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A Utah real estate listing agreement is a contract between a residential property owner and a licensed broker that authorizes the broker to market and sell the owner’s property. The completed document will list the property’s asking price, marketing permissions, commission percentage or rate, and the period of the agreement.
If the agent successfully negotiates the sale of the property within the given period, they will be paid a percentage of the purchase price as their commission. Once the contract has been executed by both parties, the broker will be permitted to list, market, show, and negotiate the sale of the owner’s property.
- Dual Agency (§ 162-2f-401a(3-4)) – An agent can represent both the buyer and a seller (dual agency) if they receive written consent from both parties. The legal term for a dual agent in Utah is a “limited agent.”
- Purchase Agreement – A real estate contract that is signed by the buyer and seller of a residential property once a purchase price and terms have been negotiated.
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Realtor Version
Utah Exclusive Right to Sell Listing Agreement – The official form for licensed members of the Utah Association of Realtors to use when entering into an exclusive listing agreement with a client. Under this contract, the seller permits the agent to act as a limited agent (dual agency).
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Disclosures / Waivers (7) |
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1) Additional Compensation Disclosure Agents are required to notify all parties involved if they will be receiving compensation in addition to their commission on a real estate transaction.
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If a real estate company represents the buyer and the seller for the purchase and sale of a residential property, they must disclose their dual agency to both parties. This form must be presented to and signed by the buyer in such an arrangement. Furthermore, when dealing with another agent in a transaction, agents are required to disclose the agency relationship between them and their client on first contact.
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When an agent makes an offer to buy or sell residential property, and before executing a purchase agreement, they are required to provide clients and other parties or their agents with a written disclosure that states that they hold a license with the real estate division and their license status. For purchase agreements, agents must also disclose their agency relationships, the existence of a due-on-sale clause in a mortgage on real property, and potential consequences of selling or purchasing a property without being authorized by the holder of the mortgage (if applicable).
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4) Limited Agency Consent Agreement (Form 7) An agreement between the buyer and seller that allows a broker to act as a limited agent for both parties; for either one (1) agent acting for both parties or two (2) separate agents from the same broker representing each party individually.
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Agents must confirm that an agency disclosure was provided when executing a purchase agreement by either including a statement in the contract or attaching one to the agreement.
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6) Property Disclosure Statement Prior to the sale of a property, the seller must complete a form that provides a description of the property and its condition, and discloses the right of occupancy, encumbrances, and any financial terms and conditions the property is subject to. |
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When make an offer to sell a residential property, agents must disclose the source for the property’s square footage data or provide a disclaimer that makes no guarantee for the accuracy of the data provided.
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