A Kansas real estate listing agreement is a contract that authorizes a broker to represent a property owner and market their real estate to prospective buyers. Brokers will use the resources at their disposal to advertise the property in print and electronic publications, host public and private showings, and bring in offers that meet the pricing terms and other requirements set by the seller.
If the broker closes a sale before the end of the listing period, they shall be entitled to receive payment in the form of a commission fee or a percentage of the total sales price (usually 5-6%). A copy of the agreement must be delivered to the seller at the time of signing or, if the broker cannot immediately sign, within a reasonable time after the broker has signed.
- Laws – § 58-30,103(f)&(g)
- Dual Agency (§ 58-30,103(a)) – It is illegal for a licensee to act as a dual agent in Kansas. That said, a licensee may serve as a “transaction broker,” which would permit them to handle limited responsibilities for the buyer and seller while having no fiduciary commitment to either party. Before engaging in transaction broker activity, the parties must provide their oral or written consent.
- Purchase Agreement – Completed by prospective buyers to outline the terms and conditions of a purchase offer, including the purchase price, closing date, and contingencies.
Kansas Exclusive Agency Agreement – Approved by the Kansas Real Estate Commission on April 18, 2017, this listing agreement authorizes a broker to sell property on behalf of an owner and collect a commission following the sale.
Disclosure of Brokerage Relationships (§ 58-30,110) – A brochure that describes the types of brokerage relationships that can be established in Kansas. Licensees must provide this document to prospective sellers at the first practical opportunity.
Property Disclosure Statement (§ 58-30.106(d)(1)) – Any known problems with the property, such as environmental dangers, structural damage, and title concerns, must be disclosed to buyers by the seller’s agent.
Transaction Broker Consent Addendum (§ 58-30,103(c)) – Used to obtain written consent to a transaction broker relationship. Once signed, the consent form shall be included as an addendum to any agency agreement the licensee has with the buyer and seller.