The 3 Types of Listings
When selling your house there are 3 different ways to list your property.
1. Open Listing
An Open Listing allows for an unlimited amount of agents to be appointed by the PAMD Form 22a (appointment to act). Under an Open Listing, the sellers may list with as many agents as they wish. In the event of a sale, commission is paid only to the agent who introduced the successful buyer.
There is no time limit on an open listing and can overridden at any time by any "controlled listing" stated below.
2. Sole Agency Listing
This listing appoints a sole agency for a maximum period of 60 days. If the property is listed as a Sole Agency and sold by another agency who was not in conjunction, then the seller may be liable to pay both the listing agent and the selling agent commission. If the seller sell's the property privately, however, the listing agency is not entitled to commission.
3. Exclusive Agency Listing
As with a Sole Agency Listing, one agent is appointed for a maximum of 60 days. If the property is sold by another agent who is not in conjunction, or by the seller, the listing agent is entitled to commission. Once any controlled listing expires, the listing automatically becomes an Open Listing.
1. Open Listing
An Open Listing allows for an unlimited amount of agents to be appointed by the PAMD Form 22a (appointment to act). Under an Open Listing, the sellers may list with as many agents as they wish. In the event of a sale, commission is paid only to the agent who introduced the successful buyer.
There is no time limit on an open listing and can overridden at any time by any "controlled listing" stated below.
2. Sole Agency Listing
This listing appoints a sole agency for a maximum period of 60 days. If the property is listed as a Sole Agency and sold by another agency who was not in conjunction, then the seller may be liable to pay both the listing agent and the selling agent commission. If the seller sell's the property privately, however, the listing agency is not entitled to commission.
3. Exclusive Agency Listing
As with a Sole Agency Listing, one agent is appointed for a maximum of 60 days. If the property is sold by another agent who is not in conjunction, or by the seller, the listing agent is entitled to commission. Once any controlled listing expires, the listing automatically becomes an Open Listing.
The opinions expressed here are those of the individual and not those of Homely.com.au.
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Sole Agency listing and Exclusive Agency maximum term is 90 days not 60
The opinions expressed here are those of the individual and not those of Homely.com.au.
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