Listing Agreement Texas – TAR 1101 [Explained] 📃

Listing Agreement Texas – TAR 1101 [Explained] 📃

So what is a listing agreement? It’s basically a contract between you, the property owner and the real estate brokerage that will be handling the listing for you. Now, this agreement identifies
the parties involved, the subject property and the terms which include but not
limited to pricing, fees, commissions, services, how everything will be handled
as well as some disclosures and notices. Now more than likely, your agent.. your real estate agent will already have all this filled out but keep in mind some of
this is negotiable. So make sure you have an agent go over everything and explain
everything to you until you’re satisfied and completely understand it to your
satisfaction. Okay now, I’m going to run through this agreement and the objective
here is just to make you aware of what’s in here and this is for informational
purposes only, I’ll get in more depth about some of these paragraphs on
different episodes. So make sure you subscribe and hit that notification bell so you get notified of our new videos when they come out. So here we go.. This is the exclusive right to sell listing agreement. It’s from the Texas Association of Realtors (TAR) and can only be used by its members and this information should be already pre-filled out, so just make sure
it’s all correct. Section 1 identifies the seller which is a person, persons or entity. Usually obtained from and county taxes so make sure it’s right and
make sure the contact information is correct. This is not necessarily of
subject property but where the correspondent should be handled also note
if married, spouse name as well needs to be on here the broker will have all their
information on your so make sure you get a copy so you know where to send them
information section 2 covers the property this is a legal description
it’s also got it’s also from the county records but just make sure that the
street address right here is the street address of the property that’s going to
be listed make sure it’s correct ok sections B and C read through this
please do not be removing fixtures today before closing I’ve seen this happening
before however if there is something you want to take with you and do
I want to convey with the property there is another section for that here in a
minute at the bottom of each phases can be section for the sellers initials – if
you’re married one for the broker associate on top of each page will be
the property address history oughta be this should be automatically filled out
for you alright this is the section I was talking about section D be sure your
list here what you do not want to convey in the sale of the property such as a
chandelier a family heirloom if you do have a remove a fixture right before you
leave make sure you put another one up there don’t leave them wires out there
it’s not gonna look very less it may cause issues or what-have-you alright
just do unto others as you would have them do unto you
section D goes over the HOA whether it’s subject to mandatory minimums ship or
not a list in price make sure you read this very carefully this is this is
saying that the seller instructs broker to market the property at the final
price which means it is ultimately the decision of the seller for – for the
listing price all right it’s not going to be broker
you can’t go back there and say well my broker told me you list at this price it
doesn’t get it you’ll have to come to an agreement and y’all should work together
and price it right to sell it and also though it will be in the history so if
you price it wrong and start moving that price around people might think there’s
something wrong with their properties so very important trust price that property
the right first time all right section 4 is a term this is
the term for the listing agreement between you and the broker right so I’ve
seen some of this last 30 days and I’ve seen some last up to a year all right it
is negotiable but they may already have that filled out so just go over that
with them section 5 is of brokers conversations alright these are left
blank for a reason because they are negotiable
all right commissions and fees are not fixed here I’ll cover more this in
another episode but for now this is where you will typically see where
people enter 6% here in the first section and tell you that that is their
standard rate and it may be their standard rate but that doesn’t mean it’s
required a snap law and it’s not fixed all right section 2 here is for a
usually wear a flat feet broker we’ll put that flat feet and they might put a
plus 3% for the buyers Commission on the other side of the transaction all right
so a lot of people will get misled because they got it like 1% listing fee
or flat fee listing fee and they’ll add another fee to pay the the broker on the
bottom taker all right so being seekers everyone it’s ironed in payable and this
section here tells you when it’s not payable all right so there’s other
compensation this is what you need pay attention to breach in your bios
contract you may be entitled to a part of the interest money if somebody makes
a if somebody submits the contract and they don’t they breach the contract
service provider the book broke them every scene is a feed from a referral
and that’s not part that’s not usually part of the closing and that’s not
usually part of therapy section 3 here goes over other fees and
reversal expenses so if you get a flat fee broker be very careful because they
may start adding other fees right here in this section so be very careful and
see what it is in here if there’s nothing here make sure none is entered
in there or waived or na I don’t like to leave anything blank
I always put something in there alright protection period alright what I listen
to minions and the house is still not sold or under contract and then a
protection period starts so what is this this is well a broker spends time I’m I
need to market the property agreement hands because the time on agreement
ended the broker may have names that are interested in buying your house as a
result from their markings so they have up to 10 days to submit these names to
you now the event one of these people want an internet your contract during
this protection period with you then you may be a hill liable to pay that Burke
recording listing agreement all right here’s another section here that says
one is not due to them so read through these section F is a county what usually
were the such a property is located we’re going to be doing to pay him
