Limited services listing agreement

Debbie Wey

Aug 05, 2024

• Arranging appointments for cooperating brokerages to show listed property to potential purchasers, but instead giving cooperating brokerages authority to make appointments directly with the seller(s).
• Accepting and presenting to the seller(s) offers to purchase procured by cooperating brokerages, but instead giving cooperating brokerages authority to present offers to purchase directly to the seller(s).
• Advising the seller(s) as to the merits of offers to purchase.
• Assisting the seller(s) in developing, communicating or presenting counter-offers.
• Participating on the seller(s) behalf in negotiations leading to the sale of the listed property.

Agents often ask, “How do I list a property for which I am only being paid a fee to list with no other service provided? I see others doing it." To list a property in Canopy MLS , the following must be true.

• The listing must be subject to a real estate broker-in-charge (BIC), and agents must be affiliated with a BIC to list.
• The listing agent must be an active Canopy MLS subscriber .
• The listing agent must have a signed listing contract with the seller. There is no standard limited-service listing contract form. Any broker who proposes to engage in providing limited-listing services should consult a real estate attorney for assistance in drafting an appropriate contract.
• All required fields of the MLS listing must be completed in every detail which is reasonably ascertainable. All listing agents, including limited-service listing agents, must assure the accuracy of any advertised information about the property. Brokers must competently perform any services provided under the listing agreement, including providing accurate information (including square footage) in the MLS listing in accordance with MLS rules. All brokers owe the seller the duty to exercise skill, care and diligence in listing the seller’s property in the MLS and servicing that listing.

Obligations for Cooperating Brokers. Section 3.6(c) of the Canopy MLS Rules and Regulations require cooperating brokers to report accepted offers and prices that are fully executed to the Listing Brokerage in writing within two (2) business days after the "Effective Date." Then the Listing Brokerage shall report accepted offers and prices that are fully executed to the MLS within two (2) business days after receiving notice from the Cooperating Brokerage.

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