An open listing is a contract between a property owner and multiple agents, allowing the owner to grant selling rights to multiple agents simultaneously. The owner is only required to pay a commission if a specific broker successfully sells the property, and the owner retains the option to sell the property themselves without incurring any commission fees. This type of listing is also referred to as a nonexclusive listing, general listing, or simple listing.
An open listing is a contract between a property owner and multiple agents, in which the owner agrees to pay a commission to the agent who successfully sells the property. The owner retains the right to sell the property themselves without paying a commission. For instance, if a homeowner wishes to sell their house, they can enter into an open listing agreement with several real estate agents. The agent who first finds a buyer and completes the sale will receive the commission. This type of listing is non-exclusive, allowing the owner to work with multiple agents simultaneously. It is also referred to as a general or simple listing. Open listings are advantageous for property owners seeking to enhance their chances of selling their property quickly. However, it can also result in confusion and competition among agents, which may not be in the owner’s best interest.
An open listing is a type of real estate listing agreement where the seller can work with multiple real estate agents to sell their property.
No, an open listing is non-exclusive, meaning the seller can work with multiple agents and is not obligated to work with any one agent exclusively.
Yes, you can list your property with multiple agents under an open listing agreement.
No, you only have to pay commission to the agent who brings you a buyer and successfully closes the sale.
Yes, you can still sell your property on your own if you have an open listing agreement.
The length of an open listing agreement is typically negotiable between the seller and the agent.
Yes, you can terminate an open listing agreement at any time, as long as there is no pending sale.
The agent who brings you the first acceptable offer is typically the one who will receive the commission.
No, you are not required to sign an open listing agreement. It is up to the seller to decide which type of listing agreement they prefer.
The best type of listing agreement for you will depend on your specific needs and circumstances. It is recommended to consult with a real estate professional to determine which type of agreement is best for you.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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