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.
The North Carolina Termination or Cancellation of Listing Agreement refers to the legal process by which a listing agreement between a real estate agent and a property owner is terminated or canceled. This agreement is commonly used in the real estate industry and outlines the terms and conditions for the agent's representation of the property owner in selling or leasing their property. In North Carolina, there are several types of termination or cancellation of listing agreements depending on the circumstances. These include: 1. Mutual Agreement: This occurs when both the property owner and the real estate agent agree to terminate the listing agreement. It is often done if the property owner wants to hire a different agent or take the property off the market. 2. Expiration: A listing agreement can have a set expiration date specified in the contract. Once that date is reached, the agreement automatically expires, unless the parties choose to renew it. 3. Completion: If the property is sold, leased, or otherwise transferred during the term of the listing agreement, the agreement is considered completed, and there is no need for termination. 4. Breach of Contract: When either party fails to fulfill their obligations as outlined in the listing agreement, it may lead to a breach. In such cases, the non-breaching party may terminate the agreement, seeking remedies for damages caused by the breach. To terminate or cancel a listing agreement in North Carolina, it is important to follow the procedures stated in the agreement. These typically include providing written notice to the other party, stating the intention to terminate the agreement and the effective date of termination. The termination or cancellation of listing agreement must comply with North Carolina real estate laws and regulations. It is advisable for both parties to consult with a real estate attorney to ensure all legal requirements are met. In summary, the North Carolina Termination or Cancellation of Listing Agreement is a legal process used to end a binding agreement between a property owner and a real estate agent. Different types of termination include mutual agreement, expiration, completion, and breach of contract. It is crucial to adhere to the stated procedures and consult with a real estate attorney to ensure compliance with applicable laws.
