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.
Georgia Termination or Cancellation of Listing Agreement refers to the legal process through which a real estate listing agreement is terminated or cancelled in the state of Georgia. This agreement is a contract between a property owner (seller) and a licensed real estate agent or broker (listing agent) that details the terms and conditions of the agent's representation of the seller in the sale of their property. There are several types of Georgia Termination or Cancellation of Listing Agreement, including: 1. Expiration: This occurs when the agreed-upon time period stated in the listing agreement comes to an end, and the agreement automatically terminates. The listing agent is no longer authorized to represent the seller in marketing and selling the property. 2. Mutual Agreement: If both the seller and the listing agent agree to terminate the listing agreement before its expiration date, they can do so by signing a mutual termination agreement. This is a voluntary termination that requires the consent of both parties. 3. Breach: If either the seller or the listing agent fails to fulfill their obligations as stated in the listing agreement, it may lead to a breach of the contract. Common breaches include non-performance, failure to market the property effectively, or failure to disclose material information. In such cases, the non-breaching party may have the right to terminate the listing agreement. 4. Death or Incapacity: In the unfortunate event of the seller's death or incapacity, the listing agreement is automatically terminated. The estate or legal representative of the seller may then decide whether to continue or terminate the agreement. 5. Purchase or Lease: If the property listed for sale or lease is sold or leased during the term of the listing agreement, the agreement is terminated. The seller is no longer obligated to pay commission to the listing agent since a transaction has been successfully completed. It is important for both sellers and listing agents in Georgia to be familiar with the specific terms and conditions stated in the listing agreement, including the circumstances under which the agreement may be terminated or cancelled. Professional advice from real estate attorneys or industry experts is recommended to ensure compliance with the applicable laws and regulations regarding termination or cancellation of a listing agreement in Georgia.
