Filling out an exclusive right to sell contract in Arizona may seem daunting at first, but with a little bit of guidance, it can be a straightforward process. Follow these steps for a smooth and successful completion of your contract.
Step 1: Obtain the form
You can get the exclusive right to sell contract form from various sources, such as a real estate agent, a title company, or online. Ensure that you are using the most up-to-date version of the form from a reliable source.
Step 2: Provide the property details
The first section of the form requires you to provide the necessary details of the property being sold. This includes the address, legal description, and the owner`s name. Be sure to check that all information is accurate and spelled correctly.
Step 3: Determine the listing price
The next section of the form involves the listing price of the property. The seller and real estate agent should discuss and determine the listing price based on market analysis, recent sales, and other relevant factors.
Step 4: Establish the commission rate
The exclusive right to sell contract outlines the commission rate that the real estate agent will receive upon sale of the property. The commission rate is usually a percentage of the sale price and is agreed upon by the seller and the agent. The contract also specifies whether the commission is payable to the listing agent only or to both the listing and selling agents.
Step 5: Set the listing period
The exclusive right to sell contract typically has a time frame during which the property is listed. This time frame is agreed upon by both the seller and the agent and is typically 90 days or longer. It is important to note that if the property is sold after the listing period, the agent is still entitled to receive the commission.
Step 6: Add any contingencies
Contingencies are conditions that must be met before a sale can be completed. They can include financing, inspections, and repairs. The contract may include contingencies that protect both the buyer and the seller.
Step 7: Sign the contract
Once all the details have been filled in, the seller and the agent should sign the exclusive right to sell contract. The contract becomes legally binding once both parties have signed it.
In conclusion, filling out an exclusive right to sell contract in Arizona can be a smooth process if you follow the necessary steps and pay attention to the details. Ensure that all information is accurate, and both parties are in agreement on all terms and conditions before signing the contract.