If you`re a real estate agent in Texas, you`ll likely be familiar with the term “listing agreement.” This is a document that outlines the terms and conditions under which you`ll represent a seller in the sale of their property. But did you know that there`s a specific form that the Texas Real Estate Commission (TREC) requires you to use for this purpose? That form is the “Listing Agreement (Residential) (TXR 1101),” and it`s available as a fillable PDF on the TREC website.
Why is it important to use the official “Listing Agreement (Residential)” form? For starters, it ensures that you`re complying with TREC rules and regulations. If you were to use a different form or create your own from scratch, you could be putting your license at risk. Additionally, using the official form can help protect you and your client in case of any disputes or legal issues down the line. The form includes provisions for things like commissions, marketing expenses, and disclosures, so you can rest assured that you`re covering all the necessary bases.
So, how do you fill out the “Listing Agreement (Residential)” form? Here are a few key sections to pay attention to:
– Parties: This section includes fields for the seller`s name(s), address, and phone number, as well as your own information as the listing agent. Make sure all of this information is accurate and up-to-date.
– Property Description: Here, you`ll provide details about the property you`re listing, including the address, legal description, and any specific features or amenities.
– Listing Price and Terms: This section covers the asking price for the property, as well as any contingencies or special terms that apply to the sale (for example, if the seller wants to retain certain fixtures or appliances).
– Commissions and Expenses: This is where you`ll outline your commission rate as the listing agent, as well as any other expenses or fees that will be incurred during the course of the sale (such as marketing expenses or home inspection costs).
– Disclosures and Notices: Finally, the form includes a section for required disclosures and notices, such as information about lead-based paint or property condition. Make sure you review this section carefully to ensure you`re providing all the necessary information to potential buyers.
Once you`ve filled out the “Listing Agreement (Residential)” form, both you and the seller will need to sign and date it to make it official. You should also provide a copy of the form to the seller for their records.
Overall, using the official “Listing Agreement (Residential)” form is an important part of representing sellers in Texas real estate transactions. By ensuring that you`re complying with TREC regulations and providing all the necessary information to potential buyers, you can help protect your license and your clients` interests.