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.
Queens, New York Termination or Cancellation of Listing Agreement: A Comprehensive Guide In the real estate industry, a listing agreement is a legally binding contract between a property owner and a real estate agent, defining the terms and conditions for marketing and selling the property. However, there are instances when either party may wish to terminate or cancel the listing agreement in Queens, New York. This article aims to provide a detailed description of what Queens, New York Termination or Cancellation of Listing Agreement entails, including its different types and relevant keywords associated with this process. 1. Voluntary Termination of Listing Agreement: — In this scenario, the property owner decides to cancel the agreement willingly, usually due to a change in circumstances or dissatisfaction with the agent's performance. — Keywords: voluntary termination, cancellation of listing, property owner decision, dissatisfaction, change in circumstances. 2. Mutual Termination Agreement: — This type occurs when both the property owner and the real estate agent mutually agree to terminate the listing agreement. — Keywords: mutual termination, agreement, joint decision, both parties. 3. Expiration of Listing Agreement: — When the agreed-upon timeframe outlined in the listing agreement comes to an end without the property being sold, the agreement naturally expires. — Keywords: expiration, agreed timeframe, non-renewal, conclusion. 4. Breach of Contract: — If either the property owner or the real estate agent fails to fulfill their contractual obligations, it may lead to termination based on a breach of contract. — Keywords: breach of contract, non-compliance, legal consequences, failure to fulfill obligations. 5. Termination due to Misrepresentation or Fraud: — If either party is found to have misrepresented any crucial information about the property or engaged in fraudulent activities, the listing agreement may be terminated. — Keywords: misrepresentation, fraud, false information, termination based on deceit. 6. Termination with Cause: — In certain situations, there might be specific provisions in the listing agreement that allow termination with cause, such as the property owner finding a buyer on their own or the agent violating certain terms. — Keywords: termination with cause, specific provisions, violation of terms, separate buyer. It is important to note that terminating or canceling a listing agreement, regardless of the type, should be done following legal procedures and with a thorough understanding of the contractual obligations. Seeking professional advice from attorneys or experienced real estate agents is highly recommended navigating the process effectively. If you find yourself in a position where you need to terminate or cancel a listing agreement in Queens, New York, make sure to consider the specifics mentioned above and consult relevant professionals to ensure a smooth transition. Remember, understanding the terms of your agreement is crucial to avoid potential legal consequences or complications in the future.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
