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Simple English definitions for legal terms
exclusive sale
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A quick definition of exclusive sale:
An exclusive sale is when someone is selling something and only one person is allowed to sell it. It's like having a special agreement with the seller that no one else can sell the same thing. It's different from a regular sale where lots of people can sell the same thing.A more thorough explanation:
Definition: A sale made by a broker under an exclusive-agency listing. This means that only the broker has the right to sell the property, and if the owner sells it themselves, they still have to pay the broker's commission.
Example: John wants to sell his house and signs an exclusive-agency listing with a broker named Jane. This means that only Jane can sell the house, and if John sells it himself, he still has to pay Jane's commission.
Explanation: This example illustrates how an exclusive sale works in real estate. By signing an exclusive-agency listing, John has given Jane the exclusive right to sell his house. This means that Jane is the only one who can market and sell the property, and if John finds a buyer on his own, he still has to pay Jane's commission.