Legal Question in Real Estate Law in Washington

canceling real estate listing within 24 hrs.

I just signed a listing agreement today with a real estate agent to sell a house I had previously advertised myself. Tonight when I returned home I had a call from a prospective buyer that wants the house but has to wait until the day after tomorrow to make sure the sale of his place goes through (he is also a neighbor and I have known him for 10 years and is trustworthy). Even though I signed the listing agreement I don't I have 24 hours to cancel the contact? I know it doesn't say so, but isn't that the law? The prospective buyer is willing to give me the original asking price which is $5000.00 less than the price we are asking through the real estate listing, but can't do a formal offer until he is sure his sale is a done deal. Please help as I don't have much time if there is a 24 hour rule. Thanks.

Asked on 3/07/07, 11:38 pm

1 Answer from Attorneys

Elizabeth Powell ELizabeth Powell PS Inc
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Re: canceling real estate listing within 24 hrs.

There is no 24 hour rule, or 3-day rule regarding recission rights in WA unless you signed an agreement for products in your home.

That said, read your contract carefully. You don't say where you and the agent made the contract, maybe it is covered. It will say in the contract if it is.

You agreed to list the house; now, you have an offer that makes the listing unnecessary. Sounds like rotten timing, nothing more.

Once having employed an agent, you are bound to use them and pay them for their services.

That's how these people earn a living. But perhaps the agent is willing to bargain in the hopes that you can give him a great reference or something.

Hope this helps. Powell

Read more
3/08/07, 11:30 am

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