Termination or Cancellation of Listing Agreement
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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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