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Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
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In a real estate context, an option fee is money paid by a buyer to a seller for the option to terminate a real estate contract. Option fee funds should not be confused with earnest money. The use of option fees is most common in the residential resale market in Texas. [citation needed]
A Virtual Office Website (VOW) is a web site that is used to conduct business activities.One example is a VOW used as a real estate property search site allowing the public to conduct searches of approved multiple listing service properties in a given area under certain conditions.
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First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.