open listing (redirected from Open Listings)
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In real estate
, a situation in which multiple agents list the same house or property
. The agent able to sell
the property collects the commission
. An open listing often occurs when the homeowner
needs to sell the property quickly or when the property is otherwise difficult to sell.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
An offer by a property owner to pay a commission to any real estate broker who brings a buyer to the closing table.Rather than pay a 7 percent commission to a listing broker, with the listing broker then splitting that commission with the broker who provides the buyer, an open listing will agree to pay the entire 7 percent to any broker who brings the buyer.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.