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LSDefine
Simple English definitions for legal terms
nonexclusive listing
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A quick definition of nonexclusive listing:
A nonexclusive listing is an agreement between a property owner and a real estate agent where the agent tries to find a buyer or tenant for the property at a certain price and terms in return for a fee or commission. Unlike an exclusive listing, the owner can give selling rights to multiple agents at the same time and can personally sell the property without paying a commission. It's like giving permission to more than one person to sell your toy, and you only pay the person who actually sells it.
A more thorough explanation:
A nonexclusive listing is an agreement between a property owner and a real estate agent. The agent agrees to try to find a buyer or tenant for the property at a certain price and terms in return for a fee or commission. Unlike an exclusive listing, a nonexclusive listing allows the owner to work with multiple agents at the same time.
For example, if a homeowner wants to sell their house, they can sign a nonexclusive listing agreement with multiple real estate agents. Each agent will try to find a buyer for the house, and the agent who successfully sells the house will receive a commission.
This type of listing is beneficial for the owner because they have more agents working to sell their property, increasing the chances of a successful sale. It also gives the owner the flexibility to sell the property themselves without paying a commission if they find a buyer on their own.