Release Of Listing Agreement Template for India

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Key Requirements PROMPT example:

Release Of Listing Agreement

"I need a Release of Listing Agreement to terminate my current listing contract with ABC Real Estate Agency dated January 15, 2025, for my commercial property in Mumbai, with provisions for handling two pending property viewings scheduled for next week."

Document background

The Release of Listing Agreement is utilized when parties mutually agree to terminate their existing property listing arrangement before its scheduled expiration, or when circumstances necessitate an early end to the agreement. This document is particularly important in the Indian real estate market where relationships between property owners and agents are governed by strict regulatory frameworks, including the Real Estate (Regulation and Development) Act, 2016 (RERA) and state-specific real estate rules. The Release of Listing Agreement serves to formally document the termination, address any pending matters such as commissions or ongoing property showings, and provide mutual releases to prevent future disputes. It typically includes provisions for the return or destruction of marketing materials, removal of property listings, and clarification of any surviving obligations from the original agreement.

Suggested Sections

1. Parties: Identification of the property owner(s) and the real estate agent/broker, including their full legal names and addresses

2. Background: Reference to the original listing agreement including its date, property details, and any relevant registration numbers

3. Definitions: Key terms used in the document, including 'Listing Agreement', 'Property', 'Effective Date', and 'Marketing Materials'

4. Termination: Clear statement of mutual agreement to terminate the listing agreement and the effective date of termination

5. Mutual Release: Provisions releasing both parties from future claims, obligations, and liabilities under the original listing agreement

6. Return of Materials: Requirements for the return or destruction of marketing materials, property information, keys, or other materials

7. Governing Law: Specification that the agreement is governed by Indian law and relevant state jurisdiction

8. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Outstanding Commissions: Include when there are pending commissions or fees that need to be addressed, including any agreements about partial payment or waiver

2. Confidentiality: Include when there's sensitive information that needs to remain confidential even after termination

3. Survival Clause: Include when certain provisions of the original listing agreement need to survive the termination

4. Property Showings in Progress: Include when there are ongoing property showings or pending negotiations that need to be addressed

5. Online Listings: Include when there are specific requirements for removing or modifying online property listings

Suggested Schedules

1. Schedule A - Original Listing Agreement: Copy or key details of the original listing agreement being terminated

2. Schedule B - Property Details: Description and details of the property that was subject to the listing agreement

3. Schedule C - Marketing Materials Inventory: List of all marketing materials, photos, or property information to be returned or destroyed

4. Schedule D - Settlement Statement: If applicable, detailed statement of any financial settlements, commission adjustments, or payments

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Residential Property

Commercial Property

Real Estate Services

Property Management

Legal Services

Relevant Teams

Legal

Real Estate Operations

Property Management

Compliance

Sales

Documentation

Transaction Processing

Client Relations

Relevant Roles

Real Estate Agent

Property Manager

Real Estate Broker

Legal Counsel

Property Owner

Real Estate Manager

Compliance Officer

Real Estate Operations Manager

Property Sales Director

Real Estate Transaction Coordinator

Legal Administrator

Real Estate Documentation Specialist

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Mutual Release Agreement (Real Estate)

An Indian law-governed agreement enabling mutual release of claims and obligations between parties in real estate transactions.

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