Withdrawal of a listing requires approval from the seller and the listing agent licensee.
There are two forms in dotloop. Either form is accepted by Key Realty:
- Listing Contract Withdrawal provided by Key Realty
- Listing Change Addendum provided by your local MLS or Board.
With the Listing Contract Change Addendum, three options:
1.) Withdraw marketing of the listing contract as of _______________.
This will allow you to withdraw marketing (take it out of the MLS) without canceling the listing.
- Listing agreement remains in effect until and after the listing expiration date.
- The carryover clause is in effect.
- If the seller sells the property during the remaining listing period or within the carry-over period of the listing to someone you showed the property to or who wrote an offer during your listing, you are entitled to a commission.
2.) Release the listing contract without liability to either party as of _______________
This releases both the seller and the brokerage/agent from the listing agreement without liability or the Carryover clause. This means that if the seller sells the property within a year to someone you showed the property to or who wrote an offer during your listing, you are not entitled to a commission.
Recommended 3rd option on the Listing Contract Change Addendum:
3.) Change the Terms and/or Conditions of the Listing spelled out below:
Release the listing contract without liability except for the following: "As seller(s) and/or client(s), of Key Realty I understand that I/we may have residual commissions or Brokerage obligations pursuant to the cancellation and/or termination of my marketing agreement with Key Realty. As seller(s), I/we are liable to Key Realty for commission payment for any purchaser(s) that has seen the property during the term of the marketing agreement. I also understand that it has been recommended to me/us to exclude these customers or clients from any further marketing agreement. Below is a list of the customers or clients you should exclude from new marketing agreements: ”
This releases the listing so the seller may relist with another company but protects your commission if the property is sold to someone you showed the property to or who wrote an offer on the property between the listing and the withdrawal date.