My client bought a vacant lot in a neighborhood years ago and never built on it. Now he wants to sell the lot. Which listing agreement should I use to sell the property?

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  • My client bought a vacant lot in a neighborhood years ago and never built on it. Now he wants to sell the lot. Which listing agreement should I use to sell the property?

The listing agreement you choose depends on how the buyer will likely use the property. If a buyer will probably use the lot for residential purposes, like building a home, the Residential Real Estate Listing Agreement, Exclusive Right to Sell (TAR 1101) would be the best choice.

To reduce the likelihood of confusing the seller, the listing broker, as a principal to the agreement, could delete the part of the agreement that applies to improvements, or add a statement in the Special Provisions paragraph indicating that the property is an unimproved lot.

These same considerations apply for selecting a listing agreement if the buyer’s likely intended use of the unimproved property would be for commercial or farm and ranch purposes.

Source: TAR

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