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To understand exactly what an exclusive right-to-sell agreement is and why its important for all parties involved, we pored over listing contracts, digging deep into the verbiage and the fine print; and we spoke with Chiquita Pittman, a New Brunswick, New Jersey-based top real estate agent with more than 20 years of experience. Most of the time, the real estate agent handles nearly every aspect of the transaction. When the agent is successful, they get paid through a commission, typically 5-6% of the sale price of the home, which is then split with the buyers agent. Header Image Source: (Olivier Le Queinec/ Shutterstock). This is a basic agreement that was most likely taught in real estate school prior to obtaining a real estate agent license. Even looser than an exclusive agency agreement, an open listing allows a seller not only to try to sell the house themselves, but also to hire countless agents in the effort to sell their home. This is a precaution in case the seller is mistaken. 60 Questions for Homebuyers, How to Tell If You Should Repaint Your House Before Selling It. Length of listing period, desired sales price, amount of commission and exceptions to commission. In this case. It's customary for the seller to pay for the buyer's title insurance policy, since it's the seller who's promising that she's capable of transferring marketable title to the buyer. UNIT 10 EXAM Flashcards | Quizlet Property Rights: Estates, Tenancies, And Multiple Ownership Interests, Real Estate Investment Analysis And Business Opportunity Brokerage. Christopher Rogacz is an associate editor for HomeLight's Seller Resource Center based in Washington, DC. Summer Rylander is a freelance writer and editor with an abundant background in real estate. While that agreement was still in effect, the sellerwithout informing the first brokerhired another broker from a separate firm under an exclusive right-to-sell listing for the same property. An open listing provides some flexibility, as youre not committed to one single listing agent agreement. The major problem with exclusive agency listings is the potential for a dispute between the listing brokerage and the seller over who procured the buyer.