLS Listing Data Sheet (see Flat Fee’s website) (b) Seller agrees to provide such additional information as is needed in order to maintain the listing under the NNEREN MLS requirements, Rules and Bylaws. (c) Seller shall submit at least one (1) digital exterior photograph of the Property, including the building if one is located on the Property. (d) Seller shall review the listing after it is published in the NNEREN MLS to confirm its accuracy.
(e) Seller shall within one (1) business day of Seller executing a contract for the sale of the Property email notification to [email protected]. (f) Seller shall within (1) business day of Seller conveying title to the buyer email notification of the sale to [email protected]. (g) Seller shall abide by all of the NNEREN MLS Rules, Bylaws and requirements. Seller shall indemnify and hold Flat Fee harmless if Seller’s failure to meet Seller’s responsibilities results in Flat Fee incurring a penalty from the NNEREN MLS, including but not limited to fines or suspension of Flat Fee’s membership in the NNEREN MLS. 10. Cooperating Agreements: In the event Flat Fee enters into a cooperation agreement with other licensed real estate salespersons or brokers, Seller acknowledges and understands that some of these agreements will be with agents of other buyers and some of these agreements will be with agents acting as subagents of Flat Fee. Seller further understands and agrees that these relationships are governed by the terms of the cooperating agreements. The most common cooperating agreement is governed by the NNEREN MLS. This cooperating agreement allows for licensed real estate salespersons and brokers to be compensated without the need for either the Seller or Flat Fee to execute a separate agreement with each licensed party in the State of Vermont. By stating in this Agreement that Seller shall offer the Buyer Agent Compensation, Seller gives Flat Fee permission to include the Buyer Agent Compensation as the amount of compensation in its cooperating agreements. Flat Fee shall not include a greater amount in its cooperating agreement unless agreed to by the Seller in writing. Seller understands and agrees to be subject to the terms of cooperating agreements, including but not limited to the Northern New England Real Estate Networks rules, which can be found at NNEREN.com. 11. Potential Conflict with Flat Fee’s Buyers: The State of Vermont Real Estate Commission Rules prohibit licensed real estate agents to represent both a buyer and seller in the same transaction (so called “Dual Agency”). Seller acknowledges and understands that Flat Fee has several agents working for it simultaneously and that Flat Fee may be representing prospective buyers of property as the agent of the buyer. Seller agrees that Flat Fee may continue representing prospective buyers of property and may enter into new buyer agency agreements during the term of this Agreement. 12. Limited Agency: Although Seller agrees that Flat Fee may continue acting as buyer agents under #11 above, there may be an occasion where a prospective buyer client of Flat Fee develops an interest in the Property. In the event a buyer client of Flat Fee develops an interest in the Property and Seller and Flat Fee’s buyer client desire to participate in the same real estate transaction, then the State of Vermont Real Estate Commission Rules allow Flat Fee to continue as the “Limited Agent” in the transaction so long as both parties consent in writing signed by both parties. The Real Estate Commission Rules state that prior to consenting Flat Fee must disclose the following: (a) Seller may refuse consent and have each party represented by their own agent; (b) Seller is surrendering its right to undivided loyalty from Flat Fee. However, Flat Fee must continue to advance Seller’s interest so long as it does not conflict with the buyer’s interest and Flat Fee must act impartially.
