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.
Wyoming Termination or Cancellation of Listing Agreement refers to the legal process through which a real estate listing agreement in the state of Wyoming is terminated or canceled by either the seller or the real estate agent/broker. In the state of Wyoming, there are various types of termination or cancellation agreements that can be utilized, including: 1. Mutual Agreement: This type of termination occurs when both the seller and the real estate agent/broker agree to terminate the listing agreement. It typically involves a written document signed by both parties, outlining the terms and conditions of the termination. 2. Expiration of Listing Period: A listing agreement in Wyoming typically has a specified period during which the agreement remains valid. Once this period expires, the agreement is automatically terminated unless an extension is agreed upon by both parties. 3. Failure to Perform: If either the seller or the real estate agent/broker fails to fulfill their obligations or breaches the terms outlined in the listing agreement, the other party may have grounds to terminate the agreement. For example, if the agent/broker fails to market the property adequately or the seller fails to provide necessary information, the other party may terminate the agreement. 4. Death or Incapacity: In the event of the death or incapacity of either the seller or the real estate agent/broker, the listing agreement may be terminated. This termination typically occurs automatically without the need for any additional legal action. 5. Destruction of Property: If the property listed for sale is destroyed or significantly damaged prior to the sale, the listing agreement may be terminated. This termination allows the seller to withdraw the property from the market due to unforeseen circumstances. It is important to note that regardless of the type of termination or cancellation, it is advisable to consult with a legal professional or real estate attorney to ensure compliance with Wyoming state laws and regulations. Additionally, the listing agreement itself may contain specific provisions regarding termination or cancellation, which should be carefully reviewed and followed.
