Colorado Contracts #108891-Entire Right to Sell Contract

Pdf Summary

The LC50 is an exclusive right-to-sell listing contract between a seller and a brokerage firm. The contract outlines the relationship between the seller and the brokerage firm and includes provisions regarding compensation, duties of the broker, disclosures, possession, and other important details.<br /><br />The contract starts with designating the relationship as either seller agency or transaction-brokerage. It then defines the roles of the broker and the brokerage firm, depending on whether it is a multiple-person or one-person firm.<br /><br />The contract includes defined terms such as the seller's name, brokerage firm, and broker. It also requires the legal address and description of the property.<br /><br />There is a section on brokerage relationship, explaining the difference between seller's agent and transaction-broker. The contract outlines the duties of the broker, including exercising reasonable skill and care, presenting offers, and maintaining confidentiality.<br /><br />The compensation to the brokerage firm is described, including the commission for the sale or lease of the property. It also states when the commission is earned and when it is payable.<br /><br />Other sections of the contract cover topics such as disclosure of settlement costs, mediation in case of disputes, and the inclusion of additional provisions. The contract also clarifies that expenses incurred by the brokerage firm for marketing or services will be reimbursed by the seller.<br /><br />Overall, the LC50 is a comprehensive listing contract that establishes the relationship between a seller and a brokerage firm and outlines the terms and conditions of the listing agreement.

Asset Caption

Review the following for detailed instructor notes on important sections of this listing contract.

Keywords

LC50

listing contract

seller

brokerage firm

compensation

duties of the broker

disclosures

possession

brokerage relationship

commission