Prescott AZ Real Estate Listing Agreement Termination
January 16th, 2008
Here are 10 ways to terminate a listing agreement
- When a Prescott AZ 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 broker’s 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 Prescott AZ real estate market, transfer of title by operation of law can terminate the listing agreement
Entry Filed under: Buying a Home in Prescott, Prescott Arizona AZ Real Estate Market
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