Listing Agreement (Real Estate) - Explained
What is a Listing Agreement
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What is a Listing Agreement?
A listing agreement refers to the documentation of a company's stocks or securities on an exchange, it refers to documentation of stock on a public exchange. A listing agreement is also described as an agreement between the actual owner of real property and a real estate broker, in which the broker acts as the agent and is responsible for the sale of the owners property. A listing agreement is like a document that contains the terms of the agreement or contract reached between the owner of real property and the agent. Listing agreements differ from states to states.
How Does a Listing Agreement Work?
A listing agreement is a contract that gives an agent (real estate broker) the right to act on behalf of the actual owner of a property. The agent can sell or lease the property involved as agreed in the contract. The conditions on which a property is sold or leased, the brokerage fee the agent is entitled to and other commissions are contained in a listing agreement. The real estate license laws in the United States stipulate that only a real estate broker can act as an agent to a list. As a detailed document, a listing agreement contains the description of the property, the features, and appurtenances attached, the price, the duties of the agent, fees, compensation, and commission, among others. Listing agreements are not only used in the real estate industry, but they are also used by companies to document their stock holdings on an exchange. The different categories of listing agreements;
- An open listing agreement: In this type of listing, the seller of a property hires real estate brokers and agents of the property. The agents have the right to sell an owners property without any obligation, once the sale is completed, the agent who sells the property is entitled to a commission.
- Exclusive-right-to-sell listing: in this listing, only one broker is hired and has the exclusive right to represent the owner of the property. Regardless of the agent that eventually sells the property, the broker receives a commission.
Another type of listing is exclusive-agency listing.
Listing Agreement and Trading Exchanges
When used by publicly-traded companies, listing agreements are a form of documentation used by companies to list their securities and stock on the exchange. Listing stocks on an exchange are compulsory for companies that want trade of exchanges. There are regulations and requirements guiding the listing of stocks on the exchange. Different exchanges such as the New York Stock Exchange (NYSE), the London Stock Exchange (LSE), the Nasdaq, the Tokyo Stock Exchange have different requirements that companies must meet to the listed on the exchange.
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