Agreements are made between two people who are in a mutual covenant in accordance of the same goal or purpose. These two people benefits with what they offer to one another by negotiating the terms and conditions.
These agreements are only effective if, and only if, it is documented using an agreement form and with the presence of the affixed signatures from both parties in order to make it valid or legal.
Exclusive Agency Agreement
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What is an Exclusive Agency Agreement?
An exclusive agency agreement is a restrictive agreement made between two parties: an agent and a customer binding together to make the same deal/s with other people. Apparently, these two parties decides to legally bound in consideration of the promises and mutual covenant.
In simple words, the agent and the customer collaborated in order to accomplish the same goal and function as one. An exclusive agency agreement, just like any other agreements has a validity period date, that means this is only effective on a specific period of time. These kind of agreement is also termed as a commercial agreement form.
Duties and Responsibilities of the Parties
Both parties having this mutual covenant have perspective responsibilities in which both act as a beneficiary with what one has to offer. In order to make this agreement an effective and efficient one, both must submit and function with their responsibilities.
Predominantly, an agent serves as the customer’s broker in obtaining the insurance products or policies that the customer can benefit. For the customer, he or she appoints the agent exclusively and in analyzing and procuring the insurance products that is to be obtained.
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Guidelines for Signing Exclusive Agency Agreement Forms
Exclusive Agency Agreement Forms are usually filled out by the real estate agent tasked to sell your property. Often, the owner of the property will only get to read and sign the form to formalize your partnership.
Listed below are a few tips that you may follow when signing an exclusive agency agreement:
- Read the document thoroughly. Real estate agreement forms like an Exclusive Agency Agreement form will contain all the details of the agreement that you are entering with the real estate agency. Reading the material before signing it ensures that you are going into the agreement fully informed.
- Consult a lawyer or someone knowledgeable with Real Estate Agreements if you have any questions. Sometimes, contracts will include legal jargon that just needs to be translated into layman terms. To avoid confusion and misinterpretation of the contract, it is best to ask a lawyer or the real estate agent about it.
- Review the property information listed on the agreement. When signing an Exclusive Agency Agreement form, you should also make sure that your property (house, building, lot, condo, etc) is accurately listed on the agreement. This means verifying that the correct house numbers, lot sizes, address, etc are used. Verifying these basic information makes sure that the agreement will not and cannot be voided in the future.
- Once the document is signed, it is now official and binding. Exclusive Agency Agreements works just like any legal document. Short of filing for a court case for contract termination, you (the seller) and the real estate agent should honor the terms of the agreement.
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