Aventura real estate professionals and sellers interested in listing their homes for sale in Aventura need to know how Florida law protects them when choosing to sign a listing agreement together. A listing agreement is a contract between homeowners and Aventura real estate professionals that give the realtor the right to list the house.
Some of the terms typically covered in listing agreements are:
- Exclusive Right to Sell: The realtor will have exclusive rights to sell the Aventura real estate property. This means homeowners can’t have active contracts with multiple Aventura real estate professionals to sell the same property.
- Commission Amount: If the Aventura property is sold, the amount of earned commission the realtor will earn is listed on the contract. This is usually seen as a percentage amount dependent upon the proceeds of the sale.
- Expected Duties: Marketing tasks that the Aventura real estate professional should do on the homeowner’s behalf may be noted on the listing agreement. These duties may include things, such as posting the property on the Multiple Listing Service (MLS), hosting an open house, or posting house signs, among others.
Although this isn’t an exhaustive list of what might be found on listing agreements, it outlines a few points that homeowners and realtors need to pay close attention to when signing the contract. Although some listing agreements are negotiable, there are parts that cannot be changed and some of these vary from state to state.
Florida Law Requirements for Aventura Real Estate Listing Agreements
Listing agreements are meant to provide Aventura real estate professionals with the time necessary to get Aventura homes for sale listed, marketed, advertised, and sold at the highest listing price as possible. In the state of Florida, the law covering listing agreements outline a few specific terms that must be followed and are non-negotiable when it comes to being included in these contracts. Some of these non-negotiables are:
- Specific end date for the listing agreement: Under Florida law, each listing agreement must have an end date. This protects the homeowners from being tied to a realtor indefinitely.
- No automatic renewal clause: An automatic renewal clause is not permitted under Florida law which gives homeowners the option to change realtors or take their home off the Aventura real estate rolls after the original listing agreement terminates. However, if more time is desired, the end date for a listing agreement can be modified or extended between the two parties.
- Pre-planned extensions: Homes for sale in Aventura that are in the process of being sold and are approaching an end date on the listing agreement are covered by what is termed a pre-planned extension. This protects Aventura real estate professionals from losing their deserved commission. The most commonly used listing agreements in Florida have these extensions built-in. Aventura real estate professionals are protected by this provision that extends through the date of the closing.
- Protection Period Clause: Similar to pre-planned extensions, this addition to listing agreements safeguards realtors from losing out on their rightful earnings if Aventura homes for sale are seen by potential buyers during the listing period and then chooses to buy after the listing agreements terminate. Generally, this clause offers a specific time after the listing expires to credit the realtor.
