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Termination Of Listing Agreement Form

Termination Of Listing Agreement Form Template for United States

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Key Requirements PROMPT example:

Termination Of Listing Agreement Form

"I need a Termination of Listing Agreement Form to end my exclusive listing agreement with ABC Realty due to their poor performance, ensuring I'm released from any commission obligations while protecting my right to list with another broker immediately."

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Document background
The Termination Of Listing Agreement Form is essential when either party wishes to end a real estate listing relationship before its natural expiration. This document becomes necessary when the property owner wants to withdraw the property from the market, switch to a different broker, or when both parties mutually agree to end their business relationship. The form addresses crucial elements such as commission obligations, protection periods, and marketing expenses while ensuring compliance with state-specific real estate regulations and licensing requirements. It provides clear documentation of the termination and helps prevent future disputes.
Suggested Sections

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

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

3. Definitions: Key terms used in the termination agreement

4. Termination Statement: Clear statement of agreement termination and effective date

5. Mutual Release: Release of obligations between parties

6. Signatures: Execution section with date and signatures of all parties

Optional Sections

1. Commission Provisions: Details of any outstanding commission obligations or protection period claims

2. Marketing Expenses: Settlement of marketing costs incurred by the broker during the listing period

3. Confidentiality: Terms regarding the handling and protection of confidential information shared during the listing period

4. Survival Clauses: Provisions that survive the termination of the agreement

Suggested Schedules

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

2. Schedule B - Marketing Expense Statement: Detailed breakdown of marketing expenses if reimbursement is required

3. Schedule C - Property Details: Description of property that was listed for sale

4. Schedule D - Commission Calculation: Breakdown of any commission settlements if applicable

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

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alex.den.21@genieai.co
Industries

RESPA: Real Estate Settlement Procedures Act - Federal law governing real estate transactions and settlement processes

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on protected characteristics

Truth in Lending Act: Federal law requiring disclosure of credit terms if financing was included in the original listing

State Real Estate Licensing Laws: State-specific regulations governing real estate agent and broker licensing requirements and obligations

State Real Estate Commission Regulations: Specific rules and requirements set by state real estate commissions for terminating listing agreements

State Contract Law: State-specific laws governing contract formation, enforcement, and termination

State Consumer Protection Laws: State laws designed to protect consumers in real estate transactions

NAR Code of Ethics: National Association of REALTORS�� professional standards and ethical requirements

Commission Obligations: Requirements regarding any outstanding commission payments or disputes

Marketing Expenses: Consideration of reimbursement for marketing costs incurred during the listing period

Early Termination Provisions: Specific clauses addressing fees or penalties for early termination of the listing agreement

Protection Period Clauses: Provisions protecting agent's right to commission for certain period after termination

Mutual Release Language: Clauses releasing both parties from future obligations and claims

Confidentiality Provisions: Requirements for maintaining confidentiality of sensitive information after termination

Property Listing Removal: Requirements for removing property listings from MLS and other marketing platforms

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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