Listing Agreement

9 Replies

I signed a Listing Agreement in Minnesota on 10/28/16 and I'm not comfortable with the length of the agreement. Is it true that I have 72 hrs. or three business days to cancel?

Thanks,

Chris Johnson

What does the agreement state?

Why do you not feel comfortable with the length...how long is it?

Did the agent use the standard listing agreement?

I work full-time as a general contractor in the Twin cities, and state statute requires we include a mandatory optional cancellation form for cancellation of contract for any reason within 72 business hours/3 business days. I believe that statute applies to the entire service industry, but I am not certain. My opinion is that a professional Realtor would allow you to modify the length of the contract, if desired (no one should want to have a client under contract unwillingly), so it may be worth simply having the conversation. Good luck!

I've had this property listed with this agent for 18 months already and I do have a contingent offer that expires 11/17/16 on a house that he is having trouble selling. He had me sign an extension till 1/31/17. He said I can't market my property with a pending offer and I think it would be better to get someone else to market this property

Cha,

Yes, it's a standard agreement.

Thanks Keith

If its been listed for 18 months, you clearly need to drop the price. Yes good or bad agents can make a difference, but its unlikely an agent is going to make an 18 month difference.  The two main factors in selling a house are condition and price. Drop the price.

I agree with Russell.  That being said, most agents in MN will cancel an agreement on request and if you need to you can pressure the broker of the agent and cancel if needed.  You said contingent, is it contingent on inspection or 3rd party approval?

Just so you know, the agent doesn't need a listing extension for a buyer already under contract.  If the is a 3 day state law right to rescind, a disclosure document to that effect is supposed to be attached, and signed by you.

Look at your agreement. I don't think there is a 3 day rule, but standard MN listing agreement use to have an out with 21 day written notice. That will terminate your relationship with the agent, but you most likely will have to perform if you have signed an offer, and depending on the form used or if agent gives you protective list - you will  most likely owe him the commissions. Thank you, Dan

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here