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.
Title: A Comprehensive Guide to Tarrant Texas Termination or Cancellation of Listing Agreement Introduction: In Tarrant, Texas, the termination or cancellation of a listing agreement holds significant importance in the real estate industry. This article aims to provide a detailed description of what Tarrant Texas Termination or Cancellation of Listing Agreement entails. We will explore different types of termination or cancellation agreements prevalent in the region, shedding light on key aspects and relevant keywords associated with each type. 1. Voluntary Termination or Cancellation: The first type of termination or cancellation of a listing agreement in Tarrant, Texas, occurs when both the seller and the listing agent mutually agree to terminate the agreement. This can be based on various factors such as unsatisfactory performance, inadequate marketing, or disagreements in pricing strategies. Essential keywords: mutual agreement, voluntary termination, unsatisfactory performance, inadequate marketing, pricing disagreement. 2. Expiration of Listing Agreement: Another common scenario for termination or cancellation of a listing agreement in Tarrant, Texas, is when the initial agreement period expires. In this case, the listing agreement automatically terminates upon reaching its predetermined expiration date. Both parties can then choose to renew the agreement under revised terms or explore alternative options. Essential keywords: expiration date, initial agreement period, renewal. 3. Breach of Contract Termination: If either the seller or the listing agent fails to comply with the terms and conditions stipulated in the listing agreement, it can result in a breach of contract. Any violation of the agreement's clauses or provisions could lead to the termination of the listing agreement. However, it is crucial to consult legal experts to ascertain the validity of the breach and determine suitable courses of action. Essential keywords: breach of contract, violation, legal recourse, termination. 4. Terminating Due to Sale or Withdrawal: In the event that a property listed under a Tarrant Texas listing agreement is successfully sold or withdrawn from the market before the agreement's specified time frame, the listing agreement is canceled. This termination typically occurs when the property is no longer available for sale or the seller decides to remove it from the market temporarily or permanently. Essential keywords: property sold, withdrawal, unavailability. 5. Agreement Extension or Modification: Sometimes, both the seller and the listing agent may choose to modify or extend the original listing agreement to accommodate changing circumstances. This can involve a revision of terms, additional services, or a revised schedule. It is essential to clearly outline any modifications or extensions in writing to avoid confusion or potential disputes. Essential keywords: modification, extension, changing circumstances, revised terms. Conclusion: Tarrant Texas Termination or Cancellation of Listing Agreement offers several options for sellers and listing agents to explore when circumstances change or contractual obligations are not met. This comprehensive guide has highlighted various types of termination or cancellation agreements prevalent in Tarrant, Texas, providing you with valuable insights and relevant keywords surrounding each type. Remember to consult legal professionals to ensure compliance with applicable laws and regulations throughout the process.
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.
