The legal power or right given by a
principal and accepted by the agent to act
on the principal’s behalf in business
transactions with a third party.
The listing agreement is the most common
form of authority delegated to real estate
brokerages. Wordings for this authority vary
as no standard form prevails throughout
Canada. However, most set out similar basic
responsibilities concerning the marketing of
the property, payment of commission for its
sale, lease, exchange or option, and
authority to co-operate with other
brokerages.
A typical introductory wording for an
exclusive listing authority is provided:
I
[the Seller] hereby give you the exclusive
and irrevocable right to act as my agent to
lease or sell the Property until 11:59 p.m.
on the ___ day of _____, 20xx for the price
of ______________________ Canadian or US
Dollars ...
Most listing forms then detail various
responsibilities and obligations flowing
from this authority, such as:
Commission payable for the marketing
of property on terms and conditions as
set out in the listing or as otherwise
accepted.
Agency relationship including the
right to co-operate with any other
brokerage.
Referral of inquiries by the seller
from any source whatsoever to the
brokerage.
Permission to show prospective
purchasers and market the property
including the placement of a for sale
sign.
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