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Open Listing Realty Agreement
AGREEMENT made on [Date] by and between [Name] of [Address], hereinafter referred to as "Owner", and [Name] of [Address], hereinafter referred to as "Broker", do hereby agree as follows:
1. Listing term. Owner lists the property described in Paragraph 3, with the real estate Broker for a period of [--] days from date hereof.
2. Description of Property. The property listed is located at
3. Commission. The Owner agrees to pay the real estate Broker a commission of [--%] of the sale price should the Broker find a purchaser ready willing, and able to pay at least [$------] for the property or such other sum as may be accepted by Owner. Said commissions are payable upon closing.
4. 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 within [--] months after this agreement terminates to parties found by the real estate 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.
5. Forfeit of Deposit. If a deposit of money is forfeited by a purchaser produced by Broker, one half shall be retained by the Broker, provided this amount does not exceed the commission, and one half shall be paid to the Owner.
6. 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.
7. 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.
8. No Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
9.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.
10. This Agreement supersedes any prior written or oral agreements between the parties.
11. No Assignment. Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
12. Exclusion of Oral Statements. This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
13. Applicable Law. This Agreement shall be governed by the laws of the State of [State].
14. Time of The Essence. Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]