Pursuant to this Open Listing Agreement (“Agreement”), HOMEOWNERS NAME (“Client”) hereby grants to Splitero Homes Inc. (“Listing Broker”) DRE No.02184520 the non-exclusive right to negotiate a sale with respect to certain real property located at HOMEOWNERS ADDRESS (the “Property”). This Agreement shall be for a period commencing on closing date and ending at midnight on expiration date (“Listing Period”) under the terms and conditions set forth herein.
Non-Exclusive Right to Sell. This is a non-exclusive agency listing. Client grants Listing Broker the general non-exclusive and open right to market, sell, trade, convey, or exchange the Property during the Listing Period in accordance with the terms and conditions set forth in this Agreement. Client retains the right to sell the Property directly, on their own behalf, with no commission due to the Listing Broker. In addition, Client reserves the right to enter into similar arrangements with other real estate brokers.
Marketing Price and Terms: Client grants Listing Broker permission to select a Marketing Price that Listing Broker believes in good faith will maximize the price of Buyer’s offers. Client understands that potential Buyers dictate their own offer price, which may be higher or lower than the Marketing Price.
Compensation to Brokers: California Business and Professions Code Section 10147.5 requires: Notice: The amount or rate of real estate commissions is not fixed by law. They are set by each Broker individually and may be negotiable between a Seller and a Broker (real estate commissions include all compensation and fess to Broker).
Buyer Paid Compensation: No Fee or commission will be paid by Client to Listing Broker.
As compensation for services, a fee (“Fee”) shall be paid to Listing Agent by a ready, willing and able buyer (“Buyer”). The Fee is due at closing if during the Listing Period, or any extension, Listing Broker procures an offer to purchase the Property that is accepted by Client, and Buyer completes the transaction. The Buyer paid Fee will be disclosed to Client in the respective Purchase Agreement (the “Purchase Agreement”) at the time of offer.
Marketing the Property:
Listing Broker maintains a private network of institutional, non-retail, Buyers that may be different from those found on the Multiple Listing Service (“MLS”). Client grants Listing Broker the right to privately electronically advertise information and images of the Property to this network of prospective Buyers.
Listing Broker will not place a “For Sale” sign on the Property, publicly advertise the Property on the internet, list the Property on the MLS. Client and Listing Broker agree Listing Broker shall not publicly display the Property on the internet. In doing so, Client understands and acknowledges that real estate agents and consumers who search for listings through the MLS or on internet sites may not see information about the Property in response to their search.
Client Representations: Client represents and warrants that Client is the owner of the Property and that no other individuals or entities have title. Client further represents that he/she has the authority to execute this Agreement and sell the Property.
Disclosure. Client acknowledges receipt of a “Disclosure Regarding Real Estate Agency Relationships” attached hereto as Exhibit 1.
Possible Dual Agency with Buyer. Client acknowledges that under certain circumstances, it may be necessary or appropriate for Listing Broker to serve as an agent for both Client and a Buyer. Listing Broker shall, as soon as practicable, disclose to Client any intention to act as a dual agent representing both Client and Buyer. If a Buyer is procured directly by Listing Broker, Client hereby consents to Listing Broker acting as a dual agent for Client and Buyer. In the event of an exchange of the Property, Client hereby consents to Listing Broker collecting compensation from additional parties for services rendered, provided there is disclosure to all parties of such agency and compensation. Client understands and agrees that: a dual agent may not, without the express permission of the respective party, disclose to the other party confidential information, including, but not limited to, facts relating to either the Buyer’s or Client’s financial position, motivations, bargaining position, or other personal information that may impact price, including the Client’s willingness to accept a price less than the listing price or the Buyer’s willingness to pay a price greater than the price offered; and except as set forth above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the Property to both parties.
Termination: Either Client or Listing Broker may terminate this Agreement by providing the other party at least thirty (30) days written notice. If within one hundred eighty (180) calendar days after the termination of this Agreement, unless otherwise agreed, Client, enters into a contract to sell, convey or otherwise transfer the Property to anyone who Listing Broker submitted to Client a written offer to obtain the Property, Listing Broker will be entitled to Fees as set forth in Section 3.B. above.
Dispute Resolution. IN THE EVENT THE PARTIES HAVE A DISPUTE UNDER THIS AGREEMENT THAT CANNOT BE AMICABLY RESOLVED, THE PARTIES AGREE THAT ANY AND ALL CONTROVERSIES, CLAIMS OR DISPUTES ARISING OUT OF, RELATING TO, OR RESULTING FROM THIS AGREEMENT SHALL BE SUBJECT TO BINDING ARBITRATION. THE PARTIES AGREE TO SUBMIT THE DISPUTE TO BINDING ARBITRATION TO JAMS, PURSUANT TO ITS COMPREHENSIVE ARBITRATION RULES AND PROCEDURES, AND IN ACCORDANCE WITH THE EXPEDITED PROCEDURES IN THOSE ARBITRATION RULES.
Equal Housing Opportunity. Listing Broker shall comply with all federal, state and local anti-discrimination laws.
Governing Law. This Agreement shall be governed under the laws of the State of California.
Severability. If any provision of this Agreement is determined to be invalid, illegal, or unenforceable, the balance of this Agreement shall remain in full force and effect.
Attorney’s Fees, Costs, and Interest.If a claim or controversy arises concerning this Agreement, the prevailing party shall be entitled to attorney’s fees, court costs, expert witness fees and/or other expenses relating to said controversy, including attorney’s fees, court costs and/or other expenses on appeal, if any, whether or not suit is filed. For the purposes of this Agreement, “prevailing party” shall mean the party that received substantially the relief requested, whether by settlement, dismissal, summary judgment, mediation, arbitration, judgment or otherwise.
Entire Agreement; Amendment.The Agreement constitutes the parties’ entire and final agreement with respect to the subject matter hereof and thereof, and supersede all agreements, representations, warranties, statements, promises, and understandings, whether oral or written, with respect to the subject matter herewith. This Agreement may not be changed, waived, discharged, or terminated orally, except by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge, or termination is sought.