Termination Of Contract For Convenience In San Antonio

State:
Multi-State
City:
San Antonio
Control #:
US-00048DR
Format:
Word; 
Rich Text
Instant download

Description

In the context of real property law, a listing agreement governs the terms of the sale of real property by a third party real estate agency or broker. A listing contract may cover issues, among others, such as the price and terms of sale, broker's commission, agency duties of a listing agent, whether or not the property will be listed with the local MLS (multiple listing service), lockbox use, and resolution of disputes.


There are at least ten ways that a listing agreement may be terminated.


" When a real estate broker successfully sells a property for their client the listing agreement is complete.

" Listing agreements are typically inclusive of a definite time frame. When this period of time is reached, the listing agreement is terminated. Automatic extensions are illegal in many states, and are highly discouraged.

" If a broker does nothing to market the property, the owner of the property may end the listing due to the brokers abandonment of the property.

" Sellers can revoke the listing agreement, however there may be damages to the broker for which the seller can be held liable.

" Brokers can renounce the listing agreement, however they may be held for damages to the seller.

" Death, insanity, or bankruptcy of either the broker or the seller will often terminate the listing.

" Destruction of the property terminates the agreement because the agreement cannot be performed.

" The listing agreement can be terminated through a mutual consent between the broker and the seller.

" If the use of the property changes significantly, the listing agreement can be cancelled.

" In the real estate market, transfer of title by operation of law can terminate the listing agreement.

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FAQ

A “termination for convenience” clause states that a property owner may terminate a contractor at its convenience for no reason at all. There does not need to be any breach of contract in place. However, the clauses typically require advance notice (such as 30 days).

A form notice governed by Texas law terminating an agreement early for convenience. This notice may be used by a party to unilaterally terminate an agreement for convenience under the terms of that agreement.

The answer is additional termination costs and damages. Where a termination for convenience of the government is found to be a breach of the contract due to bad faith or an abuse of discretion, contractors may be able to recover anticipatory profits and consequential damages.

Unlike a termination for cause, a termination for convenience occurs without a breach of contract. Basically, one party decides that they've had enough and want to walk away. It's not technically legal, unless the contract gives either party the right to do this, but it does occur in the construction industry.

Termination for Convenience. Either party may terminate this Agreement without cause and at any time upon giving 30 days' prior written notice to the other party (each, a termination for "Convenience"). Such termination will be effective on the date stated in the notice.

Parties may agree to include a termination for convenience clause in a contract under the freedom of contract principle. However, in some countries and legal jurisdictions they may be statute law or case law which affects the operation or interpretation of such a clause.

Unilateral Right to Terminate Without Cause: Termination for convenience clauses generally allow one party, often the government entity, to terminate the contract without needing to establish fault or breach by the other party.

Related to Landlord's Termination for Convenience Termination for Convenience TIPS may, by written notice to Vendor, terminate this Agreement for convenience, in whole or in part, at any time by giving thirty (30) days' written notice to Vendor of such termination, and specifying the effective date thereof.

A termination for convenience clause, or "T for C" clause, enables a party to a contract to bring the contract to an end without the need to establish that the other party is in default, for example because the client party's needs have changed, or in order to arrange for another party to complete the contract.

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Termination Of Contract For Convenience In San Antonio