Listing Agreement with Legal Update

TO ALL HOME SELLERS: Starting August 17, 2024 a Realtor® CANNOT show a home listed by another brokerage unless they have signed agreement with them. This is the legal settlement between the DOJ (US Department of Justice) and the National Association of Realtors. No Realtor® will be able to unlock a door for a buyer without first signing a Buyer's Representation Agreement. This will be non-negotiable for any person that is a Realtor® per the legal settlement with the DOJ.

What does this mean to SELLERS?

The Buyers Representation Agreement will now have to have a stated commission or fee that the buyer is willing to pay their Buyer's Agent if the seller choose to not offer any buyer's agent commission in the listing agreement. Seller is not obligated to pay any specific amount and has sole discretion to determine the amount Seller will pay towards buyer's expenses and buyer's commission during negotiations with the buyer.

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3.95% Listing Agreement

and RedKorr Realty, LLC, Texas License #9013020.

P.O. Box 310400, New Braunfels, TX 78130.

Phone Number: 210-888-2626

Company Email: [email protected]

Seller appoints redKorr Realty, LLC as Seller's sole and exclusive real estate Broker with the exclusive right to sell the property at...

Improvement and Accessories: Seller is aware that all Improvements and Accessories will stay with with the property with the sale of the property. If seller is not aware what is an improvement or accessories or would like to keep an improvement or accessory, please contact us immediately for clarification.

Term:

This listing Agreements with redKorr Realty, LLC, is for a period of 75 days and will automatically renew for 30 more days unless the seller submits an email to terminate prior to the 30 day renewal to [email protected] for a termination of the renewal. In addition this listing agreement becomes active and officially a contractual agreement on the date the seller enters in the Listing Date.

Broker Obligations: Broker must comply with their duties as required by law. In addition do the following...

  • Broker will list property on Local MLS and any additional MLS that the broker is a member of to help with the sale of the property.

  • Order professional digital photography.

  • Create online and offline marketing.

  • Syndicate property to 1000s of Buyer Websites.

  • Seller authorizes broker to display this listing on the internet without limitation including the address of the property and pictures.

  • Place an attractive sign on the property.

  • Place a lockbox on the property.

  • Collect no upfront fees.

  • Answer all call and return all calls within reasonable times and availability.

  • Present all offers regardless of the offer.

  • Always have the sellers best interest.

Clients Obligation: Client must work exclusively through Broker.

Broker Compensation/Fee Broker compensation or the sharing of compensation between brokers is not set by law nor fixed, controlled, recommended, or suggested by the Association of REALTORS®, MLS, or any listing service. Broker compensation is fully negotiable. Brokers independently determine their fees.

  • Broker's Fee per this agreement will be a total of 3.95% Commission.

  • Commission will be paid off the total sales price accepted between the Buyer and the Seller.

  • Listing Broker will offer 1- 2% from the 3.95% total commission to the other broker who brings forth a buyer.

  • Listing Broker is allowed to continue to negotiate commission with the buyer's broker using the established total commission to ensure a successful offer from the Buyer's Broker.

  • If Listing Broker brings forth a buyer with no agent representation Listing Broker will only charge 3% total commission.

  • Broker has earned their commission once the property has closed and funded. Seller is obligated at such time to pay the brokerage the agreed commission.

  • Escrow Authorization: Seller authorizes, and Broker may so instruct, any escrow or closing agent authorized to close a transaction for the purchase or acquisition of the Property to collect and disburse to Broker all amounts Payable to Broker under this Listing.

Note: Seller Paying Buyer's Expenses. In addition to paying the above Broker's fees, Seller may be asked by a buyer to contribute an amount towards buyer's expenses, such as buyer's broker's fees or other expenses payable by buyer under a sales contract. Seller is not obligated to pay any specific amount and has sole discretion to determine the amount Seller will pay towards buyer's expenses during negotiations with the buyer.

