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LSDefine
Simple English definitions for legal terms
simple listing
Read a random definition: hell-or-high-water rule
A quick definition of simple listing:
A simple 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. This type of listing allows the owner to give selling rights to more than one agent at a time and reserves the owner's right to personally sell the property without paying a commission. It is also known as a nonexclusive or general listing.
A more thorough explanation:
A simple listing is a type of real estate agreement between a property owner and an agent. In this agreement, the agent agrees to try to find a buyer or tenant for the property at a certain price and terms in exchange for a fee or commission. This type of listing is also known as an open listing.
For example, if a homeowner wants to sell their house, they can enter into a simple listing agreement with a real estate agent. The agent will then try to find a buyer for the house and if successful, will receive a commission for their services.
Unlike an exclusive listing, a simple listing allows the property owner to give selling rights to more than one agent at a time. The owner is only obligated to pay a commission when a specified broker makes a sale, and they reserve the right to personally sell the property without paying a commission.
Overall, a simple listing is a flexible option for property owners who want to sell their property and are open to working with multiple agents.