Penalty For Cancelling Real Estate Contract In Collin

• Category: Real Estate - Contracts - Agents
• State: Multi-State
• County: Collin
• Control #: US-00048DR
• Format: Word; Rich Text

Description

The Termination of Listing Agreement is a legal document that formalizes the cancellation of a real estate listing agreement between a Broker and a Seller in Collin. It outlines the mutual agreement to terminate the existing Listing Agreement, specifying the date of termination. A key feature of the form is that the Broker waives any claims against the Seller arising from the Listing Agreement, apart from reimbursement for incurred expenses, such as advertising costs. Similarly, the Seller releases the Broker from any further obligations under the contract. The document also clarifies that any compensation earned prior to termination remains the Broker's right. This form is crucial for attorneys, partners, owners, associates, paralegals, and legal assistants as it ensures legal compliance in terminating a real estate listing and mitigates potential disputes. Clear filling instructions guide users on providing specific dates and amounts, making it accessible to individuals with limited legal backgrounds. It helps maintain professional relationships and protects both parties' interests during the cancellation process.