Docstoc Legal Agreements
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 Indiana who want
to use multiple brokers to sell a property.
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OPEN LISTING REALTY AGREEMENT
This Agreement signed on the ____ [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”). Owner and
Broker may individually be referred to as “Party” and collectively be referred to as the “Parties”
who agree as follows:
1. Listing Term: Owner lists the property described in Paragraph 3, with the Broker for a
period of ________ (__) days [◊ Instruction: Insert the amount of time the property wil
be listed with the Broker e.g., Sixty (60)], from this date hereof.
2. Termination: Owner or 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: Owner agrees to pay the Broker a commission of _____ (___ %)
[[Instruction: Insert the commission percentage e.g., two percent only (2%)] of the sale
price should the Broker find a purchaser ready, willing, and able to pay at least ________
($____) [Instruction: Insert the least expected value of the property E.g., One thousand
dollars only ($ 1,000)] for the property or such other sum as may be accepted by 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 Owner, no commission or sum shall be
paid to Broker.