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 Kentucky 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, fu