What is the difference between exclusive right to sell and exclusive agency?

Exclusive right to sell and exclusive agency are two options for residential real estate law in Virginia. The main difference between the two is that exclusive right to sell requires the seller to pay a real estate commission if the property is sold. Exclusive agency does not require a commission payment if the property is sold. With exclusive rights to sell, the seller signs a contract with a real estate agent and agrees to pay the agent a commission if the property sells. This contract is binding, and the seller is obligated to pay the commission even if the buyer finds the property on their own or through another agent or broker. Exclusive agency is an agreement between the seller and the real estate agent that requires the real estate agent to be paid a commission if they are the ones to find a buyer for the property. The seller is not obligated to pay the commission if the property is sold, even if the buyer was found through the efforts of the real estate agent. This gives the agent some incentive to find a buyer, because they will only be paid if they are successful. In conclusion, the main difference between exclusive right to sell and exclusive agency is that exclusive right to sell requires the seller to pay a commission if the property is sold, while exclusive agency does not. Depending on the situation, this could cause the seller to save some money on the sale of the property.

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What is the difference between exclusive right to sell and exclusive agency?

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