Legal Question in Real Estate Law in New Jersey
termination of listing agreement and sale of home
I have found through a prospective buyer that the real estate agent is being dishonest to both of us in many ways. So, I want to cancel the listing agreement that I signed with the agency, but also sell the house to this same buyer since the buyer still wants to get the house.
But it may not be so simple. Part of the agreement states that ''in the event that the property... becomes subject to a written or other agreement by the buyer and the seller or their designees or is sold within 120 days after the expiration of this agreement to anyone to whom the seller, broker or the broker's salesperson...had introduced the property during the term of this exclusive listing, the compensation as indicated above shall be earned by the broker and payable to the broker by the seller, UNLESS the seller executes a new exclusive right to sell agreement during the protection period.''
I don't exactly know what the protection period is or how long it is. So, I think that I need to cancel my agreement and execute a new one with a different agency before this period ends so that I do not end up having to pay the commission if I sell the house to the person that wants to buy it now. Do you know?
3 Answers from Attorneys
Re: termination of listing agreement and sale of home
You did not state in what ways the Broker/Agent was dishonest, so it is difficult to give you a bright line answer. In general though, you must understand that a Listing Agreement is a contract. If, as you say, the Agent/Broker has been dishonest and you wish to withhold the commission, the burden will be on you to prove to a judge, should it be litigated, that he/she is in material breach and therefore not entitled to it. Rest assured that if the Broker brought you a buyer and you refuse to pay the commission, he/she will sue you and quite possibly tie up the property for a while. My advice is, hire an attorney to represent you for the transaction of selling the property and have him work out the details of either settlement or suit with the Broker. Obviously, a reading of your Listing Agreement will give him/her a leg up on your chances of success and, among other things, the meaning of the term, "protection period".
Goodluck. Ralph Soukis, Esq., 2 Sears Drive, Paramus, NJ 07653-1458 (201)599-0744
Re: termination of listing agreement and sale of home
You definitely need to consult an attorney. You have a contract with the broker. The broker will definitely try to enforce it. Exactly what comprises the "dishonesty" you describe would be material in determining what your rights and obligations may be in this instance. Unfortunately, you have not provided this crucial information. If you wish to pursue this further, please contact me at 973-731-5110
Re: termination of listing agreement and sale of home
With regard to the listing agreement you may have to pay real estate commissions to the broker, unless the broker agrees to rescind the listing agreement.
Whether you are buying or selling a first home, second home or a vacation home, a purchase/sale of any home is a large investment and therefore, you should consult with and retain an attorney to represent your interests in buying or selling any real estate.
Blair C. Lane, Sr., Esquire, is admitted to practice law in the State of New Jersey and the
Commonwealth of Pennsylvania. The information contained in this response is intended to
provide general information regarding a general legal question. This information contained in the
response is not to be construed as legal advice and you should not rely upon any information as
legal advice. Legal advice can only be obtained through a complete consultation with my office
or an attorney admitted to practice law in your State. Any information obtained through this
response should not be deemed to create any attorney/client relationship.
The law office of Blair C. Lane, Sr., provides �Personal - Professional� Legal Services for clients through out New Jersey and Pennsylvania with a diversified litigation practice, consisting of assisting clients and their families with various legal matters such as Real Estate Matters, (buying or selling a home), Serious Personal Injury Cases, (such as auto accidents, brain injury cases, dog bite cases, product liability cases, wrongful death cases & slip & fall cases), Workers� Compensation Cases, Traffic-Municipal Court Cases, (traffic tickets, drunk driving etc.), Estate
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The office is located minutes from Philadelphia in Cherry Hill, New Jersey and is
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Blair C. Lane, Sr. Attorney at Law
Two Split Rock Drive
Suite 5
Cherry Hill, NJ 08003
Telephone: 856-489-4353
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E-MAIL: [email protected]
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