The One Time Showing Agreement is defined as a specialized contract, approved by the Kentucky Real Estate Commission, designed for a very specific scenario in which a property owner agrees to pay a commission to a real estate broker for a single showing that results in the sale of the property. This document, which is not to be confused with a listing agreement, outlines the terms, including the commission percentage, the sales price, and the timeframe known as the "protection period" during which the agreement is valid. Individuals are strongly advised to consult with legal counsel if any part of the agreement is unclear, as it is a legally binding contract.
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Entering into a One Time Showing Agreement is a significant step for both sellers and buyers within the real estate market, especially in territories governed by specific regulations like those set by the Kentucky Real Estate Commission. This type of agreement is distinct from a traditional listing contract, emphasizing its unique nature and purpose. Primarily, it enables a seller to agree to pay a broker a predetermined commission for facilitating the sale of a residential property to a specific buyer within a designated timeframe, known as the "protection period". The terms clearly outline the commission percentage or fixed dollar amount payable following the successful sale to the identified buyer(s). Additionally, it clarifies the role of the broker as representing the buyer solely, leaving the seller unrepresented in this scenario. This agreement is tightly scoped, limiting the broker's authorization to show the property exclusively to the agreed-upon buyer(s) and not extending the obligation to pay a commission beyond this transaction. Critical to the process, sellers must acknowledge the receipt of the Consumer Guide to Agency Relationships, complying with the Kentucky Real Estate Commission's regulations, and complete a Seller Disclosure of Property Condition as mandated. This document underlines the importance of understanding all legal obligations and suggests consulting with legal counsel if there are uncertainties about the terms, enshrining the agreement as a cautiously framed, legally binding contract designed to protect the interests of all parties involved.
| Question | Answer |
|---|---|
| Form Name | One Time Showing Agreement Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | one time showing, one time agreement, showing agreement, one time showing agreement |
