When a person or owner of a property wants to sell his possessions but not by himself, he gives the legal selling rights to another person who acts on behalf of the real owner and sells the property or anything else. The legal document that is signed by the owner and seller is known as the exclusive rights to sell contract. It is referred to as a contract because even if the seller can sell the property on behalf of the real owner, he is obligated to take care of some stuff according to the contract. It includes the selling price, type of buyer, duration to transfer the payment for purchase and the reselling of the property.
Importance of the exclusive rights to sell contact:
This is a very common type of contract that is usually used in real estate property selling and buying. When a person wants to sell his property i.e. house, building, farm house or farm land, he hires a realtor who finds potential buyers in the market and deals with them on behalf of the owner. This way the owner doesn’t need to be presented or meet with every buyer and he gives the rights to sell the property to the realtor with the exclusive rights to sell contract. This contract is a legal document and it’s prepared by the attorney hired by the owner of the property. Some people also refer to this contract as the power of attorney agreement and it is almost the same but different in a way too. The seller can’t decide anything about the sale without consent of the owner and while making the deal, he has to consider all the obligations he has as the seller and the requirements of the owner with the contract.
This way we can say that the most important thing about this contract is that even if the owner doesn’t deal with the potential buyers, he still has rights on the property and controls the final decision of selling or not selling the property to the buyers. There are many important elements added in this contract but the most important elements are the price of the property, particular type of buyers that can buy the property and the duration in which the buyers are required to transfer full payment to the owner. With this contract, it is also very convenient for the owner and seller to mutually agree on the commission that the seller will get out of the selling of the property.
Some useful tips for writing exclusive rights to sell contract:
Usually there is no benefit for discussing the tips for writing the exclusive rights to sell contract for you because most of the time, this contract is prepared by attorneys and lawyers by considering the local laws and regulations regarding power of attorney and giving selling rights to someone else. But, still there are some things that you can consider while preparing this document. It includes the name(s) of the people that you want to give the exclusive rights to sell your property. You also need to create a boundary or guideline for the seller in the contract with all the requirements and that you need with the selling i.e. final price of the property, reselling and duration to make the final payment by the buyer and the percentage of payment that you will give to the seller as commission for his efforts.
Here is preview of a Free Fillable Exclusive Rights to Sell Contact Template,
Here is download link for this Exclusive Rights to Sell Contact Template,