OR 3.0 hours Contracts and Leasing - Course Syllabus
3.0 Elective Hours
A listing can be terminated by many means.
Mutual consent of both parties--In this situation, both parties agree to terminate the listing. The listing may be terminated with or without conditions.
Conditional Release of Listing--The Conditional Release of Listing is another common contract that residential agents use. It rescinds the listing agreement with the condition the seller will still pay the broker a commission if a future buyer purchased the property and identified the property through means of the brokers advertising.
Release of Listing That is Unconditional--There are situations where both the brokerage and the seller agree to an unconditional release of the listing.
Revoke--A contract can be revoked, which is to void or annul by withdrawing, before acceptance under most circumstances, by the party legally entitled.
Abandonment--Abandonment occurs when one party to a contract fails to perform their duties as agreed. If one party abandons their contractual obligations, the other party may be relieved of their responsibility to perform.
Death of a seller--In the event of the death of the seller during a listing agreement, the agreement is canceled in most states. If there was more than one seller, the surviving seller would be required to enter into a new listing agreement with the broker in most states.
Expiration of a listing--At the end of the term of the listing, called the expiration date, the listing expires and is canceled.
Breach--Breach of the contract specifically refers to a violation of the contract's terms and conditions without legal excuse.
This course explains the ways in which a listing agreement can be terminated and describes contingencies and "subject to" clauses in a purchase and sale agreement. It is an essential tool for any real estate professional.