Legal Question in Real Estate Law in California

Re: Year long listing agreement

If he can be found to be mentally incompetent at the time he signed the agreement -- and therefore is legally unable to enter into a contract -- it can be voided.

Re: Year long listing agreement

As a amatter, if the realtor you are referring to is an agent at a brokerage (such as Coldwell Banker, ERA, Century 21 etc.) call the manager of the broker's office and explain the situation and why you want to cancel. It is not uncommon for brokers to agree to cancellation, but you should go over the agent's head to a manager.

Re: Year long listing agreement

Let's be clear here on who it is that wants to cancel. Is it the 99-year-old who signed the contract, or the offspring who has independently decided that it's a bad deal who wants to cancel? If he is competent, and many 99 year olds are, meddling in his decisions by offspring is not looked upon with favor by the law.

Re: Year long listing agreement

Maybe. It depends upon a lot of specific facts. If he wants to cancel he should consult an attorney to review the listing agreement and the circumstances under which it was obtained.

Even if the agreement is iron clad, you would be well advised to buy out of the listing since if he owns the house upon his death, those that inherit the house will avoid all capital gains tax on the property, a tax savings, perhaps, greater than the $250,000 personal residence exemption and the cost of a negotiated buy-out of the listing agreement.