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 Mississippi who want to use multiple brokers to sell a property.
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 Mississippi who want to use multiple brokers to sell a property. ® DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general guidance and should be modified by you o r your attorney to meet your specific needs and the laws of your state. Use at your own risk. 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All Rights Reserved 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. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 2 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, fully understands the contents hereof, has had the opportunity to obtain independent advice as to its legal effect, and is under no duress or obligation of any kind to execute it. This Agreement reflects the mutual understanding of the Parties with respect to all subject matter addressed herein and will be construed accordingly. 11. Severability: If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of law or public policy, all of the terms and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon any such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the Parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in any acceptable manner to the end that the transactions contemplated by this Agreement are consummated to the extent possible, failing which, the court will modify this Agreement to reflect the understanding or intent of the Parties. 12. Entire Agreement: This Agreement contains the entire agreement of the Parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the Parties. 13. Partnership: This Agreement does not create any obligation or relationship such as a partnership, joint venture, or other similar legal relationship between the Parties under the laws of any state or the federal government. IN WITNESS WHEREOF this Agreement has been duly executed and made effective by the Parties on this ____ [Month] ____ [Date], 20____ [Year] _______________________________ ______________________________ [Instruction: Insert signature of owner] [Instruction: Insert signature of broker] _____________________________________ [Instruction: Insert signature witness of owner] © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 3 ______________________________________ [Instruction: Insert signature witness of broker] © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 4
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