A Pennsylvania real estate listing agreement gives a real estate agent the right to list, market, and sell a residential property for a homeowner. This agreement outlines the listing price, the approved marketing methods the agent may use, and the commission the agent shall receive upon the successful sale of the property.
If the property is not sold within the agreement period set forth in this document, the agreement terms will expire unless the seller chooses to grant the broker an extension. However, if the property is sold to a suitable buyer, the agent will receive the agreed-upon commission once the transfer of ownership takes place.
- Laws – § 35-332
- Dual Agency – § 35.314
- Purchase Agreement -Once a prospective buyer has been found, this agreement may be used to set the terms for the transfer of ownership.
This form detailing the responsibilities and duties of the agency and their brokers must be given to their potential clients at the first contact.
A licensee may only represent both the buyer and seller of a property in a real estate transaction if written consent is given by both parties.
The property condition as well as any known defects must be relayed to all potential buyers prior to the transfer of ownership.