A Mississippi real estate listing agreement is used to grant a real estate agent the right to list and market the property according to the conditions set on the form. The agent may either receive exclusive right to sell as the sole party authorized to produce buyers, exclusive agency rights where they receive commission only if the agent finds a buyer, or open listing rights where the seller is able to enter into listing agreements with other agencies.
In all listing arrangements, if the agent secures a willing buyer, they are owed a commission fee, which may either be a percentage of the final sale amount or a fixed fee. Once the agent and property owner sign the form, both parties are bound to the agreement terms until a sale is closed or the expiration date is reached.
- Laws – § 1601 3.2(b)
- Dual Agency (§ 1601-4.3-C) – A real estate broker may represent both the buyer and seller involved in the same real estate transaction if both parties consent to the arrangement and provide their signatures on a written agreement.
- Purchase Agreement – The terms and conditions of a real estate transaction are recorded by a prospective home buyer in this legal document, allowing them to make a purchase offer on a residential property.
Agency Disclosure (§ 1601 4.1) – This form must be presented at the first encounter between a prospective client and a real estate licensee to ensure the client is informed of the various representations a licensee may provide, and the corresponding duties.
Dual Agency Confirmation (§ 1601-4.3-C) – Before being confirmed as a dual agent, a real estate broker is required to possess a copy of the Dual Agency Confirmation form supplied by the Mississippi Real Estate Commission bearing the signatures of the consenting buyer and seller. Once appointed, the broker cannot exclusively prioritize the interests of one party or another, and confidential information regarding their representees must be kept confidential unless the agent is instructed to relay it to the other party.
Property Disclosure Statement (§ 89-1-503) – In the event of a sale, the transferor of a residential property is required to supply the transferee a disclosure statement detailing the condition of the property and its components and systems. The disclosure must be given before the acceptance of the buyer’s offer or as soon as possible before the property title is officially transferred.