Listing MLS Services

  • Seller instructs Broker to file this Listing with one or more Multiple Listing Services (MLS)

  • Broker will file this Listing with one or more Multiple Listing Services (MLS) by the earlier of the time required by MLS rules or 5 days after the date this Listing begins. Seller authorizes Broker to submit information about this Listing and the sale of the Property to the MLS

  • Notice Regarding MLS Rules: MLS rules require Broker to accurately and timely submit all information the MLS requires including final closing of sales and sales prices. MLS rules may require that the information be submitted to the MLS throughout the time the Listing is in effect. Subscribers to the MLS and appraisal districts may use the information for market evaluation or appraisal purposes. Subscribers are other brokers, agents, and real estate professionals such as appraisers. Any information filed with the MLS becomes the property of the MLS for all purposes. Submission of information to MLS ensures that persons who use and benefit from the MLS also contribute information

  • Listing Content: If Broker files this Listing on the MLS, the parties agree to the following: Definitions and Content:

    • “Listing Content” means all photographs, images, graphics, video recordings, virtual tours, drawings, written descriptions, remarks, narratives, pricing information, and other copyrightable elements relating to the Property.

    • “Seller Listing Content” means Listing Content provided by Seller to Broker or Broker's associates.

    • “Broker Listing Content” means Listing Content that is otherwise obtained or produced by Broker or Broker's associates in connection with this Listing.

    • Seller grants Broker a non-exclusive, irrevocable, worldwide, royalty-free license to use, sublicense through multiple tiers, publish, display, and reproduce the Seller Listing Content, to prepare derivative works of the Seller Listing Content, and to distribute the Seller Listing Content, including any derivative works of the Seller Listing Content. This Paragraph survives termination of this Listing.

    • All Broker Listing Content is owned exclusively by Broker, and Seller has no right, title or interest in or to any Broker Listing Content.

    • Seller understands and agrees that both the Seller Listing Content and Broker Listing Content, including any changes to such content, may be filed with the MLS, included in compilations of listings, and otherwise distributed, publicly displayed and reproduced.

Access to The Property:

Authorizing access to the Property means giving permission to another person to enter the Property, disclosing to the other person any security codes necessary to enter the Property, and lending a key to the other person to enter the Property, directly or through a keybox. To facilitate the showing and sale of the Property, Seller instructs Broker to: (1) access the Property at reasonable times; (2) authorize other brokers, their associates, inspectors, appraisers, and contractors to access the Property at reasonable times; and (3) duplicate keys to facilitate convenient and efficient showings of the Property. (4) Engage a Scheduling Company to schedule appointments and authorize others to access the property. (5) Broker is authorized to place a keybox on the property.

  • Lability and Indemnification: When authorizing access to the Property, Broker, other brokers, their associates, any keybox provider, or any scheduling company are not responsible for personal injury or property loss to Seller or any other person. Seller assumes all risk of any loss, damage, or injury. Except for a loss caused by Broker, Seller will indemnify and hold Broker harmless from any claim for personal injury, property damage, or other loss.

Intermediary: Broker may show the Property to interested prospective buyers who Broker represents. If a prospective buyer who Broker represents offers to buy the Property, Seller authorizes Broker to act as an intermediary and Broker will notify Seller that Broker will service the parties in accordance with intermediary by appointment. If intermediary occurs an amendment to the listing agreement will be made.

Confidential Information: During this Listing or after it ends, Broker may not knowingly disclose information obtained in confidence from Seller except as authorized by Seller or required by law. Broker may not disclose to Seller any confidential information regarding any other person Broker represents or previously represented except as required by law

Seller's Representation:

  • Seller has fee simple title to and peaceable possession of the Property and all its improvements and fixtures, unless rented, and the legal capacity to convey the Property;

  • Seller is not bound by a listing agreement with another broker for the sale, exchange, or lease of the Property that is or will be in effect during this Listing;

  • any pool or spa and any required enclosures, fences, gates, and latches comply with all applicable laws and ordinances;

  • no person or entity has any right to purchase, lease, or acquire the Property by an option, right of refusal, or other agreement;

