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.
In Alaska, the Termination or Cancellation of Listing Agreement refers to the process through which a real estate listing agreement between a property seller and a real estate agent/broker is terminated or cancelled before the agreed-upon end date. This termination can occur for various reasons, including dissatisfaction with the agent's performance, a change in seller's circumstances, or a mutual agreement between the parties involved. One type of termination or cancellation of a listing agreement in Alaska is a Mutual Agreement. This occurs when both the seller and the agent agree to terminate the listing agreement before the designated end date. This situation may arise if the property is sold privately, or if the seller and agent are not satisfied with the marketing or representation thus far. In this case, both parties must communicate and come to a written agreement to terminate the contract. Another type of termination is the Expiration of Listing Agreement. This occurs when the agreement between the seller and the agent has reached its agreed-upon end date without any successful sale. In Alaska, the termination is automatic once the contract has expired, and both parties are free to pursue other options. Additionally, a listing agreement can be terminated through a Cancellation of Listing Agreement. This is typically initiated by either the seller or the agent when there is a breach of contract or dissatisfaction with the other party's performance. However, it is crucial to note that termination in this manner may incur penalties or legal consequences depending on the circumstances. It is important for all parties involved to carefully review the terms and conditions of the listing agreement before signing it. Additionally, seeking legal advice may be advisable when considering termination or cancellation, as it ensures compliance with Alaskan real estate laws and protects the interests of both the seller and the agent. Overall, the Alaska Termination or Cancellation of Listing Agreement encompasses the various ways in which a real estate listing agreement can be terminated or cancelled in the state. These may include mutual agreement, expiration of the contract, or cancellation due to breach of contract or dissatisfaction. Understanding the different types of termination can help both sellers and agents navigate this process effectively while adhering to relevant legal requirements.
