The second type of list also has the word “exclusive” in it, but don`t be confused! It is called the “exclusive agency” agreement. This way, you are the only agent who has the right to sell the property – but you are not the only person to have this right! In this scenario, the seller does have a financial incentive to find a buyer who doesn`t know you, because the seller does NOT have to compensate you if you don`t bring the buyer to the table! This way, if someone walks past the house and sees a “for sale” sign on it, but they don`t call it, the sellers can actually come from the payment. After potential buyers display the home and its prices accordingly, offers should start to begin. Some will be “low ball” and others will be closer to the seller`s demand price. If an offer passes, it will be in the form of a sales contract and usually has a margin of 3 to 5 business days to meet the seller. Another type of list is called “open list,” and it`s a kind of spicy proposition for sellers and agents. In this agreement, it is a kind of free-for-all, because the seller negotiates with many different agents and only the one who makes the winning offer is ultimately compensated. But who would want the time and effort to make efforts for a Commission which, at best, is a source of hope? Not many agents, let alone you, if you follow our advice and you succeed! The owner pays both the list and the sales brokerage fees. Homeowners cannot sell the property themselves without paying a commission, unless there is an exception A lockbox is a secure box usually used by real estate agents to rent other agents into a home for sale. The code or password for the lockbox is listed in the MLS and can be called by any realtor. The business should always be notified before entering the unit to ensure that owners, tenants or occupants are not on the site. The most common listing agreements are the open list, the exclusive list of agencies and an exclusive Rig-Based Paint Disclosure – required to be attached to each sales contract in accordance with federal law.