West Virginia Termination or Cancellation of Listing Agreement

State:
Multi-State
Control #:
US-00048DR
Format:
Word; 
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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

Ending a Listing EarlyYou must sell the item to the highest bidder when you take down the listing, if your listing has one or more bids, and there are fewer than 12 hours left. Furthermore, you can't take down a listing if you canceled all bids and there are fewer than 12 hours left.

If you end a listing that has no bids on it, there is no Final Value Fee because you did not make a sale or cancel a potential sale. If you end a listing early that has a bid and are going to complete the sale to that bidder, there will be a Final Value Fee as with any regular listing sale.

You can cancel an auction listing early if there are no bids on an item, or if there are 12 or more hours left on a listing that has received bids (though eBay says it will charge a fee in the latter case).

In other words, notifying the agent is regarded as actually notifying the principal. Which of the following actions does NOT terminate an agency contract? The answer is relocation.

" 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.

However, we understand that there are times when it might be necessary to end a listing early. Some valid reasons include: The item is lost, broken, or no longer available. You made a mistake, such as listing the wrong starting price in an auction.

Generally, a listing agreement will include a time frame it is in effect. If the property is not sold within this time frame, it will cause a termination of the agency. If there is no time limit in the listing agreement, it may be terminated after a reasonable period.

Which of the following is not a way in which a listing agreement may terminate? Explanation: A listing agreement may not be terminated through abandonment. (Abandonment is a method for terminating an easement.)

If the sellers terminate their agency relationship with their broker before the period of the listing agreement expires, and subsequently list and sell the property through a second broker, but within the period of the original listing, the first broker has a right to be paid a commission on the sale.

Taking ActionAsk for a release: The time to ask about canceling a listing is when you sign the listing contract.Request a release in writing: Tell your agent immediately if you want to cancel.Ask to be assigned another agent: Realize that your listing is between the brokerage and you, not you and your agent.More items...

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West Virginia Termination or Cancellation of Listing Agreement