Listing contracts contain the names of the seller and the real estate broker. It includes a description of the property, the price, and the conditions of sale, the length of time of the listing, the real estate broker’s authority and an agreement to pay commission.
In British Columbia an exclusive listing is usually an “exclusive right to sell” although it might be more accurate to say “an exclusive right to market”. This contract gives the real estate broker the sole authority to sell the property. If the owner should sell the property on their own they are still obligated to pay the real estate broker a commission.
A multiple listing is an “exclusive right to sell” granted to one real estate company in cooperation with other members of the real estate board. This means the listing is distributed to all members of the real estate board. This contract is the only listing that will give the seller maximum marketing exposure.
An open listing gives a real estate company the right to a commission at a negotiated rate if that company brings an acceptable offer to the seller. This type of listing may be granted to many real estate companies; also the seller may sell privately with no obligation to pay commission. The marketing of the property is the sole responsibility of the property owner. This listing is sometimes used in commercial or industrial sales.