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.
Nebraska Termination or Cancellation of Listing Agreement refers to the process of ending a real estate listing agreement between a property owner and a real estate agent or broker in the state of Nebraska. This agreement is a legally binding contract that outlines the terms and conditions under which the agent or broker will market and sell the property on behalf of the owner. There are several types of termination or cancellation of listing agreements in Nebraska, including: 1. Expiration: Some listing agreements have a specific duration, usually ranging from a few months to a year. Once the agreed-upon time period ends, the listing agreement automatically expires, and the parties are not legally obligated to continue the relationship. 2. Mutual Agreement: Both the property owner and the agent or broker can agree to terminate the listing agreement before its expiration date. This can occur if the owner is dissatisfied with the agent's performance or if the property owner wishes to pursue a different marketing strategy or listing agent. 3. Breach of Contract: If either party fails to fulfill their obligations as stated in the listing agreement, it can lead to a breach of contract. For example, if the agent does not adequately market the property or the owner refuses to pay the agreed-upon commission, the non-breaching party may seek to terminate the listing agreement. 4. Revocation: In certain circumstances, the property owner may choose to revoke the listing agreement unilaterally. However, this typically requires a valid reason and may result in legal consequences if not done in accordance with the contract terms. To terminate or cancel a listing agreement in Nebraska, it is essential to follow the specific procedures mentioned in the agreement. This often includes providing written notice to the other party, stating the intent to terminate or cancel the agreement, and providing a valid reason if necessary. It is advisable to consult with a real estate attorney or seek professional advice when considering terminating or canceling a listing agreement in Nebraska to ensure compliance with state laws and to minimize potential legal ramifications.
