An amended listing agreement is a document that outlines changes made to a previous listing agreement between a realtor and a seller. The purpose of an amended listing agreement is to update or modify the terms and conditions of the original agreement.
When a property is listed for sale, it is common for the seller and realtor to enter into a listing agreement. The agreement typically outlines the realtor`s responsibilities, the commission to be paid, and the terms of the sale.
However, circumstances may arise that require changes to be made to the original listing agreement. For example, the seller may decide to change the asking price, or the realtor may wish to change the commission rate.
In such cases, the parties involved can sign an amended listing agreement to reflect the new terms. This document effectively amends the previous agreement and serves as a legal record of the changes made.
It is important to note that any amendments made to the original listing agreement must be agreed upon by both the seller and the realtor. Any changes made without the consent of one party may not be legally binding.
If you are a seller or a realtor entering into an amended listing agreement, it is important to consult with a legal professional to ensure that the document is drafted and executed correctly.
In conclusion, an amended listing agreement is an essential document that allows for changes to be made to a previous listing agreement. It is important to ensure that any changes are agreed upon by both parties and that the document is executed correctly to avoid any legal issues.