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Updated almost 8 years ago, 03/05/2017

User Stats

1,254
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342
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Rich Hupper
  • Broker / Investor
  • Tewksbury, MA
342
Votes |
1,254
Posts

How does a homeowner terminate a listing contract

Rich Hupper
  • Broker / Investor
  • Tewksbury, MA
Posted

I have never had this happen to me before LOL. However a homeowner who is currently under contract with another broker until July wants to use me to sell their home. 

Does anyone know if they can get out of it? I read through the contract and there is no mention of cancellation or termination. 

There is the following language under the broker fee paragraph: "The aforesaid fee shall also be due upon sale of the property to any person who was introduced to the PROPERTY during the aforesaid term or any extension or who entered into an agreement to purchase during the term, during any extension or within 180 days after expiration of the term or any extension, regardless of the date that title passes, except if the SELLER has entered into an exclusive agreement with another broker in good faith, in which case the BROKER shall be entitled to receive only the difference between the fee set forth herein and any lesser net fee paid to the other broker."

Would this constitute a way for them to end their relationship with their current broker and work with me? If yes and manage to get this to close who they have to pay the previous broker a fee?

Their current broker is charging 4% and I plan on charging the same.

Thank you

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