Bernie represented oscar in the sale of oscar’s home. They signed an exclusive right-to sell-listing agreement. If oscar were able to find his own buyer, would he owe bernie a commission?

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11-08-2022
Business

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Bernie represented oscar in the sale of oscar’s home. They signed an exclusive right-to sell-listing agreement. If oscar were able to find his own buyer, would he owe bernie a commission?

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aryanagarwal466 aryanagarwal466 · Answer 1 · 2022-08-16T15:27:55+02:00

No, Oscar didn't own Bernie a commission because he found his own buyer, even though they signed an exclusive right to sell- listing agreement.

A listing agreement is a contract between a property owner and a real estate broker that allows the broker to act as the seller's agent and find a buyer for the property. Open listing, exclusive agency listing, and exclusive right-to-sell listing are the three types of real estate listing agreements.

The listing agreement is not a real estate contract, but rather an employment contract: the broker is hired to represent the seller, but no property is transferred between the two. A listing agreement gives your real estate agent the authority to represent you and your property to prospective buyers. It states that this person is the only one who can act as a real estate agent to manage the property's listing and sale. This contract is what initiates the home selling process.

Learn more about listing agreements here:

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