Expert: liznarr - 1/29/2007

Question
I want to know...how do I get out from under my current (new)contract with the realtor? I have changed my mind about selling the land which has been on the market for just over one year now. We have just renewed the second contract.

Answer
Hi Linda,

A listing agreement is a legally-binding contract.  

Short of a breach by the listing company and/or agent, you have no legal right to terminate the agreement.

I would suggest approaching your agent and/or his/her broker-in-charge and explain that you simply have changed your mind and do not want to sell. After a full year being on the market, it sounds doubtful that it might sell anytime soon.  Hopefully, the agent/broker-in-charge will be reasonable and release you.  Offer to pay for any expenses the agent has incurred since time of re-listing.  

If you are unable to obtain a release, one thing you can do is request that there be NO signs on the property.  If you get into an all-out war, you could increase the list price to deter buyers.

I hope the above is helpful and points you in the right direction.  Good luck to you.

Regards,
Elizabeth