CO-EXCLUSIVE AGENCY AGREEMENT-SALES
THIS AGREEMENT is effective____________________, and confirms that__________________________________________________(Listing Broker) has appointed Grand Lux Realty, Inc. to act as Co-Listing Broker for the sale of real estate known as:
In return for the Co-Listing Broker’s Agreement to use Co-Listing Broker’s best efforts to sell the above property, Listing Broker agrees to grant to Co-Listing Broker this Co-Exclusive Agency to sell this property under the following terms and conditions:
PERIOD OF AGREEMENT
- This Agreement shall be effective from the above date and shall expire on_________________________.
PRICE AT WHICH PROPERTY WILL BE OFFERED AND AUTHORITY
- The property will be offered for sale at a list price of_________________________(__________________________________________________ dollars and no cents) and shall be sold, subject to negotiation, at such price and upon such terms to which Owner may agree.
COMMISSION TO BE PAID TO CO-LISTING BROKER
3[a] Listing Broker hereby authorizes Co-Listing Broker to make an offer of cooperation to any other Licensed Real Estate Brokers with whom the Co-Listing Broker wishes to cooperate. Any commission due for a sale brought about by a Sub-Agent (another Broker who is authorized by Co-Listing Broker to assist in the sale of the Owner’s property) or a Broker’s Agent (see Real Property Law Section 443 Agency Relationship Disclosure Statement for explanation) or to an authorized Buyer’s Broker or to Co-Listing Broker shall be paid by the Listing Broker at the closing pursuant to this paragraph.
The commission offered by Listing Broker (or Owner) shall be_________________________% of the gross sale price, payable at the successful closing. The Buyer’s Broker shall receive_________________________% and Co-Listing Broker shall receive_________________________%. In no event shall Listing Broker (or Owner) be obligated to pay commissions exceeding_________________________% of the gross sale price.
Listing Broker acknowledges that a Buyer’s Broker is not representing Owner and that Buyer’s Broker will be representing only the interests of the prospective purchaser.
Listing Broker will not be obligated to pay the commission mentioned above to any Brokers if Listing Broker sells the subject property without the efforts of any Brokers whose services have been authorized by Co-Listing Broker. Brokers will be considered authorized if they are members of the EAMLS & have found the subject property on the MLS. This paragraph does not affect Owner’s commission obligations to Listing Broker.
3[b] If the commission has been collected by Listing Broker and, for any reason, not distributed to the Buyer’s Broker or Co-Listing Broker, and Buyer’s Broker or Co-Listing Broker is not paid the compensation as set forth herein on the due date, then the Listing Broker (or Owner) shall establish an escrow account with a party mutually agreeable to Listing Broker and Co-Listing Broker and shall place into said escrow account an amount equal to the compensation set forth herein. These monies shall be held in escrow until the parties’ rights to the escrow monies have been determined:
(i) by the written agreement of the parties;
(ii) pursuant to an arbitration award;
(iii) by order of a court of competent jurisdiction;
(iv) or some other process to which the parties agree to in writing.
At the time of Closing, if commission funds have been received by the Listing Broker, then the Listing Broker may be required to deposit Buyer’s Broker or Co-Listing Broker’s commission with the County Clerk in the event that the Listing Broker has not paid Buyer’s Broker or Co-Listing Broker the commission as set forth herein.
Arbitration: All claims, disputes or other matters in question between Buyer’s Broker, Listing Broker, Co-Listing Broker (and Owner) arising out of or relating to this Agreement, shall be determined by arbitration before the American Arbitration Association in White Plains, New York, pursuant to its Commercial Arbitration Rules. The award rendered by the arbitrator shall be final, and judgment may be entered upon it in accordance with applicable law in any court of competent jurisdiction.
Protection and Hold Harmless: Listing Broker (and Owner) agrees to protect, defend, and hold harmless Co-Listing Broker from any liability brought about due to commission disputes between Listing Broker and Buyer’s Broker.
LISTING BROKER’S OBLIGATIONS AFTER THE EXPIRATION/CANCELLATION OF THIS AGREEMENT
- Listing Broker understands and agrees to pay the commission referred to in paragraph 3, if the property is sold or transferred, or is the subject of a contract of sale within one (1) month after the expiration/cancellation date of this Agreement involving a person with whom the Listing Broker or a Co-operating Broker or the Owner negotiated or to whom the property was offered, quoted, or shown during the period of this Listing Agreement. Listing Broker (or Owner) will not, however, be obligated to pay such commission if Owner enters into a valid Exclusive Listing Agreement with another New York State Licensed Real Estate Broker after the expiration/cancellation of this Agreement.
