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This Open Listing Realty Agreement is intended to be a contract between a real property Owner and a Broker whereby the Broker finds a buyer for the real property in return of a commission paid to the Broker by the real property Owner. This document in its draft form contains numerous of the standard clauses commonly used in these types of agreements, as well as optional language to allow for customization to ensure the specific terms of the parties’ agreement are addressed. Use this document when engaging the services of a Broker, whereby the broker will receive commission for finding a purchaser.
Real Estate Open Listing Contract This Real Estate Open Listing Contract is an agreement between a property owner and a real estate broker whereby the broker is hired to find a buyer for the owner’s property. This is an open listing agreement so the broker is being hired on a non-exclusive basis. The property owner is free to hire additional brokers or even sell the property themselves. Simply enter your information in the yellow highlighted fields, delete the bolded instructions, and you’ll have a customized agreement that’ll protect both parties’ interests. REAL ESTATE OPEN LISTING CONTRACT 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. 5. Non-Exclusive: The Owner retains the right to sell the property directly on his or her own behalf with no sales commission to Broker, so long as the Broker did not find this purchaser. The Owner further has the right to list the property with other brokers. If a sale is made © Copyright 2012 Docstoc Inc. 2 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 buyer 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 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. 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 Broker advertises the property for sale, he or she shall pay all costs of said advertising. 9. Confidentiality: Broker will disclose in writing to Owner each prospective Buyer. 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 of 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. © Copyright 2012 Docstoc Inc. 3 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] ______________________________________ [Instruction: Insert signature witness of broker] © Copyright 2012 Docstoc Inc. 4
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