A simple listing is a contract between a property owner and a real estate agent. The agent agrees to seek out a buyer or tenant for the property at a specified price and terms in exchange for a fee or commission. This type of listing grants the owner the ability to engage multiple agents simultaneously and retains the owner’s right to sell the property personally without incurring a commission. It is also referred to as a nonexclusive or general listing.
A simple listing is a type of agreement between a property owner and an agent in the real estate industry. Under this agreement, the agent is responsible for finding a buyer or tenant for the property at a specific price and terms. In return, the agent receives a fee or commission. This type of listing is also referred to as an open listing.
For instance, if a homeowner wishes to sell their house, they can enter into a simple listing agreement with a real estate agent. The agent will then make efforts to find a suitable buyer for the house. If successful, the agent will be entitled to a commission for their services. Unlike an exclusive listing, a simple listing allows the property owner to grant selling rights to multiple agents simultaneously. The owner is only obligated to pay a commission when a specified broker successfully completes a sale. Additionally, the owner retains the right to personally sell the property without having to pay a commission.
Overall, a simple listing provides flexibility for property owners who want to sell their property and are open to collaborating with multiple agents.
A simple listing is a type of real estate listing agreement where the seller agrees to pay a commission to the listing broker only if the broker finds a buyer for the property.
Unlike exclusive right-to-sell or exclusive agency agreements, a simple listing does not give the listing broker the exclusive right to sell the property. The seller can also sell the property on their own without owing a commission to the broker.
Yes, a seller can work with multiple brokers under a simple listing agreement. However, the seller would only owe a commission to the broker who actually finds a buyer for the property.
If the seller finds a buyer on their own, they do not owe a commission to the listing broker. However, the seller may still owe a commission to any other brokers who were involved in the transaction.
The commission rate is typically negotiated between the seller and the listing broker. It is usually a percentage of the sale price of the property.
The commission rate can only be changed if both the seller and the listing broker agree to the change in writing.
The length of a simple listing agreement is negotiable between the seller and the listing broker. It can be for any length of time, but is typically for a few months.
Yes, a simple listing agreement can be terminated early if both the seller and the listing broker agree to the termination in writing.
If the property does not sell during the listing period, the listing agreement will expire and the seller will not owe a commission to the listing broker.
Yes, a simple listing agreement can be renewed if both the seller and the listing broker agree to the renewal in writing.
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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