Question

A seller listed his house with a broker for 3 months. After one month the seller decided to take the property off the market. What are the consequences of this decision?

1) The seller can withdraw the listing and will not be responsible for paying any of the broker's expenses
2) The seller cannot take the property off the market
3) The listing is irrevocable and may not be unilaterally cancelled without cause
4) The broker should sue the seller to perform the contract

Answer 1

When a seller lists their property with a broker, they typically enter into a contract known as a listing agreement. In most cases, the seller has the right to withdraw the listing if they choose to do so. Consequences of withdrawing the listing may include the seller not being responsible for paying any of the broker's expenses if they withdraw the listing before a certain period of time, as specified in the listing agreement.

Step-by-step explanation:

When a seller lists their property with a broker, they typically enter into a contract known as a listing agreement. This agreement outlines the rights and responsibilities of both the seller and the broker. In most cases, the seller has the right to withdraw the listing if they choose to do so.

Consequences of withdrawing the listing may include:

1. The seller may not be responsible for paying any of the broker's expenses if they withdraw the listing before a certain period of time, as specified in the listing agreement.
2. The seller may need to provide written notice to the broker of their decision to withdraw the listing.
3. The broker may be entitled to receive a commission for any services rendered or expenses incurred up until the point of the withdrawal, depending on the terms of the listing agreement.