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LSDefine
Simple English definitions for legal terms
exclusive agency
Read a random definition: See generally
A quick definition of exclusive agency:
An exclusive agency is an agreement between two parties where one party is given the exclusive right to act as an agent for the other party. This means that only the designated agent can perform certain tasks or make certain decisions on behalf of the other party. An exclusive agency listing is a type of agreement in which a seller agrees to work exclusively with one real estate agent to sell their property. Exclusive control refers to a situation where one party has complete responsibility and management over something, which is necessary for the legal doctrine of res ipsa loquitur to apply.
A more thorough explanation:
Definition: Exclusive agency refers to a type of agreement between a seller and a real estate agent where the agent has the exclusive right to sell the property. This means that the seller cannot work with any other agents or sell the property themselves during the term of the agreement.
Example: A homeowner signs an exclusive agency agreement with a real estate agent to sell their house. During the term of the agreement, the agent is the only one who can market and sell the property. If the homeowner finds a buyer on their own, they still have to pay the agent a commission.
Explanation: This example illustrates how an exclusive agency agreement works in real estate. The agent has the exclusive right to sell the property, but the homeowner still has the right to sell it themselves if they find a buyer. However, they would still have to pay the agent a commission if the property sells during the term of the agreement.