In real estate brokerage, an open listing is a written authorization given by a property owner to a real estate broker agreeing to pay a commission if the broker procures an offer that meets the specified price and terms. The agreement does not grant the broker an exclusive right to sell the property.
Under an open listing, the owner may employ multiple brokers or sell the property independently without owing a commission, provided another offer is accepted first. The broker is entitled to compensation only if the broker is the one who produces the successful buyer.