  • Seller is current and not delinquent on all loans and all other financial obligations related to the Property, including but not limited to mortgages, home equity loans, home improvement loans, homeowner association fees, and taxes,

  • Seller is not aware of any liens or other encumbrances against the Property,

  • . the Property is not subject to the jurisdiction of any court

  • all information relating to the Property Seller provides to Broker is true and correct to the best of Seller's knowledge;

  • the Seller Listing Content, and the license granted to Broker for the Seller Listing Content, do not violate or infringe upon the rights, including any copyright rights, of any person or entity; and

  • Seller is aware of the Property being located in the following public improvement district (PID), municipal utility district (MUD), or other statutorily created districts providing water, sewer, drainage, or flood control facilities and services (list all that Seller is aware of):

Seller's Additional Promises: Seller Agrees to:

  • Cooperate with Broker to facilitate the showing, marketing, and sale of the Property;

  • Not rent or lease the Property during this Listing without Broker's prior written approval;

  • Not negotiate with any prospective buyer who may contact Seller directly, but refer all prospective buyers to Broker;

  • Not enter into a listing agreement with another broker for the sale, exchange, lease, or management of the Property to become effective during this Listing without Broker's prior written approval;

  • Promptly inform Broker in the event Seller becomes aware that the Property has been publicly marketed;

  • Maintain any pool and all required enclosures in compliance with all applicable laws and ordinances;

  • Provide Broker with copies of any leases or rental agreements pertaining to the Property and advise Broker of tenants moving in or out of the Property;

  • Complete any disclosures or notices required by law or a contract to sell the Property;

  • Amend any applicable notices and disclosures if any material change occurs during this Listing.

Limitation of Liability:

  • If the Property is or becomes vacant during this Listing, Seller must notify Seller's casualty insurance company and request a “vacancy clause” to cover the Property. Broker is not responsible for the security of the Property nor for inspecting the Property on any periodic basis.

  • Broker is not responsible or liable in any manner for personal injury to any person or for loss or damage to any person's real or personal property resulting from any act or omission not caused by Broker's negligence, including but not limited to injuries or damages caused by:

    • other brokers, their associates, inspectors, appraisers, and contractors who are authorized to access the Property;

    • other brokers or their associates who may have information about the Property on their websites;

    • acts of third parties (for example, vandalism or theft)

    • freezing water pipes;

    • a dangerous condition on the Property;

    • the Property's non-compliance with any law or ordinance; or

    • Seller, negligently or otherwise

  • Seller agrees to protect, defend, indemnify, and hold Broker harmless from any damage, costs, attorney's fees, and expenses that:

    • are caused by Seller, negligently or otherwise;

    • arise from Seller's failure to disclose any material or relevant information about the Property; or

    • are caused by Seller giving incorrect information to any person

Default: If Seller does not cooperate with Broker to facilitate the showing, marketing, or sale of the Property or otherwise breaches this Listing, Seller is in default and may be held liable to Broker for the amount of the Broker's compensation based on the list price and exercise any remedy at law. If Broker breaches this Listing, Broker is in default and Seller may exercise any remedy at law.

Mediation: The parties agree to negotiate in good faith in an effort to resolve any dispute related to this Listing that may arise between the parties. If the dispute cannot be resolved by negotiation, the dispute will be submitted to mediation. The parties to the dispute will choose a mutually acceptable mediator and will share the cost of mediation equally.

Addenda and other documents: : Addenda that are part of this Listing and other documents that Seller may need to provide are:

  • Information About Brokerage Services;

  • Seller Disclosure Notice (§5.008, Texas Property Code);

  • Addendum for Seller's Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards (required if Property was built before 1978);

  • Residential Real Property Affidavit (T-47 Affidavit; related to existing survey);

  • MUD, Water District, or Statutory Tax District Disclosure Notice (Chapter 49, Texas Water Code);

  • PID Disclosure Notice;

  • Request for Information from an Owners' Association;

  • Request for Mortgage Information;

  • Information about Mineral Clauses in Contract Forms;

  • Information about On-Site Sewer Facility;

  • Information about Property Insurance for a Buyer or Seller;

  • Information about Special Flood Hazard Areas;

  • Condominium Addendum to Listing;

  • Keybox Authorization by Tenant;

  • Seller's Authorization to Disclose and Advertise Certain Information; and other addendums that may be required.

