"Open Listing Agreement Template"

What Is an Open Listing Agreement?

An Open Listing Agreement is formed between the seller of a property and numerous real estate agencies, making it non-exclusive. This agreement allows agencies to act on behalf of a seller and look for potential buyers. The estate agent that finds a buyer willing to pay the most for the property will be the one who collects commission at the end of the deal. After this stage, the real estate agency will not provide any assistance in the sale itself meaning the landlord has to sell the property themselves.

Alternate Names:

  • Open Listing Contract;
  • Open Listing Agreement Form.

Understandably, many real estate agents are not too keen to take on such listings because their earnings depend heavily on commissions. Through this listing, the only commission an estate agent could potentially receive is a selling broker's commission and even then, on the condition that they are the ones who find the buyer.

An Open Listing Agreement template can be downloaded by clicking the link below.


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Open Listing Agreement
This Open Listing Agreement (hereinafter referred to as the “Agreement”) is entered
into as of _________________, by and between ___________________________, with a
mailing address of ________________________________________________________
(hereinafter referred to as the “Seller”) and _____________________________________
(hereinafter referred to as the “Broker)”, of __________________________ with a
mailing address of ________________________________________________________
(hereinafter referred to as the “Agency”), collectively referred to as the “Parties,” both of
whom agree to be bound by this Agreement.
1. Real Property. The real property, that is the subject of this Agreement, is located at
the street address of _______________________________________________________.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
Legal Description
The Seller agrees that all fixtures shall be included as part of the sale, except the
following:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
The Seller agrees that only the following personal property shall be included as part of
the sale:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
The aforementioned real property, personal property, and included fixtures shall be
hereinafter referred to as the “Property.”
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Open Listing Agreement
This Open Listing Agreement (hereinafter referred to as the “Agreement”) is entered
into as of _________________, by and between ___________________________, with a
mailing address of ________________________________________________________
(hereinafter referred to as the “Seller”) and _____________________________________
(hereinafter referred to as the “Broker)”, of __________________________ with a
mailing address of ________________________________________________________
(hereinafter referred to as the “Agency”), collectively referred to as the “Parties,” both of
whom agree to be bound by this Agreement.
1. Real Property. The real property, that is the subject of this Agreement, is located at
the street address of _______________________________________________________.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
Legal Description
The Seller agrees that all fixtures shall be included as part of the sale, except the
following:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
The Seller agrees that only the following personal property shall be included as part of
the sale:
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
The aforementioned real property, personal property, and included fixtures shall be
hereinafter referred to as the “Property.”
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2. Open Listing. The Seller grants the Agency the general non-exclusive right to sell,
trade, convey, or exchange the Property during the Listing Period in accordance with the
terms and conditions set forth in this Agreement. The Seller hereby appoints the Agency
to represent the Seller as to their client only if a potential Buyer is produced by the
Agency.
The Seller retains the right to sell the Property directly, on their own behalf, with no
commission due to the Agency. In addition, the Seller reserves the right to enter into
similar arrangements with other real estate agents.
3. Period of Agreement. This Agreement shall start on _________________ (hereinafter
referred to as the “Effective Date”), and end on _________________ (hereinafter referred
to as the “Listing Period”), unless the expiration date is extended in writing.
4. Commission. The Agency, as compensation for finding a Buyer that is ready, willing,
and able to purchase the Property upon the terms and conditions mentioned herein or at
any price or terms acceptable to the Seller shall receive:
Percentage commission. A percentage based on the sales price, as stated in the
purchase contract between the Buyer and the Seller, in the amount of _________%
(hereinafter referred to as the “Commission”).
Fixed commission. A fixed payment in the amount of $_________________
(hereinafter referred to as the “Commission”).
The Commission is due and payable at closing by the Seller. The amount or rate of real
estate commissions is not fixed by law. The Commission is set by each Broker
individually and may be negotiable between the Seller and the Broker.
5. Leasing. During the Listing Period, if the Agency finds a ready, willing, and able
Tenant that agrees to rent the Property, the Agency shall be due _________% of the total
rent amount stated in the rental agreement for the lease term. The lease term shall be
defined as the period between the start and end dates listed in the rental agreement, not
including any renewal period(s).
If the Tenant agrees to rent the Property on a month-to-month basis, the Agency shall be
due the equivalent of one (1) month’s rent (the “Commission”).
6. Deed Type. The Seller agrees to convey the Property by _________________ deed.
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7. Ready, Willing, and Able Buyer. Under this Agreement, the Commission shall be
owed to the Agency if a ready, willing, and able Buyer is produced and refused by the
Seller. The definition of a ready, willing, and able buyer shall include, but not be limited
to, a purchase contract that meets or exceeds the Purchase Price and does not contain
contingencies or terms that are unreasonable or outside of industry standards. The Seller
has an obligation to negotiate all offers presented by the Agency in “good faith.”
8. Litigation. If a suit is brought against the Seller to collect compensation provided