WHO MAY NEGOTIATE FOR OWNER
- Co-Listing Broker agrees to have all offers submitted through Listing Broker.
SUBMISSION AND PUBLICATION OF LISTING TO MULTIPLE LISTING SERVICES
- Listing Broker agrees that Co-Listing Broker immediately is to submit this Listing to the above referenced MLS system for dissemination to its’ participants. No provision of this Agreement is intended to nor shall be understood to establish or imply any contractual relationship between the Listing Broker (or Owner) and the above referenced MLS system, nor has the above referenced MLS system in any way participated in any of the terms of this Agreement, including the commission to be paid. Listing Broker (and Owner) acknowledge that Co-Listing Broker’s ability to submit this listing to the above referenced MLS system or to maintain such listing amongst those included in any compilation of listing information made available by the above referenced MLS system, is subject to Co-Listing Broker’s continued status as a member of good standing of the above referenced MLS system.
Data including photographs, renderings, and sketches relating to Owner’s property will be aggregated with that of other properties listed by participants of the above referenced MLS system. Listing Broker (and Owner) are authorized and hereby assign to the above referenced MLS system all rights of ownership and copyright such data for disseminate to its participants and others as the above referenced MLS system may elect pursuant to its copyrights.
The above referenced MLS system Rules and Regulations stipulate that a listing must be entered into the MLS computer within 24 hours of the effective date of this Agreement and that a copy of this Agreement must be received by the above referenced MLS system within 72 hours of its effective date. This Listing Agreement is not acceptable for publication by the above referenced MLS system unless and until the Listing Broker (or Owner) has duly signed this Agreement and acknowledgement reflecting receipt of the definition of “Exclusive Right To Sell” and “Exclusive Agency” required by the New York State Department of State-Division of Licensing Services.
- Listing Broker and Co-Listing Broker agree to comply fully with local, state and federal fair housing laws against discrimination on the basis of race, color, religion, sex, national origin, handicap, age, marital status and/or familial status, children or other prohibited factors.
AUTHORIZATION TO USE “FOR SALE” SIGN, LOCKBOX, AND OTHER SERVICES
- Co-Listing Broker is not authorized to place a “For Sale” sign on the property.
Co-Listing Broker is not authorized to place a lockbox on the property. Listing Broker agrees to hold Co-Listing Broker harmless for any theft or loss caused by misuse of the lockbox.
Listing Broker acknowledges that the Co-Listing Broker has fully explained to Listing Broker the services and marketing activities which Co-Listing Broker has agreed to provide and the associated charges for those extra services as per Co-Listing Broker’s website: www.GrandLuxRealty.com, price list of a-la-carte services, Addendum 1 to this Agreement.
AUTHORIZATION FOR SUBMISSION OF LISTING ON THE INTERNET
- Listing Broker (and Owner) hereby authorizes the submission of this listing and photographs, onto the Internet when appropriate or available, limited to the EAMLS and not Co-Star or Loopnet or other commercial listing services.
- Listing Broker (or Owner) can cancel this Agreement at any time, in writing.Certain cancellation fees may apply as per Addendum 1 to this Agreement.Any commissions that have been earned pursuant to this Agreement must still be paid.
- If Co-Listing Broker finds the Buyer for this property and becomes the Buyer’s Broker then a conflict has arisen.
The Co-Listing Broker shall immediately advise the Listing Broker, the Owner (Seller) and the Buyer of the pertinent facts including the fact that a Dual Agency situation has arisen.
With this signed, fully informed, consent, the Listing Broker and the Buyer elect to continue with Co-Listing Broker serving as a Consensual Dual Agent, which is the exception to the general rule that agents serve one principal. As a Dual Agent, Co-Listing Broker and its licensee agents have a duty of fairness to both principals. By mutual agreement Listing Broker and Buyer may identify who will negotiate for each principal. For example:
[a] the licensee who signed the Buyer as a principal of the brokerage firm may negotiate on behalf of the buyer principal and
[b] the licensee who signed the seller as a principal of the firm may negotiate on behalf of the seller principal.
