If you`re a real estate agent or a homeowner looking to sell your property, you`ll need to be familiar with the Residential Listing Agreement form TAR 1101. This document is an important legal contract that outlines the terms and conditions of the listing agreement between the seller and the real estate broker.
The TAR 1101 form contains a number of important provisions that both parties should understand before signing. These include:
1. Listing Price: The seller sets the asking price for the property and agrees to pay the broker a commission if the property is sold. The commission is usually a percentage of the sale price, and is negotiable between the parties.
2. Listing Period: The TAR 1101 establishes the length of time that the property will be listed for sale, typically ranging from 90 to 180 days.
3. Marketing: The broker agrees to market the property using various methods, such as advertising, open houses, and listing on the MLS (Multiple Listing Service).
4. Agency: The TAR 1101 designates the broker as the seller`s agent, with the duty to act in the seller`s best interests. The form also provides for the possibility of dual agency, where the broker represents both the buyer and the seller.
5. Disclosures: The seller is obligated to disclose any known defects or issues with the property, such as leaks or foundation problems. Failure to disclose can result in legal liability for the seller.
6. Termination: The TAR 1101 allows for termination of the listing agreement under certain circumstances, such as if the seller and broker cannot agree on price or if the property is sold by the owner or another broker.
It`s important to note that the TAR 1101 form is a legally binding contract. Both parties should carefully review and understand the terms before signing, and seek legal advice if necessary.
In conclusion, the Residential Listing Agreement form TAR 1101 is a critical document in the home selling process. It sets forth the terms and conditions of the listing agreement, including the listing price, the length of the listing period, marketing strategies, agency relationships, disclosure obligations, and termination provisions. By understanding this document, sellers and real estate brokers can ensure a smooth and successful sale process.