What does broker exclusive mean in New York?
Living New York. When you see the term "exclusive" next to a listing, it means the selling broker has the sole right to market the apartment and earn the commission if they close the deal. This is an arrangement between the seller and the broker, and it's one of the ways a broker protects their income.
What does an exclusive contract with the broker mean?
Signing an exclusive contract with a real estate agent means you grant him or her the right to sell your property. On the surface, an open listing may seem like a better and cheaper option. You can do your own marketing and advertising. If you sell your home, you don't have to pay a commission to a real estate agent.
How do I get out of exclusive broker agreement?
In most cases, you should be able to terminate the agreement with a letter of cancellation or termination and reasonable grounds for the request. Usually either side can terminate this way. But because this is a legal contract, don't just part ways with a handshake.
What is a exclusive agreement?
An exclusive agreement is one in which two or more parties agree to buy items solely from the seller named in the agreement.