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Listing Contract

(also called Listing Agreement) A real estate broker (or agent, acting on behalf of the broker) and a seller sign this agreement in order to give the broker the rights to advertise the property and represent the seller. The seller's real estate is then listed for sale, most often in a multiple listing service. In most cases the payment of a commission to the brokerage is contingent upon the agent procuring a satisfactory buyer for the property within the time frame of the Listing Contract. The commission is then paid to the broker from the seller`s proceeds at closing. Flat fee listing contracts have become popular, whereby a seller may pay a specified amount upfront for the services received. All details are typically determined by the listing contract.