Legal Question in Real Estate Law in New Jersey
can i cancel a listing contract if i decide to keep my home? without penalty
2 Answers from Attorneys
It's impossible to say without reading the listing contract. Consult with a local real estate lawyer to advise you.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
The answer depends on the contract. It is common for the listing agreement to provide for cancellation or some other means of escape if the realty is genuinely being removed from the market. To say whether that applies in your situation, I would have to read the contract.
See also: http://info.corbettlaw.net/lawguru.htm