Validity of listing Agreement document
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Validity of listing Agreement document
I have a house and to sell it, I signed a listing agreement document with a brokerage firm. Being the seller, I have put my initials on every page and my signature at the end. However, the managing broker of the firm has not put his initials on any page and also did not sign at the end, only the listing agent has put his signature at the end. Based on this, will this document be considered a legally binding document? I am having lot of problems with the agent and I want to terminate this agreement, can I do that?
Asked on May 21, 2017 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
It is legally binding for two reasons:
1) The contract was presumably provided by them to you (that's how it's worked every time I've seen a real estate matter): when party A provides the contract to party B, party A's agreement to the contract is taken (since it provided the contract); party B's signature, showing party B's agreement to it, is sufficient for a binding contract.
2) The agent initialed or signed; the listing agent is the agent or representative of the realtor and can bind them in this context, so the agent's initials or signture would be sufficient.
You can only get out of the listing agreement if one or both the following occur:
a) You can show that fraud was committed: that the other side knowingly lied about something important to get you to sign the contract, since fraud can allow you to void or rescind a contract; or
b) The other side materially, or in a significant/important way, breaches the contract, since the other side's material breach can let you treat the contract as terminated by their breach.
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