The REALTOR® Alliance of Greater Cincinnati has updated two of its contracts/forms – the Exclusive Right to Sell Listing Agreement for Vacant Land and our Escalation Addendum. These changes, which were approved by legal counsel and the Board of Directors, are reflected in the forms that are accessible on our Legal Library and will be available via the various electronic platforms (Dotloop, Skyslope, Lone Wolf).
The updates include:
Escalation Addendum:
- Updated to include a clarification regarding the inclusion of Buyer’s Brokerage Fees in the Net Offer description at the bottom of the form.
Exclusive Right To Sell Listing Agreement For Vacant Land
- Defined “Vacant Land” as “For purposes of this Agreement, vacant land shall mean the primary value is in the land.”
- Updated to include compensation language consistent with the residential Exclusive Right to Sell.
- Revised Seller Certifications to mirror the residential format, with additional certifications specific to vacant land.
- Simplified “Condominium or HOA Association” to “Association.”
- Added a clause stating the Seller has not disclosed any material defects, authorizing the Listing Brokerage to market and sell the property and disclose items in the Seller’s Certification to the buyer and/or buyer’s agent.
- Expanded indemnification language for greater protection and understanding.
- Updated formatting for clarity.