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  • Oct 2nd, 2020 9:21 pm
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[OP]
Deal Fanatic
Dec 11, 2003
8129 posts
493 upvotes

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Thanks
Last edited by elty on Oct 2nd, 2020 9:17 pm, edited 1 time in total.
October 2015 for sale, PM for details!
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4 replies
Jr. Member
User avatar
Jun 3, 2019
173 posts
138 upvotes
GTA
elty wrote: I was whining to my friend about my house not attracting offers and I am going to drop the price. However he told me I should just change the listing agent - he had a similar situation before and he just "cancel" the listing agreement with his old agent and get a new one.

However I read the form several times and it doesn't seems to provide a way for me to unliterally "cancel" it before the expiration date (it clearly said "irrevocable" afterall). I google it a bit and I think the form 200 can only be terminated upon mutual consents. If I simply "find someone else" I may owe the original listing agent the commission (if I sell it with another agent) and/or any expense he incurred when trying to sell mine.

Is my understanding correct? For a property that doesn't attract offers dropping price seems inevitable? I think my price is reasonable, but if the market disagree then it is what it is.
Technically it is the brokerage that you are contracted to and not the agent. You can ask your listing agent to terminate the listing and ask for listing cancellation form 242 that needs to be signed by the agent's broker of record.

Only when a listing contract expires, and you sign with another agent for less commission and he found a buyer that came to see your house when you were still under contract to the first agent and finalized a deal, then you would be responsible to pay the difference of commission to the first agent. Otherwise you are ok.
Realtor® & Mortgage Agent
Jr. Member
User avatar
Jun 3, 2019
173 posts
138 upvotes
GTA
elty wrote: I read the Form 242 and it does say "mutual consent". So I take that as I can ask the agent/brokerage to cancel it but they are not obligated to do so.
Yes you are correct, but unless you and your agent are at each other's throats, 99.5% of brokers will release you from your obligations under your listing agreement and sign the cancellation. I have come across someone who had a brokerage refuse and ignore his requests because they had such contempt for each other. He let the listing expire before looking for another agent. Always be polite in your discussions and send emails wherever possible (to document). If that doesn't work you can reach out to RECO.
Realtor® & Mortgage Agent
Sr. Member
Jun 7, 2017
948 posts
691 upvotes
BC
You can change listing agent within the brokerage, no problem.
Deal Guru
Feb 9, 2009
10104 posts
8075 upvotes
why do people ask questions, then when they get an answer, they delete their original question? I hate that...should be a bannable offence! LOL

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