The terms of Agreement are as according to each brokered agreement. Our contracts are subject to the laws of the country in which the property acquisition is brokered in. H & K Enterprises Ltd. is not responsible for any transaction that violates our written terms of agreement.
- Exclusive-Right-to-Sell Listing: allows only the broker and their agents to represent the seller. With this listing, the broker is entitled to a commission even if the seller sells his property on his own without using the services of the broker.
- Exclusive-Agency Listing: only 1 broker has the right to represent the seller, but the seller has the right to sell his property without the broker and without paying a commission.
- Open Listing: any number of brokers or agents can represent the seller. The commission is paid to whomever finds a buyer for the property. If the seller sells it on his own, then he does not have to pay a commission.
- Multiple Listing Clause: which allows the broker to list the property on the Multiple Listing Service (MLS), which is both an association of brokers and a database of real estate properties provided by the brokers participating in the multiple listing service. Only properties that a H & K Enterprises Ltd. has an exclusive right to sell or is the exclusive agent can be listed on the MLS. All brokers have the right to sell any property on the MLS regardless of who listed it. Brokers who belong to the Multiple Listing Service agree to split the commission between the listing and selling broker.
Our brokers who are members of the MLS must list any newly acquired properties in the MLS within a specific amount of time, typically 5 days. There are 2 other forms of listings that, due to potential conflicts of interest, are illegal in many states or that are generally frowned upon—the net listing and the option listing.
- Net Listing: specifies that the seller will receive a predetermined amount of money from the sale of the property with the rest going to the broker. The broker can offer the property for any amount above the net going to the seller.
- Option Listing: gives the broker (H&K Enterprises Ltd. and our agents) the right, but not the obligation, to purchase the property within a specified time, after which the option expires. The broker must get the seller’s consent in writing for the option, and must tell the seller his profit.