listing agreement
Listing Agreement is the written contract that gives an estate agent permission to sell or let your property on your behalf, and spells out how they get paid.
In plain English
So your uncle in Lekki wants to sell his three bedroom flat, and his neighbour says 'just tell an agent, they will handle it', and you are wondering, is that all there is to it, just a handshake and a phone number exchange?
Not quite, and this is where a listing agreement comes in. It is the paper that turns 'my agent is helping me sell this' into something you can actually hold someone to. It states the property, the asking price, how long the agent has to find a buyer, and crucially, what percentage they earn if the deal closes.
In Nigeria, this matters more than people admit, because so much property business runs on trust and vibes, and vibes do not hold up when three different agents claim they brought the buyer and all three want their cut. A signed listing agreement settles that argument before it starts, because it usually says whether the agent has exclusive rights or is one of several trying their luck.
In the United Kingdom, this same document is standard practice, often called a sole agency agreement, and it will state the commission rate, usually a percentage of the sale price, plus how many weeks the agent has before you are free to walk away or switch agents.
Someone abroad selling a family house in Enugu on behalf of relatives should ask for this in writing before wiring any marketing money or handing over keys, because a phone call promise does not survive a family disagreement six months later.
The document protects everyone involved. The seller knows exactly what they are paying for, and the agent knows their effort is not wasted on a seller who calmly sells to a cousin the next week and refuses to pay commission.
A landlord in Abuja signs a listing agreement with an agent to sell his duplex for ₦85,000,000, giving the agent exclusive rights for 90 days at 5 percent commission. If the duplex sells within that window, the agent earns ₦4,250,000, and the agreement makes that figure impossible to argue about later.
Questions people ask
What happens if I sell the property myself while under a listing agreement?
It depends on the type signed. Under an exclusive agreement, you may still owe commission even if you found the buyer yourself, so always read that clause before signing.
Can I use more than one agent at the same time?
Only if your agreement allows it, such as an open listing. An exclusive listing agreement means one agent alone has the right to sell, and bringing in others could breach the contract.
How long does a listing agreement usually last?
Terms vary, but 60 to 90 days is common in Nigeria and the United Kingdom alike, after which you can renew, renegotiate, or walk away if no buyer has appeared.
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