(c) Seller is surrendering its right to absolute confidentiality. However, Flat Fee may not disclose any information provided to it by the Seller that would likely weaken the Seller’s bargaining position if it were known. (d) Flat Fee may not withhold information the Seller provides if it would be deemed a material misrepresentation under the law to withhold it. 13. Mandatory Consumer Disclosure: Seller acknowledges receiving, reading and understanding the State of Vermont Mandatory Consumer Disclosure. 14. Contract Deposits: The State of Vermont Real Estate Commission Rules require all deposits made in connection with a purchase and sale contract between a buyer and seller that are to be held by a licensed real estate brokerage firm must be placed in the firm’s Trust Account. In the event that the interest on the deposit is reasonably expected to exceed One Hundred and 00/100 Dollars ($100.00) then the deposit must be moved to a separate interest bearing account. In the event the interest on the deposit is reasonably expected to be less than One Hundred and 00/100 Dollars ($100.00) then the deposit will remain in the Trust account. Seller agrees that any deposit which the interest is reasonably expected to be less than One Hundred and 00/100 Dollars ($100.00) shall be remitted to the Vermont Housing Finance Agency to benefit affordable housing in Vermont. 15. Non Discrimination in Marketing: Seller agrees that Flat Fee is prohibited by law from discriminating in the marketing of the Property. Flat Fee’s marketing shall not discriminate against any person on the basis of their race, sex, religion, marital status or familial status. 16. Flat Fee’s Limited Role: Seller understands and acknowledges that Flat Fee has no responsibility with respect to the following: (a) Advertising or marketing the Property other than submitting the listing data to the NNEREN MLS and maintaining that listing; (b) Inspecting the physical condition or nature of the Property; (c) Reviewing the deed or other title documents regarding the Property; (d) Reviewing the market data for a price analysis or recommending a sales price (e) Presenting offers from buyers or other agents; (f) Reviewing any offer submitted to the Seller; (g) Delivering any information regarding the Property to prospective buyers or real estate agents other than the Seller’s contact information; (h) Holding of any contract deposits or acting as escrow agent in connection with any transaction; (i) Attending the closing or even being involved in any matter relating to the closing, including but not limited to providing information to the closing agent; 17. Disclosure by Seller of Material Facts: Seller warrants and represents that to best of Seller’s knowledge it has disclosed all material facts concerning the Property to Flat Fee, including but not limited to any fact that may significantly diminish the value of the Property. The Seller further warrants and represents that to the best of its knowledge Seller has “marketable title” to the Property and there are no defects in Seller’s chain of title that could impair the use or marketability of the Property or future value of the Property. Seller further warrants and represents to the best of its knowledge, the Property contains
no known health hazards or safety hazards. Seller agrees to hold Flat Fee harmless for any breach of this provision or for any information provided by Seller to Flat Fee that results in Flat Fee providing incorrect information to a third party. 18. Lead Paint Requirements: Seller understands that if the Property is a residential structure built prior to 1978 that the law requires the Seller to make a disclosure regarding the Seller’s knowledge of the existence of lead based paint and that Seller must provide prospective buyers with any reports (results of inspections, etc..) that Seller may have regarding the same. If the Property is a rental residential structure, Seller shall be required to complete any forms and disclosures regarding the same, including but not limited to an EMP verification. 19. Signs: Seller understands and agrees that the NNEREN MLS rules prohibit any lawn signs other than those of the listing firm. Seller agrees that it shall maintain only a Flat Fee For Sale Sign and no other on the Property. Seller further agrees to follow any and all Federal laws, State laws, local ordinances and private land use covenants governing the placing of signs upon the Property 20. Counsel: Flat Fee strongly recommends that Seller engage the services of a licensed attorney in the State of Vermont to assist in the sale of the Property. The statutes and common law in Vermont relative to selling property can be complex. Furthermore, the signing of contracts creates legal obligations and so Flat Fee recommends that Seller have an attorney review all documents and contracts prior to signing. 21. Limitation of Liability: Seller agrees that Flat Fee’s liability under this Agreement shall be limited to the Flat Fee Compensation. 22. Counterparts: The parties hereto agree that this Agreement may be executed in counterparts and that the counterparts shall constitute an entire Agreement. 23. Amendments and Termination: The parties hereto agree that any amendment to this Agreement shall be in writing and signed by the party to be charged. Notwithstanding the foregoing, Seller may terminate this Agreement at any time. However, the Flat Fee Compensation is non-refundable. 24. Transmission: The parties hereto agree that executed copies of this Agreement and amendments are valid if sent via electronic mail with a scanned copy attached or by facsimile with a copy transmitted. 25. Restriction on Term: The State of Vermont Real Estate Commission Rules prohibit any agreement from being longer than 12 months. 26. Alteration: Seller shall not alter the material terms of this document as found on Flat Fee’s website without the prior written consent of Flat Fee. Executed as of the date first written above. Flat Fee, LLC
______________________________________ BY:
______________________________________ Seller: _______________________________________ Seller: _______________________________________ Seller:
_______________________________________ Seller:
