Q: Is the LISTING AGREEMENT or the MLS LISTING valid from a legal perspective ?
Hi
lets say a residential sale Listing Agreement, signed by all parties (=executed) expires on Sept 1st.....but the agent forgot to remove its MLS listing on sept 1st and it stays on the MLS until oct 1st
in the occasion of a legal claim or contract enforcement, is the listing contract considered as expired/nulled on sept 1st or oct 1st ?
A:
there is a couple of things to consider in this scenario. first, your listing agreement is an agreement between you and the realtor for the realtor to be paid if the realtor locates a buyer for you. Second, if the realtor locates a buyer and you sign a sale contract then you now have a contract to sell with the buyer, and indirectly you further ratify the contract with the realtor to pay a commission on the sale.
So, if you listing agreement has expired and you do not have a signed contract to sell, then the listing agreement is basically dead. It is technically a violation for the realtor to fail to withdraw the listing from the MLS.
Long story short, if you have not signed to sell to a buyer then you should be free to do as you please. However, most listing agreements do have a clause which states that if a person who looked at the home via the realtor during the listing agreement comes back and purchases within a set period of time after the listing agreement expires you can be held liable to pay a commission to the realtor.
Best suggestion is consult with a real estate attorney in your area to get specific advise regarding your documents.
1 user found this answer helpful
A:
The listing agreement is the contract -
The MLS is a system and agreement between your agent and the multiple listing service of the local board of realtors. If the listing is up after your agreement is expired, it is a violation of the local board's MLS service and that is between the agent and the board - not you.
1 user found this answer helpful
A: It is a violation for the agent to not remove the listing by end of day Sept 1; and the listing agreement is expired the 1st at midnight. There is nothing for you to do really, the agent has an issue with the real estate board. If you hire a new agent the new agent should contact this one and demand the listing be taken down/cancelled out to relist.
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