What is a "listing agreement" in Pennsylvania real estate?

A "listing agreement" in Pennsylvania real estate is a contract between the seller and a broker, empowering the broker to market and sell the property on behalf of the seller. This agreement outlines the terms of the sale, including the listing price and the duration of the broker's authority to represent the seller.

In this context, the broker acts as an intermediary between the seller and potential buyers, utilizing their market knowledge and expertise to negotiate the best possible outcome. This specialized agreement ensures that both parties are clear about their obligations and rights, which is crucial for a smooth transaction process. The nature of this agreement is distinct from other real estate documents, such as contracts between sellers and buyers or lease agreements intended for rental properties, which serve entirely different purposes.