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 West Virginia 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 broker/agent is ended or terminated before its original expiration date. This agreement allows both parties to dissolve their contractual obligations and go their separate ways. There are primarily two types of West Virginia Termination or Cancellation of Listing Agreements: 1. Mutual Agreement Termination: This type of termination occurs when both the seller and the real estate broker/agent agree to terminate the listing agreement. Both parties must provide written consent to terminate the contract and release each other from any further obligations. 2. Unilateral Termination: This type of termination occurs when one party wishes to terminate the listing agreement without the consent of the other party. In West Virginia, this can happen under certain circumstances, such as breach of contract by either the seller or the real estate broker/agent or if there is a valid reason to believe that the property was misrepresented. In both types of termination, it is essential to provide a written notice to the other party stating the intention to terminate the listing agreement. The notice should clearly state the reasons for termination and the effective date of termination. Keywords: West Virginia, termination, cancellation, listing agreement, real estate, seller, broker, agent, mutual agreement termination, unilateral termination, breach of contract, misrepresentation, written notice, effective date, contractual obligations.