herein, or if the Agency successfully defends any action brought against the Broker by
the Seller relating to this Agreement or under any purchase contract relating to the
Property, and the Agency prevails, the Seller agrees to pay all costs incurred by the
Agency in connection with such action, including reasonable attorneys’ fees.
9. Non-Refundable Payments. If the Seller accepts non-refundable payment(s) from a
prospective Buyer through a purchase contract and said Buyer does not complete the
purchase of the Property, such non-refundable payment(s) shall be distributed equally
between the Seller and the Agency up to the commission amount the Agency would have
collected if the Property had sold under the agreed-upon terms. If the Property is sold
afterward to the same or different Buyer, the Agency shall be entitled to a Commission
fewer payments received under this Section.
10. Fair Housing. The Agency is committed to compliance with all laws as well as the
philosophy of fair housing for all people. The Agency will present the Property to all
prospective Buyers in compliance with local, state, and Federal Fair Housing laws against
discrimination on the basis of race, color, religion, sex, national origin, handicap, age,
marital status, and/or familial status, children, or other prohibited factors.
11. Ownership. The Seller warrants and acknowledges to be the owner of the Property
and that no other individuals or entities have a title. The Seller has the authority as an
owner to execute this Agreement and sell the Property.
12. Seller Acknowledgments. The Seller represents warrants, and guarantees that the
Seller has complete authority to sell the Property and convey title. The Seller has
personally reviewed this Agreement, including any Property Disclosure Statement, and
any other addendums, exhibits, or attachments relating to the description and physical
condition of the Property were provided by the Seller and are accurate and complete to
the best of the Seller’s knowledge.
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13. Broker’s Duties. The Broker agrees to exercise all reasonable efforts while providing
a fiduciary duty to act in the best interests of the Seller. The Broker shall market the
Property to the best of their abilities in order to achieve the highest sales price feasible for
the Seller. The Broker shall make all attempts to transfer the Property to a qualified Buyer
and shall follow up with every effort to ensure such result is to the benefit of the Seller.
14. Seller’s Duties. The Seller agrees to make a reasonable effort to accommodate the
Broker, including, but not limited to, open houses, showings, Buyer appointments,
inspections, testing, and any other requests regarding the use of the Property. When
receiving offers, the Seller agrees, in good faith, to consider all proposals, letters, or
similar contracts presented by the Broker. The Seller shall be the only party responsible
for determining the Purchase Price or any price for the sale of the Property.
15. Indemnification. The Seller agrees to indemnify the Agency and hold harmless from
any and all claims, which may lead to a dispute, due to any false information provided.
Such indemnification shall include the Seller’s reimbursement to the Agency for any
attorneys’ fees arising from any dispute brought against the Agency.
16. Earnest Money. The Seller authorizes the Agency to handle Buyer’s funds and
deposit in an escrow account in accordance with State law (the “Earnest Money”). The
Agency is authorized to act as a third (3rd) party when accepting or holding, on the
Seller’s behalf, deposits made on behalf of a prospective Buyer. In the event a
counteroffer is not accepted, the Earnest Money shall be returned to the Buyer without a
signed release. If a purchase contract is signed and accepted by the Buyer and the Seller
without closing or transfer and recording of the deed, a separate mutual release signed by
the Buyer and the Seller will be required before the Earnest Money is disbursed. In the
event of a disagreement by either the Buyer or the Seller in regard to the release of
Earnest Money, the Agency must withhold its release until there is a mutual agreement or
an order has been administered of proper jurisdiction.
17. Property Disclosure Statement. In accordance with state law, it may be required that
the Seller complete the Property Disclosure Statement to the best of their ability and
provide true, factual, and accurate information. If required, the Agency shall be required
to disclose any information provided in the Property Disclosure Statement to any
prospective Buyer or their agent including facts that may materially affect the value of
the Property.
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18. Lead-Based Paint. The Seller represents that, to the best of their knowledge, the
structure on the Property or any portion thereof, was not constructed before January 1,
1978. The Seller acknowledges that, if the residence was constructed prior to January 1,
1978, there is a requirement to provide any Buyer an EPA-approved lead hazard
information pamphlet making certain disclosures regarding the presence of any known
lead-based paint or other lead-based paint hazards on the Property, unless the Buyer
waives their rights in writing. If any structure was constructed prior to January 1, 1978,
the Buyer shall have a ten (10) day period to conduct a risk assessment or inspection of
the Property to seek any presence of lead-based paint or any lead-based paint hazards.
19. Insurance. The Seller agrees to maintain hazard or other insurance, current as of the
Effective Date, during the course of this Agreement until the Property is sold.
20. Binding Effect. This Agreement shall be binding upon the Seller’s successors,
assigns, heirs, and beneficiaries.
21. Dispute Resolution. Any dispute arising from this Agreement shall be required to be
resolved by binding arbitration of the Parties hereto. If the Parties cannot agree on an
arbitrator, each party shall select one arbitrator, and both arbitrators shall select a third
(3rd) to handle the dispute. The arbitration shall be governed by the rules of the American
Arbitration Association in full force and effect.
22. Governing Law. This Agreement shall be governed under the laws located in the
State of ____________________.
State
The Parties agree to the terms and conditions set forth above as demonstrated by their
signatures as follows:
_________________________________
_________________________________
Seller’s Printed Name
Broker’s Printed Name
_________________________________
_________________________________
Seller’s Signature
Broker’s Signature
_________________________________
_________________________________
Date
Date
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