In Florida, written listing agreements must include an end date. Sellers should receive a copy of the signed agreement.
ORLANDO, Fla. — The Florida Statutes have an entire chapter just for real estate licensing. Within Chapter 475, there are many rules, some a bit quirky and not discussed frequently.
There is a requirement that all listing agreements must have: a definite expiration date, description of the property, price and terms, fee or commission, and a proper signature of the principal(s) in F.S 475.25(1)(r). The statute goes on to require that a signed, legible, true and correct copy must be shared with the seller(s) within 24 hours of getting the written listing agreement. Last, the statute states that the written listing agreement can’t contain a provision requiring the seller to notify the broker of the intention to cancel the listing after the definite end date.
So, let’s break it down a bit. In Florida, written listing agreements need to have some clear details. Sellers need to know what day the listing agreement ends. This is an important detail for a Realtor® also, since you want to make sure you are not continuing to provide services without the permission of the seller and the right to get paid. Don’t forget, you need all of the sellers to sign a listing agreement. It is not enough to have just one seller sign if there are multiple sellers on title to the property.
The details of the listing agreement like the price and terms the seller is willing to accept need to be understandable. The listing agreement is the appropriate place to address commission, which is always negotiable and should be clearly discussed. How much will the seller be paying the listing brokerage?
To add to this, the last sentence of the statute specifically points out that a Seller cannot be required to have to give notice they are cancelling the listing agreement after that definite end date. The Florida Realtors® listing agreement forms, located on Form Simplicity, have designated this end date the “Termination Date”.
Last, don’t forget to share a copy of the signed listing agreement with the seller(s) within 24 hours. Making sure these simple details are taken care of in each written listing agreement will be one more thing you do to stay out of trouble with your licensing.
All of the above are the bare minimums that the Florida Statutes require of real estate licensees. The Florida Realtors form listing agreements comply with this rule. The written listing agreement can certainly have additional details and is the perfect time to work out relevant details with a seller. The forms are there as tools for our members to use, but a brokerage may choose to use their own drafted listing agreement.
Keep in mind, all the information and requirements discussed above are licensing requirements you have as a Florida real estate licensee. This is separate from whether the listing brokerage has an enforceable listing agreement, which would be a civil matter for the appropriate court to determine.
Maria Marchante is Associate General Counsel
Note: Information deemed accurate on date of publication
© 2024 Florida Realtors®
Go to Source
Author: amyc