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The Residential Listing Agreement is a crucial document in Nigerian real estate transactions that formalizes the professional relationship between property owners and real estate agents. It is typically used when a property owner wishes to engage a licensed real estate professional to market and sell/lease their residential property. The agreement must comply with Nigerian federal and state property laws, including the Land Use Act and Estate Surveyors and Valuers Registration Act. It contains essential provisions regarding the property details, listing price, commission structure, marketing strategies, and the duration of the listing. This document serves as both a legal protection and a practical guideline for all parties involved in the listing process, ensuring transparency and professional conduct in the property transaction.

1. Parties: Identifies and provides full details of the Property Owner (Principal) and the Real Estate Agent (Agent), including registration numbers and contact information

2. Background: Establishes the context of the agreement, including that the owner wishes to sell/lease the property and appoint the agent

3. Definitions: Defines key terms used throughout the agreement including Property, Listing Period, Commission, etc.

4. Appointment and Authority: Formally establishes the agent's appointment and scope of authority to market and show the property

5. Property Details: Complete description of the property including address, title information, and relevant registration details

6. Listing Price: States the agreed listing price or range for the property

7. Commission Structure: Details the agreed commission rate and payment terms

8. Duration of Agreement: Specifies the listing period, including start and end dates

9. Agent's Obligations: Lists all duties and responsibilities of the agent including marketing efforts and reporting requirements

10. Owner's Obligations: Specifies the owner's responsibilities including providing access to the property and necessary documentation

11. Marketing Authorization: Details permitted marketing activities and use of property information and images

12. Property Access: Establishes terms for property viewings and access arrangements

13. Termination: Outlines conditions and process for ending the agreement

14. Governing Law: Confirms Nigerian law as governing law and specifies relevant jurisdiction

15. Execution: Signature block and execution requirements