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First, there is nothing wrong with a termination fee. I have them in all my agreements. It helps recoup costs when you spend a lot of money marketing, and then the seller willy-nilly decides not to sell. You're in a different situation. He never did anything so he's out nothing.
However, you did sign it, so it's binding... But also on the other hand, he is not allowed to market your house for sale without your permission, part of the Code of Ethics. You've taken your permission away. He can hold a listing agreement for your house without actually marketing it for sale. You would not have to pay the $1000 termination fee at that point because you're allowing the contract to stay alive, but just on paper. Make sense? If you have no plans on relisting with another company for these 6 months, just let him keep the listing, without permission to market it, and the agreement dies a slow death thru the date it expires.
Thanks. Part of the rest of the problem is that the Broker did not deliver a cooy of the signed listing agreement to us within the 24 hours required by FS 275.25 r. We have no copy of the signed listing agreement, only the preprinted form (that he brought with him) already filled out without the changes we specified. I have no idea where the signed copy us but our attorney will obtain one and help us file the complaint about that. It's a minor complaint with maybe just a fine for him if we prevail, but it's something. Clauses we changed are not, of course, in the pre-typed unsigned form.
If we do let the listing lapse, he might have slipped through the one-year listing term. We don't know that, but the listing agreement is dated Sept 29th and we have never seen it since. We insisted that it be 6 months and if they're doing a decent job I'd relist.
Thanks for your helpful advice! .
No, we now have no plans of relisting. I'll probably die here, lol.
It sounds like you've already figured out your choices. If it was me, I'd tell him to forget the $1000 and put the listing in MLS with one exterior photo (unless your contract requires more). Tell him you will allow showings as you are able (read your contract again to see what your specific responsibilities as the seller are and aren't) and tell him you don't want to see offers unless they are full price. You might even tell him you want the listing to specifically state that you will not look at offers that are not for full price. That should cut down the showings even further. Or, he can cancel the listing agreement with no charge to you and make sure you get that in writing.
Good luck.
Raise the price to $1,000,000 while you're at it. At least that's what I'd do.
Trivettes - Sadly, your situation is not that uncommon. My wife and I both have Florida real estate licenses, and we are not far from you. Cancellation fees vary widely (our broker doesn't require them) but one of the other, larger, local brokers has a $500 fee and they stick to it as far as I know. I used to run the accounting department for a very large company and one thing I learned is that "sometimes you just have to hold your nose and sign the check". That's what I'd suggest you do.
Call the local paper. Explain the problem to their problem solver columnist. Let your realtor decide if the publicity is worth the $1000.
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