Oregon Open Listing Realty Agreement

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Oregon Open Listing Realty Agreement Powered By Docstoc
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                             This Open Listing Realty Agreement is used by a real property owner and a broker whereby
                             the broker finds a buyer for the real property in return for a commission. This is a non-
                             exclusive listing agreement where the owner has the right to list the property with other
                             brokers or sell the property by him or herself. It sets forth the material terms of the
                             agreement including the listing term, the commission percentage and a description of the
                             property. This document should be used by property owners located in Oregon who want
                             to use multiple brokers to sell a property.
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                           OPEN LISTING REALTY AGREEMENT

This Agreement signed on ____ [Month] ____ [Date], 20____ [Year] by and between
_________________________________________________ [Instruction: Insert the name of
Owner] (hereinafter termed as the “Owner”) and ________________________________
[Instruction: Insert the name of Broker] (hereinafter termed as the “Broker”). The Owner and
the Broker may individually be referred to as “Party” and collectively be referred to as the
“Parties” who agree as follows:

1. Listing Term: The Owner lists the property described in Paragraph 3, with the Broker for a
   period of ________ (__) days [◊ Instruction: Insert the amount of time the property will
   be listed with the Broker, e.g., sixty (60)], from this date hereof.

2. Termination: The Owner or the Broker may terminate this agreement upon ________ (__)
   days [◊ Instruction: Insert the amount of time required for notice, e.g., thirty (30)]
   written notice to the other Party.

3. Description of Property: The property listed is located at:

   ___________________________________________________________________________
   ___________________________________________________________________________
   ___________________________________________________________________________
   ______________________________________________________________________

   [Instruction: Insert the legal description of property (commercial/residential)]

4. Commission: The Owner agrees to pay the Broker a commission of _____ (___ %)
   [Instruction: Insert the commission percentage, e.g., two percent (2%)] of the sale price
   should the Broker find a purchaser ready, willing, and able to pay at least ________ ($____)
   [Instruction: Insert the least expected value of the property, e.g., one thousand dollars
   ($1,000)] for the property or such other sum as may be accepted by the Owner. Said
   commissions are payable upon closing. Should the purchaser fail to close for any reason
   other than title defects or rescission of the contract by the Owner, no commission or sum
   shall be paid to the Broker.

5. Non-Exclusive: The Owner retains the right to sell the property directly on his or her own
   behalf with no sales commission to the Broker, so long as the Broker did not find the
   purchaser. The Owner further has the right to list the property with other brokers. If a sale is
   made within _______ (____) [◊ Instruction: Insert the amount of time, e.g., three (3)]
   months after this agreement terminates to parties found by the Broker during the term of this
   agreement, and wherein the purchaser has been disclosed to the Owner, the Owner shall pay
   the commission specified above.

6. Forfeit of Deposit: If a deposit of money is forfeited by a purchaser produced by the Broker,
   one half shall be retained by the Broker, providing that this amount does not exceed the
   commission, and one half shall be paid to the Owner.




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7. Further Assurances: In connection with this Agreement and the transactions contemplated
   hereby, each Party to this Agreement will execute and deliver any additional documents and
   perform any additional acts that may be necessary or appropriate to effectuate and perform its
   obligations under this Agreement and the transactions contemplated hereby.

8. Costs of Advertising: If the Broker advertises the property for sale, he or she shall pay all
   costs of said advertising.

9. Confidentiality: The Broker will disclose in writing to the Owner each prospective
   purchaser. The Owner is strictly prohibited from disclosing this information to any other
   broker in connection with the property described in Paragraph 3.

10. Mutual Understanding: Each Party has read this entire Agreement, ful
				
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Description: This Open Listing Realty Agreement is used by a real property owner and a broker whereby the broker finds a buyer for the real property in return for a commission. This is a non-exclusive listing agreement where the owner has the right to list the property with other brokers or sell the property by him or herself. It sets forth the material terms of the agreement including the listing term, the commission percentage and a description of the property. This document should be used by property owners located in Oregon who want to use multiple brokers to sell a property.
This document is also part of a package Essential Oregon Legal Documents 144 Documents Included