What must be true for an Exclusive Right of Sale Listing?

For an Exclusive Right of Sale Listing, it is essential that the agreement is in writing and signed by the property owner. This requirement is rooted in the statutes governing real estate transactions, which mandate that certain types of agreements, especially those related to the listing of real estate for sale, must be documented in writing to ensure clarity, legality, and enforceability. A written agreement protects both the broker and the seller by clearly defining their rights, obligations, and the terms of the sale.

Verbal agreements are not considered legally binding in the context of real estate listings, which emphasizes the necessity of a written contract. Additionally, a commission agreement is implied within an Exclusive Right of Sale Listing, ensuring that the broker is compensated for their services regardless of who sells the property. Moreover, while the broker plays a significant role in the crafting of such agreements, it is ultimately the property owner who must also agree to the listing terms, reaffirming the necessity of both parties' signatures in the document.