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.
Oklahoma Termination or Cancellation of Listing Agreement refers to the legal process by which a real estate listing agreement between a seller and a real estate agent is terminated or canceled in the state of Oklahoma. This agreement outlines the terms and conditions under which the agent will represent the seller in marketing and selling their property. Several types of termination or cancellation of listing agreement exist in Oklahoma: 1. Expiration: In some cases, a listing agreement may have a set expiration date specified within its terms. Once this date passes, the agreement is automatically terminated without the need for any additional actions. 2. Mutual Agreement: The parties involved, that is, both the seller and the real estate agent, may agree to mutually terminate the listing agreement before its expiration date. This can be done through a written agreement that acknowledges the termination and releases both parties from their respective obligations. 3. Breach of Contract: If either the seller or the real estate agent fails to fulfill their obligations as outlined in the listing agreement, it may constitute a breach of contract. In such instances, the non-breaching party may choose to terminate the agreement due to the breach. However, specific breach conditions and remedies will depend on what is stipulated in the original listing agreement. 4. Withdrawal: The seller has the option to withdraw their property from the market by canceling the listing agreement. This can usually be done by notifying the real estate agent in writing. 5. Failure to Perform: If the real estate agent fails to effectively market the property or provide suitable services as agreed upon in the listing agreement, the seller may have grounds to terminate the agreement due to the agent's failure to perform. 6. Death or Incapacity: If either the seller or the real estate agent passes away or becomes incapacitated during the term of the listing agreement, the agreement will typically be terminated. In such cases, the estate or legal representatives of the deceased or incapacitated party may need to notify the other party formally. It is important to note that the specific terms and provisions for termination or cancellation of listing agreements may vary from one agreement to another. Sellers and agents should carefully review their listing agreement to understand the conditions and procedures necessary for termination.
