June 16, 2008
Dear George: Can I discontinue the listing on my house before the period agreed to in the listing agreement expires? I've decided not to sell my house.
Answer: Yes. If you no longer wish to sell, you may withdraw your listing from the MLS. Notify your agent. Should you change your mind before the listing period expires, contact your agent again and he will make it active. If you still want to sell your house but not with your current agent, that's an early termination, not a withdrawal. An early termination may carry some liabilities that should be explained in your listing contract.
Dear George: My daughter signed a contract to purchase a property. Shortly before the closing, the owner decided he didn't want to go through with the sale. Both the seller's agent and my daughter's agent said there was nothing they could do about the contract. Is this true?
Answer: Your daughter as the buyer has rights. Paragraph 15, Default, in the One To Four Family Residential Contract (Resale) provides that if a seller defaults for any other reason than the allowed ones, the buyer may: "(a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract." Unless your daughter has agreed to Option B, she may hire an attorney and file a lawsuit. This option may be costly and slow. It boils down to this: How badly does your daughter want this property?
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