section G escrow authorization this is basically I’ll authorize an escalation
to make payments from escrow we’re in to whom payment is due according to this
list in agreement all right section C is the listing services now this has to do
with the MLS either you will or not file with the MLS I’m not sure why anyone
would not want to populace that’s the whole main reason for hiring an agent to
put your property on the MLS where everybody can see is for sale all right
all right so if you come over here and say Brooklyn when I bomb I don’t not
sure why somebody would would do that maybe then this is the exclusive
property and they don’t want it out there in the public and over let
everybody know that their property is for sale and once that agent to
particularly them a buyer single handily or one-on-one all right be listing
content this is basically anything the agent or the brokers gonna be using to
market your property if you read right here all broke the listing content is on
this loosely by broker and so I’m gonna write to our interest and our to any
broker listing content so just read through there that is basically saying
that they own all the picture is a video the marketing then that they do to put
your profit for sale right seven is access to the property all right so it’s
gonna be hard to sell the property or someone who cannot see it so this
section goes over that that access to the property most of the agents we use
in the central ash showing service and that service usually coordinates all the
parties for access to the property so you do have a say-so and winter route
and when not to allow but may be mindful of people that may be working late you
or the one that authorizes the the broker to place the key backs key box on
the property keep in mind most people use a blue eye box now which will report
their information their license number who is shown in and what time all right
Section B is liability and indication you know I always safeguard you babbles
at all times whether you’re selling or not
let’s just say take practices all right section 8 it goes over how much of the
brokers compensation is going to be you know from section 5 is going to be paid
to the buyers broker the person is bringing the buyer section 9 goes over
intermediary and which allows the listen brokers to show buyers that are working
with agents from the same listing brokerage and the options to handle that
type of transaction so just read through here again this is in bold any time it’s
bowed you want to make sure you read through there
section 2 is confidential information anything you say today Jermaine is
confidential unless report let’s require by law so keep in mind a property
disclosure of material facts on the property is a must
okay so foundation is a major issue here in Texas if it’s been repaired then it
must be noted you can’t tell the agent that it’s it’s been fixed and then on
the sellers disclosure court saying it’s never been fixed and everything’s
perfect that’s it’s a this deception all right can’t do that just do unto others
as you would have them do unto you all right next section is brokers Authority
this is basically the authority you give your agent and you got a couple of
options in here there’s some notes right here so read through these real
carefully and also section 12 and 13 or sellers representations and sellers
additional promises one thing to keep in mind is the the objective is to sell the
property so the agents job is to procure a buyer and the buyer needs to know what
they are buying so the additional information may be needed so make sure
you read through here carefully again y’all are both working to sell a
property section 14 limitation of Liability please keep your intercept
data as needed maintain the property and make sure you read all this that’s in
bold I’m not going to go through all of it but it’s right there to see it you
can pause the video and read through there 15 is special visions anything
that is outside the scope of this listing agreement if there’s nothing
there just make sure that you put down and na something is in there all right
six all right 16 17 18 goes over the legality of this listing agreement so
make sure to read through there section 19 this was pretty much covers other
documents that may be required it’ll be checked off with other forms
are needed section 23 minute parties now what she to note something right here
I’m the letter G here it says notices notices between the parties must be in
writing and are effective when sent to the receiving party’s address fax or
email address specified in paragraph 1 remember when I said in section 1 make
sure you have the correct contact information so just make sure that
that’s the right information on section 121 is additional notices I’m not going
to read through all this but please do read and I won’t answer you any
questions you have but just make sure you go through all this real good pay
particular attention to K broker cannot give legal advice read this listing
carefully do you not understand the effect list and consult an attorney
before signing well I’ll tell you what they got that in bold all right no agent
should be giving you any legal advice the only thing I’m doing here is keeping
you for this informational purposes only and to make all this legal make sure
everybody prints and signs dates were needed again if you are a
married person make sure your spouse is on here as well
all right so I hope this video helped you out if so give us a like on it
comment on it if you know if it could help somebody
else well then share it with them all right we’re just trying to bring
awareness out there to help all the home sellers on on the process of what it
takes to sell a house all right take care of nine god bless hi my name is Jordan Rica’s and I am a
licensed real estate agent here your state of Texas and hope you got some
value that video tutorial if you have any questions and are concerns by all
means feel free to contact me online information should be here on this page
or on my back page send me your questions and I’ll try to cover it in
another video that way if somebody else has that same questions they can benefit
as well also take a look around this this YouTube channel and you might
already see some some questions that are your answers whether you decide use me
or not you should be able to benefit from this
you or anybody else that’s planning on buying are still announced all right
take care god bless

Daniel Ostrander

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