Release Of Listing Agreement Template for England and Wales

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Key Requirements PROMPT example:

Release Of Listing Agreement

"I need a Release of Listing Agreement to terminate our arrangement with ABC Estate Agents due to poor performance, ensuring we're not liable for any commission on pending viewings, and including specific provisions for the return of all marketing materials by March 2025."

Document background
A Release of Listing Agreement becomes necessary when property owners and estate agents mutually agree to terminate their existing listing arrangement before its natural expiration, or when circumstances require an early termination of the agency relationship. This document, governed by English and Welsh law, provides a formal mechanism to end the relationship, settle any outstanding matters, and ensure both parties can move forward without future obligations or potential disputes. It typically includes provisions for fee settlements, ongoing transactions, and mutual releases, while ensuring compliance with the Estate Agents Act 1979 and related regulations.
Suggested Sections

1. Parties: Identification of the estate agent and property owner

2. Background: Reference to original listing agreement and reason for release

3. Definitions: Key terms used in the agreement

4. Release Terms: Specific terms of the release from the listing agreement

5. Settlement of Fees: Details of any final fee arrangements or waiver of fees

6. Mutual Release: Mutual release of claims and obligations

7. Governing Law: Specification of English and Welsh law as governing law

Optional Sections

1. Outstanding Commission Provisions: Used when there are specific arrangements for pending sales or leads - applicable when there are ongoing negotiations at time of release

2. Confidentiality: Provisions for maintaining confidentiality of transaction details - used when sensitive information needs protection

3. Survival Clauses: Specifies which obligations survive the release - used when certain obligations need to continue post-release

Suggested Schedules

1. Original Listing Agreement: Copy of the original agreement being released

2. Property Details: Description of property covered by original listing

3. Settlement Statement: Detailed breakdown of any financial settlements - included when financial settlement is part of release

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries
Relevant Teams
Relevant Roles
Industries

Estate Agents Act 1979: Primary legislation regulating estate agency work, defining obligations and duties of estate agents, and containing provisions about contracts and fees

Consumer Protection from Unfair Trading Regulations 2008: Legislation governing business-to-consumer relationships, ensuring fairness in commercial practices and protecting consumers from misleading actions or omissions

Consumer Rights Act 2015: Act ensuring fairness of contract terms, governing service quality requirements, and providing consumer protection measures

Law of Property Act 1925: Foundational property law legislation relevant for real estate transactions

Common Law Contract Principles: Legal principles governing consideration requirements, capacity to contract, and formation and termination of contracts

Data Protection Act 2018 and UK GDPR: Legislation governing protection of personal data, requirements for data processing, and privacy considerations

Financial Services and Markets Act 2000: Legislation covering regulatory compliance requirements and financial services aspects of property transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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