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.
Guam Termination or Cancellation of Listing Agreement refers to the legal process by which a real estate listing agreement between a property owner and a real estate agent is terminated or canceled. This agreement outlines the terms and conditions under which the agent represents the property owner in marketing and selling the property. In Guam, just like in other jurisdictions, there are different types of termination or cancellation of listing agreements. These include: 1. Mutual Agreement: This occurs when both the property owner and the real estate agent voluntarily agree to terminate the listing agreement. This can happen for various reasons, such as dissatisfaction with the agent's performance, changes in the property owner's circumstances, or a decision to switch agents. 2. Expiration: A listing agreement typically has a specific duration, commonly known as the listing period. Once this period expires, the agreement is automatically terminated without any further action required by either party. 3. Breach of Contract: If either party fails to fulfill their obligations as stated in the listing agreement, it may result in a breach of contract. For example, if the agent fails to market the property effectively or the property owner refuses to cooperate with reasonable requests, the other party may have grounds to cancel the agreement. 4. Termination for Cause: This type of termination occurs when either party violates specific terms or conditions outlined in the listing agreement. For instance, if the real estate agent engages in unethical conduct or the property owner fails to disclose important information about the property, the other party may seek termination for cause. When terminating or canceling a listing agreement in Guam, it is essential to follow the procedures outlined in the agreement. Typically, these procedures may involve providing written notice to the other party within a specified timeframe and outlining the reasons for termination. Seeking legal advice can also be beneficial to ensure compliance with Guam's real estate laws and regulations. Keywords: Guam, Termination of Listing Agreement, Cancellation of Listing Agreement, real estate, property owner, real estate agent, marketing, selling, mutual agreement, expiration, breach of contract, termination for cause, procedures, written notice, legal advice, real estate laws, regulations.
