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LSDefine

Simple English definitions for legal terms

net sale contract

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A quick definition of net sale contract:

A net sale contract is an agreement between a property owner and a real estate agent. The agent agrees to sell the property for a set minimum price, and any amount over the minimum is kept by the agent as commission. This type of listing is also called a net listing. It is different from other types of listings, such as exclusive-agency listings, general listings, and open listings. A net sale contract is a way for the agent to make more money if they can sell the property for a higher price than the minimum.

A more thorough explanation:

A net sale contract is a type of listing agreement in real estate where the agent agrees to sell the owner's property for a set minimum price, with any amount over the minimum being retained by the agent as commission.

For example, if a property owner sets a minimum price of $100,000 for their property, and the agent sells it for $120,000, the agent would keep the $20,000 difference as their commission.

This type of agreement can be risky for the property owner, as the agent may be motivated to sell the property for less than its true value in order to secure a higher commission. As a result, net sale contracts are not commonly used in real estate transactions.

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TheMidwestMonger
14:28
I'm terrified with how the world will react to Trump losing
WorthlessAttractiveZombie
14:28
damn, next question: should i eat the cheese that's been in my fridge for 3 weeks?
14:28
im pretty sure the world is gonna rejoice??
14:29
yes it is the key to immortality
TheMidwestMonger
14:29
Sorry, I meant the far right and their reaction lol
I live in alabama if she wins it's gonna be crazy here
14:30
same as last time whine that it was rigged go to court lose every time
good thing im bouncing next year
oh yeah
JumpySubsequentDolphin
14:31
why won’t ASU send my scholly info ☹️
WorthlessAttractiveZombie
14:31
they sent mine about 3 hours after i got the initial acceptance video thing
I just wanna hear back from them
14:31
the adcomm office got there at 10 am took a two hour lunch at 12 and left at 3:30 -- trust me im from the year 2076
lol
WorthlessAttractiveZombie
14:32
lavender, they should usually get back within a month of going complete
okie doke, thank u!
JumpySubsequentDolphin
14:35
@WorthlessAttractiveZombie: good to know! I thought I missed SMTH bc someone told me they got their admissions packet before the video lol
BulbasaurNoLikeCardio
14:35
I got school that have me under review for over a month... just hope it puts me in their first wave of As
TackyProudYogurt
14:39
Anyone know if asu releases decisions all at once or if they trickle out throughout the day?
WorthlessAttractiveZombie
14:39
I'm pretty sure it's a trickle because they send you a personalized video too
TackyProudYogurt
14:40
Ah okay so I do need to continue refreshing my email every 10 seconds
WorthlessAttractiveZombie
14:40
I would say potentially. I received my email/video around noon eastern time, and I've seen people get it past 5pm eastern
coolgirl
14:40
Does anyone know if pending decision means I’ll get a response soon? My status changed
WorthlessAttractiveZombie
14:41
oooh which school?
TheMidwestMonger
14:42
^^
BulbasaurNoLikeCardio
14:42
@coolgirl: does it say that on the lawhub portal? My one A this cycle it said pending decision on their applicant portal and that they will email me in 24hrs the results.
coolgirl
14:43
FAMU
coolgirl
14:44
I got pending decision a week ago on my portal but haven’t seen any updates since
JumpySubsequentDolphin
14:45
@WorthlessAttractiveZombie: yours was personalized?! mine wasn’t 🙁
BulbasaurNoLikeCardio
14:45
That would kill my soul, see other people in that schools specific chat saying the same thing. Maybe they give a decision by mail?
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