Terminating A Listing Agreement

Exclusive agency list: In an exclusive agency list, the homeowner allows a real estate agent or broker to try to sell the house. However, as with an open offer, you have the right to find a buyer on your own. If you find a buyer by yourself, the real estate agent would not receive a type of commission. Home sellers can terminate a listing contract in California in almost all circumstances, but you must do so correctly and file the cancellation in writing. If you terminate the contract, but the agent is not in good standing with him, you may need to cough up a cancellation fee, and the agent could come after you for their commission, even if someone else sells their home. Due to problems with trying to force a seller to sue a list against their will, some brokers try to avoid “ending” the list as a whole. Instead of terminating the offer, they simply withdraw it from MLS by having the seller sign a retraction form. If the distinction between termination and retraction is not carefully explained, most sellers expect the offer to be cancelled if they sign the retraction form. If the seller does not fully understand what is really going on, this type of activity puts the broker`s interest in direct contact with that of his client, may include misrepresentation of the seller`s options and harm the seller by continuing the listing (and agency relationship) while seriously reducing market exposure. Understand what you`re signing and contact your real estate agent. The list agreement will control your entire home sale, from the list price of your home to the amount you owe your agent if it closes. Negotiate the conditions with which you are uncomfortable and find a high-end real estate agent to get you stress-free by selling your home.

Unrivalled Personalities: Sometimes you don`t meet a person until you`ve worked together. You may be an Overachiever coupled with an underachiever. Maybe you just want the facts, but the agent might tend to be passive. It`s normal to cancel an offer if your personalities don`t log in. As a general rule, exclusive contracts have a pre-defined period (often 2 to 6 months) when the contract is in the process of expiring. If your home is not yet sold, you can choose another agent without penalty.