What is a “Easy-Out” listing agreement?
Can you be held into a service contract or listing agreement? Yes. Termination of agency can occur by either Acts of Parties, or by Operation of Law. Parties can terminate an Agency relationship by (1) Mutual Agreement (2) Revocation by the Principle (seller) or (3) Renunciation by the Agent, but not the legal obligation. Agents and Brokers will terminate an agreement since working with an unhappy client will cause more problems down the road, but the Broker is not required to cancel or terminate prior to the expiration of the listing period. Anyone who promotes an easy out listing type of agreement is preparing you for their failure to maintain your trust. There are two different aspects to consider. One is the Agency relationship and the other is the contractual obligation to fulfill the terms of the contract.
