This Open Net Listing Agreement is between the seller named above and Timeshare Broker Associates, LLC.
1. Authority to Sell Timeshare Property:
SELLER gives Broker the right to sell the Timeshare property described above for a period of 90 days from the date of the Seller's signature on the agreement. The term of this agreement may be extended upon seller's written request. Upon full execution of a contract for sale and purchase of the property, all rights and obligations of this agreement will automatically extend through the date of the actual closing of the sales contract. SELLER and BROKER acknowledge that this agreement does not guarantee a sale. This property will be offered to any person without regard to race, color, religion, sex,handicap, familial status, national origin or any other factor protected by federal, state, or local law. Seller certifies and represents that he/she/it is legally entitled to convey the timeshare property.
2. Broker Obligations:
A. To offer and advertise the Timeshare Property as Broker deems advisable including advertising the property on the internet.
B. To present any and all offers and counter offers in a timely manner regardless of whether the timeshare property is subject to a contract for sale.
C. Act as a Transaction Broker.
3. Seller Obligations:
A. Cooperate with Broker in carrying out the purpose of this agreement.
B. Notify Broker in writing before selling, renting, leasing, mortgaging, banking, converting to points or otherwise encumbering the timeshare property.
C. To warrant accuracy of information set forth herein and hold Broker harmless from losses, damages, costs and expenses resulting from errors contained therein.
D. To make all legally required disclosures, including all facts that materially affect the property's value.
E. To obtain any information relating to the present mortgage or mortgages on the timeshare property, including existing balance,payoff amount and any maintenance fees and taxes due to the resort.
F. Seller is responsible for notifying the exchange company of the transfer, the closing company will notify the resort.
G. The owner's obligation to pay the timeshare/resort assessments continues for as long as seller owns the timeshare interest and that when a person inherits a timeshare interest, that person is responsible for paying those assessments.
H. Seller agrees to perform any act necessary to comply with Foreign Investment Real Property Tax Act (FIRPTA), Internal RevenueCode Section 1445.
4. Conveyance of Title:
A. Where the timeshare property is held as a deeded interest, seller shall furnish to broker a copy of the deed. Seller shall also convey title to the purchaser at closing a deed free and clear of all encumbrances.
B. Closing costs will be paid by the buyer, or as provided and agreed to in the Sales Contract between Seller and Buyer.
5. Right to Use:
Where the timeshare property is held under a right to use agreement, the seller shall furnish a communication from the developer showing that an unencumbered right to use is vested with the Owner.
A. The Seller or the Buyer will compensate Broker the commission due at the time of closing as the total purchase price of the Timeshare Property minus the Net Listing Price. Seller will receive the Net Listing Price as proceeds from the sale of the Timeshare Property at the time of closing.
B. Owner acknowledges that due to extensive advertising and promotional programs incurred by the broker, that the selling commission may be more than that is charged in other types of real estate transactions.
C. Broker does cooperate with and compensate other licensed real estate brokers who have clients looking for properties that we advertise, except when not in the seller's best interest. Therefore, we may share our commission with another broker.
There are no judgments or pending litigation against Broker resulting from or alleging a violation by Broker of Chapters 475, 498, 718 or 721, Florida Statutes, or resulting from or alleging consumer fraud on the part of the Broker. Broker has an estimated 3:2 ratio of listings to sales. There is no guarantee that your timeshare can be sold at any particular price or within any particular period of time.