Termination Of Contract Without Cause In Wake

State:
Multi-State
County:
Wake
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 Without Cause clause is a contractual provision that allows one or both parties to terminate the agreement without stating a specific reason or cause, typically upon providing advance written notice and subject to certain conditions or consequences.

Regardless of what your grounds are, notice is required to terminate any contract. Typically, this notice will come in the form of a written document that clearly explains your decision to terminate the contract, why you wish to do so, and on what grounds.

Regardless of what your grounds are, notice is required to terminate any contract. Typically, this notice will come in the form of a written document that clearly explains your decision to terminate the contract, why you wish to do so, and on what grounds.

Comment: A termination without cause provision (also called a “termination for convenience” clause) permits one or both parties to terminate the agreement at any time after an initial contracting period.

If the consumer decides to cancel the contract, the consumer must send the contractor a written notice of his or her decision.

Expiration of the terms of the contract: Contract terminates when its specified date or duration expires. Example: John's one-year lease, starting on January 1, 2024, expires on December 31, 2024. At that point, the contract terminates unless both parties agree to renew it.

These clauses are an essential part of contract management and need to be understood by many stakeholders across your organization. The legal team, business ops, sales and C-suite all need to understand the intricacies of contract termination to ensure contracts are watertight and enforceable.

If a written contract has no termination clause, the courts will still read into it the right to terminate the agreement upon breach or where the other party repudiates or renounces the contract.

Comment: A termination without cause provision (also called a “termination for convenience” clause) permits one or both parties to terminate the agreement at any time after an initial contracting period.

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Termination Of Contract Without Cause In Wake