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Termination or Cancellation of Listing Agreement template - Download from Letters and Notices-Contracts

 
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Letters and Notices
 
 
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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 broker's 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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