Open Listing Realty Agreement Template: Commission & Duties

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Open Listing Realty Agreement Template

This Open Listing Realty Agreement (“Agreement”) is entered into on [Date], by and between:

Property Owner (Seller):

Name: __________________________

Address: __________________________

Email: __________________________

Phone: __________________________

Broker/Agent:

Name: __________________________

Agency: __________________________

License Number: __________________________

Address: __________________________

Email: __________________________

Phone: __________________________

Collectively referred to as the “Parties.”

1. Property Description

The Property Owner grants the Broker the non-exclusive right to market and sell the following property:

[Property Address and Legal Description]

2. Listing Price

The initial listing price for the property shall be $[Amount], subject to adjustment by mutual written agreement of the Parties.

3. Commission

The Broker shall be entitled to a commission of [X]% of the final sales price if they directly procure a buyer ready, willing, and able to purchase the property.
No commission shall be owed if the sale is made by another agent or by the Property Owner without the involvement of the Broker.

The Broker shall be entitled to a commission of [X]% of the final sales price if they directly procure a buyer ready, willing, and able to purchase the property.

No commission shall be owed if the sale is made by another agent or by the Property Owner without the involvement of the Broker.

4. Broker’s Duties

The Broker agrees to:

Market the property through reasonable efforts, including listing services, advertisements, and open houses.
Communicate offers and inquiries promptly to the Property Owner.
Comply with all applicable real estate laws and licensing requirements.

Market the property through reasonable efforts, including listing services, advertisements, and open houses.

Communicate offers and inquiries promptly to the Property Owner.

Comply with all applicable real estate laws and licensing requirements.

5. Owner’s Rights

The Property Owner reserves the right to:

Sell the property independently without paying a commission.
Engage additional brokers or agents to market the property simultaneously.

Sell the property independently without paying a commission.

Engage additional brokers or agents to market the property simultaneously.

6. Term and Termination

This Agreement begins on [Start Date] and continues until [End Date] unless terminated earlier by either Party with [X days] written notice.
Any pending offers submitted before termination remain subject to commission payment if the Broker initiated them.

This Agreement begins on [Start Date] and continues until [End Date] unless terminated earlier by either Party with [X days] written notice.

Any pending offers submitted before termination remain subject to commission payment if the Broker initiated them.

7. Disclosure and Compliance

Both Parties agree to comply with all state and federal real estate laws, including disclosure of material facts about the property to prospective buyers.

8. Indemnification

Each Party agrees to indemnify and hold harmless the other against claims, damages, or liabilities arising from their own actions or omissions under this Agreement.

9. Governing Law

This Agreement shall be governed by the laws of [State/Country].

10. Entire Agreement

This document constitutes the entire understanding between the Parties and supersedes all prior agreements or representations.

Signatures

Property Owner Signature: ____________________________ Date: _________

Printed Name: _________________________________________

Broker Signature: ____________________________ Date: _________

Printed Name & Title: _________________________________________

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Open Listing Realty Agreement Template: Commission & Duties

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Open Listing Realty Agreement Template — quick answers

Reviewed July 2026 Free download, PDF & DOCX

What is an Open Listing Realty Agreement?

An Open Listing Realty Agreement is a non-exclusive contract between a property owner and multiple real estate brokers or agents. It allows the owner to market their property through several agents simultaneously, paying commission only to the one who successfully brings a buyer and closes the sale.

Why is this agreement important?

It gives property owners flexibility and broader market exposure while avoiding exclusive commitments. It also protects agents by ensuring they receive commission if they directly secure a buyer under the terms of the agreement.

When should you use an Open Listing Realty Agreement?

Use this agreement when you want to engage multiple agents to market your property, especially in competitive real estate markets or when seeking a faster sale.

What should it include?

The agreement should outline the property details, listing price, commission rate, marketing expectations, termination conditions, and compliance with local real estate laws.

How does commission work in an open listing?

Only the agent who directly procures a ready, willing, and able buyer earns the commission, making it different from exclusive listings where one agent has sole rights.