Listing Contract Questions
What is a listing contract?A listing contract is a contract that is signed between a real estate agent and the seller or sellers of a real estate property. Signing the contract means that the seller is giving the real estate broker the right to sell the property on his/her behalf. A listing contract can have a lot of nuances and details that most individuals may not know. Given below are some of the most popular questions that are asked about listing contracts.
Can a Listing Contract be Cancelled once it is Signed if the time period of the contract is wrong?In most cases, once an individual signs a listing contract, he/she may not have the right to cancel it. However, the individual can contact the concerned authorities and tell them that the contract is not for the period of time that the individual had wanted it to be. The individual can mention to them that if the contract is put on the market within a year of it being signed, they may still get their commission without contributing much to it. This may help the individual reverse the contract.
Would a Listing Contract be Valid if the Selling Price is not mentioned on it?A listing contract would still be valid if the selling price is not listed on it. It may not be necessary for the selling price to be listed on a listing contract. However, it is important to have a statement that says how the selling price will be determined.
Should all the Owners of a Property sign the Listing Contract for it to be Binding?In most situations, it may be necessary for all the owners to sign the listing contract so that it is binding. If all the owners do not sign the contract, the agent may not be able to list the property for sale, lease or rent. However, even if one of the owners signs the contract and the other refuses to do so, the agent may sue the owners for a breach of contract as one of the owners signed it and entered into an agreement.
What is the Limit to the Length of a Listing Contract?There is no length set by law for a listing contract. However, in most cases, listing contracts may be drawn up for a period of six months. This time is however, negotiable between the parties involved in the contract.
Can an Individual Terminate a Listing Agreement by giving the Agent 30 Day Notice?If an individual gives a real estate agent 30 days written notice about the termination of the listing contract on or after 180 days of signing the contract, he/she may be able to legally terminate the contract provided there is no offer or acceptance of the property.
What can be Done if there is a Mistake in the Listing Contract?In most cases, if both the parties involved in the listing contract agree that there is a mistake in the contract, then either of the sides may request to either cancel the contract or amend it to make the corrections.
Selling real estate property can involve a lot of things to be taken care of. The listing contract that is signed between the seller and the real estate agent is one such thing. Having good information about the listing contract and its various provisions can help both the real estate brokers as well as the seller of the property to deal with each other smoothly and without any problems.