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April 4, 2018

Open Listing

Word of the day

Open Listing

A listing given to any number of brokers who can work simultaneously to sell the owner’s property. The first broker to secure a buyer who is ready, willing, and able to purchase at the terms of the listing earns the commission. In the case of a sale, the seller is not obligated to notify any of the brokers that the property has been sold.

Unlike an exclusive listing, an open listing need not contain a definite termination date. The listing terminates after a reasonable time, usually whatever is customary in the community. Either party can, in good faith, terminate the agency at will. Note, however, that some state license laws require all listings to contain definite expiration dates.

This type of listing is often used by contractors or builders. Unless stated otherwise, a listing is treated as an open listing in the form of a unilateral contract.

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