Exclusive Agency Contract

An Exclusive Agency Contract is an agreement where a property owner hires one real estate agent or agency to handle the sale or lease of their property. The owner agrees not to work with any other agents during the contract period. In return, the agent dedicates their effort to market the property and find a buyer or renter. If the property sells or is leased through any means during this time, the owner typically pays a commission to the agent. However, if the owner sells or leases the property themselves without the agent's help, they may not owe any commission.