Real Estate Rentals

Can A Seller Who Has Listed Their Home With A Realtor Take It Off The Market And Rent It?

A:am not sure what the contract stipulates. Many real estate companies will not release a listing. Some will for good will. You would have to speak with your agent.

A: While a listing agreement is a legally binding contract, and while I would advise you to consult with a real estate attorney, I am of the opinion that you should be able to withdraw or terminate the listing without problem. Any REALTOR worth their salt will understand. Theres not much point in making a legal issue of it, especially with two weeks left. The agent most likely will hope to get the listing again if and when the owner wants to sell the home again. They probably wont want the negative gossip the disgruntled seller will spread. If the agent does make a stink, there are other ways to skin that skunk. Its still the sellers property. It can indeed be withdrawn from the market until the listing expires. It can be rented and the lease structured to run with the property, so that in the unlikely event the listing agent does bring in a full price offer before expiration, the buyers will have to honor the lease and keep the tenant. I hope this is helpful.

A: Yes, you may take it off the market and rent it. First, cancel the listing agreement with the listing agent. Then rent the home. Make sure that is your true intent. If you have plans to rent it, then turn around and sell it to someone who saw the home during the listing period with an agent or sell it to the tenants themselves you may be in for a lawsuit.

A: Your best bet is to read your contract. Depending on the state, it may include a provision for rental of the property. Thanks! Christina

A: The seller can cancel the listing agreement in accordance with the terms of that agreement. There may be notice provisions or more involved. Without seeing the contract it’s impossible for me to know.

From a practical standpoint, the owner can do just about anything they want with their home including renting it now or in the future. Since the owner does not have to accept any purchase offers and since the listing agreement expires in two weeks it seems to me that the issue is moot at this point.

A: It is not unusual for property owners to rent their properties when they are unable to find buyers for them. As long as you have not begun negotiations or accepted an offer from a buyer, it shouldnt be a problem. Since you indicate that you only have a week or two left in your contract, you can simply withdraw your listing. Your REALTOR® will remove your property from the MLS and quit advertising it for sale. Then just let the contract run out and do not renew it. It doesnt matter what your reason is for taking your property off the market. It is your property and your decision. My advice is to keep your property on the market until you have had a chance to negotiate the rental agreement and verify that your potential tenants will be a good risk. Good luck, El

A: My guess is that whatever contract the seller signed with the Realtor spells out exactly what the seller can or cannot do. The seller COULD be liable for the commission if the contract stipulates it. If the seller and the Realtor mutually agree in writing to cancel the contract early without the seller owing commission, then the home can be taken off the market. If the broker does not agree, the seller has to wait until termination of contract before he/she can rent it.

A: Please review your listing contract and it should address your concerns.

Some brokerages will not allow the listing agreement to terminate early or if they do, some can charge you marketing fees.

I am in Ohio and I have as part of my listing contract ERP (Easy Release Program) based my Clients situation. However, their are protection clauses in my listing contract in order to safe guard the parties from excluding the Realtors.

Good Luck.

A: A listing agreement between sellers and their /Realtor/broker is a mutual agreement, in order to get out of this agreement and rent your house you will have to ask your Realtor/Broker to agree on ending the listing agreement, otherwise youll have to wait.

A: Ultimately real estate agents are supposed to tell you that this is a question for an attorney as your listing agreement is a legal contract and we are not licensed to interpret legal contracts but in the interest of being helpful without overstepping boundaries look for something along the lines of cancellation of contract in your paperwork and see what it says Some brokerages put in cancellation fees if you want to take your home off the market prematurely, others do not, but this should be addressed in your listing paperwork. Best of luck!

A: Yes, the language used in our Multiple Listing Service or MLS is Unconditional Withdraw or Conditional Withdraw.

Carol in Colts Neck

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