Agreement of Parties:

  • Entire Agreement: This Listing is the entire agreement of the parties and may not be changed except by written agreement.

  • Assignability: Neither party may assign this Listing without the written consent of the other party.

  • Binding Effect: Seller's obligation to pay Broker Earned compensation is binding upon Seller and Seller's heirs, administrators, executors, successors, and permitted assignees.

  • Joint and Several: All Sellers executing this Listing are jointly and severally liable for the performance of all its terms.

  • Governing Law: Texas law governs the interpretation, validity, performance, and enforcement of this Listing.

  • Severability: If a court finds any clause in this Listing invalid or unenforceable, the remainder of this Listing will not be affected and all other provisions of this Listing will remain valid and enforceable.

  • Notices: Notices between the parties must be in writing and are effective when sent to the receiving party's address, or e-mail address.

ADDITIONAL NOTICES:

  • In accordance with fair housing laws and the National Association of REALTORS® Code of Ethics, Broker's services must be provided and the Property must be shown and made available to all persons without regard to race, color, religion, national origin, sex, disability, familial status, sexual orientation, or gender identity. Local ordinances may provide for additional protected classes (for example, creed, status as a student, marital status, or age).

  • Broker advises Seller to contact any mortgage lender or other lien holder to obtain information regarding payoff amounts for any existing mortgages or liens on the Property.

  • Broker advises Seller to review the information Broker submits to an MLS or other listing service.

  • Broker advises Seller to remove or secure jewelry, prescription drugs, other valuables, firearms and any other weapons.

  • Broker advises Seller to consult an attorney before using any type of surveillance device in the Property to record or otherwise monitor prospective buyers without their knowledge or consent. Seller should be aware that a prospective buyer might photograph or otherwise record the Property without Seller's knowledge or consent.

  • Statutes or ordinances may regulate certain items on the Property (for example, swimming pools and septic systems). Non-compliance with the statutes or ordinances may delay a transaction and may result in fines, penalties, and liability to Seller.

  • If the Property was built before 1978, Federal law requires the Seller to: (1) provide the buyer with the federally approved pamphlet on lead poisoning prevention; (2) disclose the presence of any known lead-based paint or lead-based paint hazards in the Property; (3) deliver all records and reports to the buyer related to such paint or hazards; and (4) provide the buyer a period up to 10 days to have the Property inspected for such paint or hazards.

  • If Seller is a “foreign person” as defined by federal law, a buyer may be required to withhold certain amounts from the sales proceeds and deliver the same to the Internal Revenue Service to comply with applicable tax law. A “foreign person” is a: (1) nonresident alien individual; (2) foreign corporation that has not made an election under section 897(i) of the Internal Revenue Code to be treated as a domestic corporation; or (3) foreign partnership, trust, or estate. The definition does not include a resident alien individual. The Seller must notify the Broker that Seller is or is not a “foreign person” as defined by federal law. If Seller is unsure whether Seller qualifies as a “foreign person” under federal law, Broker advises Seller to consult a tax professional or an attorney.

  • Broker advises Seller to refrain from transmitting personal information, such as bank account numbers or other financial information, via unsecured email or other electronic communication to reduce risk of wire fraud.

  • Broker cannot give legal advice. READ THIS LISTING CAREFULLY. If you do not understand the effect of this Listing, consult an attorney BEFORE signing

Clear
Clear

Thank You For Understanding.

These are the new rules and guidelines that all Realtors must follow.

SUBMIT

redKorr Realty, LLC

210-888-2664

redKorr Realty, LLC - Texas Lic# 9013020