This is referred to in Real Property Law Section 443, Agency Relationship Disclosure Statement as “Designated Sales Associates”.
In either case, the brokerage commission will be paid by Listing Broker (or Owner) in accordance with the Listing Agreement with the Owner (Seller), unless different arrangements have been negotiated.
As a Dual Agent, Co-Exclusive Broker and its’ agents cannot furnish undivided loyalty to either party. As a Dual Agent, Co-Exclusive Broker and its’ licensee agents have a duty not to disclose confidential information given by one principal to the other principal, such as the price one is willing to pay or accept. Such information may already by known to the firm and its’ agents.
ALL MODIFICATIONS TO BE MADE IN WRITING
- Listing Broker and Co-Listing Broker agree that no change, amendment, modification or termination of this Agreement shall be binding on any party unless the same shall be in writing and signed by the parties.
- In accordance with the requirements of the New York State Department of State the undersigned Listing Broker (and Owner) do hereby acknowledge receipt of the following:
[a] Explanation of “Exclusive Right to Sell” listing;
[b] Explanation of “Exclusive Agency” listing.
EXPLANATION OF EXCLUSIVE RIGHT TO SELL
(As worded verbatim by the Department of State) An “Exclusive Right To Sell” listing means that if you, the Owner of the property find a buyer for your house, or if another broker finds a buyer, you must pay the agreed commission to the Procuring Broker.
EXPLANATION OF EXCLUSIVE AGENCY
(As worded verbatim by the Department of State): An “Exclusive Agency” listing means that if you, the Owner of the property finds a buyer, you will not have to pay a commission to the Broker. However, if another broker finds a buyer, you will owe a commission to the Procuring Broker.
“THE FAIR HOUSING ACT”
The Civil Rights Act of 1968 known as the Federal Fair Housing Law makes illegal any discrimination based on race, color, religion, sex, or national origin in connection with the sale or rental of housing. The 1988 amendment to this Act (The Fair Housing Amendments Act of 1988) expands the coverage of this law to handicapped persons and families with children. Broker and Owner agree to comply fully with State and local statutes and Federal Fair Housing laws.
ARTICLE 10 OF THE REALTOR CODE OF ETHICS STATES
“REALTORS shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin.”
ADDENDUM TO CO-EXCLUSIVE AGENCY AGREEMENT
PURSUANT TO SECTION 8 – 9 OF THE W-PMLS RULES AND REGULATIONS
The undersigned Participant (Co-Listing Broker) of the EAMLS and GHVMLS, and Listing Broker do hereby acknowledge that we are Co-Exclusive Brokers in connection with this listing.
We hereby acknowledge, agree and confirm to EAMLS and GHVMLS:
- That Co-Listing Broker is hereby designated as the “Listing Input Broker” for the purpose of maintaining the listing while it is in the EAMLS and GHVMLS database.
- That all listing changes, modifications, and notifications to EAMLS and GHVMLS shall be made on mutual consultation and agreement between Listing Broker and Co-Listing Broker before such modifications are submitted to EAMLS and GHVMLS.
- That in event a dispute arises between the undersigned regarding the handling of any aspect of this listing by such Co-Exclusive Brokers, we hereby acknowledge and agree that EAMLS and GHVMLS will be bound by the instructions of the Listing Input Broker until any such dispute is resolved through any appropriate forum including:
[a] an Arbitration Panel of the Westchester County Board of Realtors, Inc.,
[b] the Ethics and Grievance Committee of the Westchester County Board of Realtors, Inc.,
[c] the Rules Committee of the Westchester Putnam Multiple Listing Service, Inc.
(LISTING BROKER) (DATE)
Listing Broker’s Company:
Listing Broker’s Mailing Address:
Listing Broker’s Telephone Number:
Listing Broker’s Fax Number:
Listing Agent’s Name:
Listing Agent’s Cellphone Number:
Listing Agent’s eMail:
(CO-LISTING BROKER) (DATE)
Co-Listing Broker’s Company: Grand Lux Realty, Inc.
Co-Listing Broker’s Mailing Address: 428 Main St., Armonk, NY 10504
Co-Listing Broker’s Telephone Number: 914-273-9688
Co-Listing Broker’s Fax Number: 914-765-0518
Co-Listing Agent’s Name:
Co-Listing Agent’s Cellphone Number:
Co-Listing Agent’s eMail: