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Breaking agreement with listing agent

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Steam01

Guest
As a seller in NJ, what are my legal rights in trying wanting to terminate an agreement with a listing agent?

Please let me know the possible ways to resolve this issue.
:mad:
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Steam01:
As a seller in NJ, what are my legal rights in trying wanting to terminate an agreement with a listing agent?

Please let me know the possible ways to resolve this issue.
:mad:
<HR></BLOCKQUOTE>

You need to read the provisions to terminate on your listing agreement. There are 3 basic types of listing agreements: open, exclusive agency and exclusive right to sell. If the agent is not doing a good job at marketing the property or has failed in communicating with you etc. then that is just cause for termination. On the other hand if you changed your mind and do not want to sell anymore, or want to sell on your own, then the reasons for termination of course would be different. There should be a standard 30-60 days notice that either party may cancel. The standard National Association of Realtors listing contracts use the standard language.
 
S

Steam01

Guest
Now the reasons for termination are that the listing agent who has exclusive rights is unable to use the necessary marketing tools to sell my home (i.e. he can not post a sign on my property - a which is his major marketing tool). In addition, he is unable to show my property without me being in attendance. He does not have access to the MLS service of which I did not know upon entering this contract with him.

In reviewing his contract, their is no cancelation language.

Can you tell me anything else?
 

HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Steam01:
Now the reasons for termination are that the listing agent who has exclusive rights is unable to use the necessary marketing tools to sell my home (i.e. he can not post a sign on my property - a which is his major marketing tool). In addition, he is unable to show my property without me being in attendance. He does not have access to the MLS service of which I did not know upon entering this contract with him.

In reviewing his contract, their is no cancelation language.

Can you tell me anything else?
<HR></BLOCKQUOTE>

I do not understand why a For Sale sign can not be put on the property and why the property can not be shown without you there. Please explain. No access to MLS would be grounds to cancel the listing contract.
 
S

Stean01

Guest
The By-laws that govern the complex do not allow any signs on the property for any reason. He is not authorized to use the MLS service and we were not aware of that.

Basically he is independent and is entitled to 2% commission only.

Since he can not provide a lock box my other option is to give him a key to enter the property of which I am not willing to do for anyone.

Can't I just agree to give him the expenses on the advertising thus far and or just void the entire thing all together.

Or I will just take my home off the market for now for my new home won't be ready until March '01 anyway.

Or is there anything else that I can do?
 

HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Stean01:
The By-laws that govern the complex do not allow any signs on the property for any reason. He is not authorized to use the MLS service and we were not aware of that.

Basically he is independent and is entitled to 2% commission only.

Since he can not provide a lock box my other option is to give him a key to enter the property of which I am not willing to do for anyone.

Can't I just agree to give him the expenses on the advertising thus far and or just void the entire thing all together.

Or I will just take my home off the market for now for my new home won't be ready until March '01 anyway.

Or is there anything else that I can do?
<HR></BLOCKQUOTE>

Both of you are at fault but you have the higher percentage. You knew full well and upfront that you were not going to get maximum marketing power and standard real estate services from this agent. What do you expect a real estate agent to do for you in selling the property when you want to be a cheapskate and only pay a measly 2% sales commission and do not want to give keys to be able to effectively show the property at any time and in a timely manner. The agent has more grounds to cancel the agreement on you for restricting and hampering the showing of the property.

If you really want to sell the property, I suggest that you rethink your marketing strategy and come up with a program that will give you the highest return. Say hiring a top Realtor who has MLS, internet marketing and an entire listing program. If you are not willing to pay the full going market sales commission and provide full access to the property, you are wastin both your time and your real estate agent's time. As a real estate broker, I would never take a listing under your conditions.
 

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