Form RF 131 Lot Land Exclusive Right to Sell Listing Agreement

Discover the Essentials of Form RF 131 Lot Land Exclusive Right to Sell Listing Agreement

Entering into the world of real estate transactions can be a daunting task; numerous forms and agreements need to be understood and completed correctly. More so, when it comes to selling your land or lot property. One particular document that property owners should become familiar with is the Form RF 131 Lot Land Exclusive Right to Sell Listing Agreement, an essential instrument in real estate.

Understanding Form RF 131

As a critical part of any property selling process, the Form RF 131 represents an agreement between the property owner and a real estate agent. This agreement gives the agent exclusive rights to market and facilitate the sale of the owner's land or lot. Questions and concerns often arise around the details of this form due to its intricate nature, but potential sellers should not be deterred.

Benefits of the lot land exclusive right to sell

The benefit of this agreement lies in its exclusivity. By signing Form RF 131, the property owner allows the real estate agent to take full charge of the sale, assuring potential buyers that they are dealing with a professional party. In this exclusive arrangement, even if the owner sells the property independently, the listed agent is entitled to a commission, thereby incentivizing the agent to put in maximum efforts to seal the deal.

How to Fill Out Form 131 PDF

To fill out the form RF 131 agreement on the PDFliner website, you can follow this detailed guide:

1. Start by identifying the broker or listing company and enter this information in the Broker section. This will be the real estate company that you are authorizing to sell the land.
2. Next, input the physical address of the real estate company you previously named in the Address of Company section.
3. In the Owner / Seller section, provide your name or the name of the entity that owns the property being listed.
4. Provide your or the entity's address in the Address of Owner / Seller section, ensuring it matches the legal documents for clarity and verification purposes.
5. Proceed to the Property Address / Legal Description section and detail the full address and legal description of the property as per the county's records. This information might include details from deeds, plat book pages, and any other legal descriptors.
6. If applicable, fill in the sections concerning items that will remain with the property at no additional cost to the buyer, and items that will not remain, by clearly listing each item under the appropriate headings.
7. Set the listing price in the Listing Price section. You need to decide if the price is for the entire property or per acre, and whether it's subject to adjustments based on actual surveyed acreage.
8. In the Term section, specify the listing date and expiration date of this agreement. Add details about any continuation clauses in case a purchase or lease agreement is signed before the expiration.
9. Detail the terms of sale that are acceptable in the Terms of Sale section, such as types of financing accepted (FHA, VA, Conventional).
10. Specify when and how the possession of the property will be transferred to the buyer in the Possession of Property section.
11. Determine the broker’s compensation in the Compensation section. This will include any percentages or fixed amounts due at closing, or terms related to leases, if applicable.
12. In the Further Information Concerning Property section, address any specifics about mineral, water, and timber rights; crops at the time of sale; leasehold or tenants' rights; any existing licenses or usage permits; utility connections; zoning and flood zone status; and environmental conditions such as soil tests or presence of hazardous materials.
13. Under the Responsibilities and Rights of the Parties section, grant the broker authority to advertise the property, place signs, list the property on multiple listing services, and handle showings.
14. Review sections concerning legal and tax implications, especially the Foreign Investment in Real Property Tax Act disclosure, to ensure compliance and proper consultation with tax professionals.
15. Carefully go through the Hold Harmless and Limitations on Broker’s Authority and Responsibility section to understand the legal boundaries and responsibilities assigned to the broker and yourself.
16. Confirm all the details you have entered, ensure that all required fields are correctly filled out and review the entire document for accuracy and completeness.
17. Finally, save, share, download, or print the filled form for your records and proceed as directed by PDFliner for official submission or further actions.

Get your 131 form online

In today's digital age, convenience is crucial. Thanks to advancements in technology, one doesn't need to visit an estate agent’s office or a legal firm to process these agreements. Property owners can easily access and even esign a Form 131 PDF online. This accessibility ensures that landowners can easily evaluate the terms and conditions from the comfort of their own homes before proceeding with any transactions.