LISTING AGREEMENTS: EXCLUSIVE AND OPEN

There are a number of common types of brokerage contracts:

- Exclusive Listing. During the time of the contract, the seller is not permitted to use any other brokers, although he or she may sell the property on his or her own.

- Exclusive Right to Sell. During the time of the contract, if the property is sold, the broker is paid a commission, even if he or she had nothing to do with procuring the buyer. Please note that, as a rule, the seller may not revoke this contract, until the time of the listing expires.

- Open Listing. This gives the broker the right to sell, but permits the seller to employ other brokers at the same time or to sell the property him or herself. The broker is only entitled to a commission if he or she directly procures a buyer. This type of listing is revocable at the will of the seller.

The terms of the agreement are always open to negotiation.

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