Legal Question in Real Estate Law in New York
Listing cancellation
I signed up with a realtor to sell my home. The day after signing, due to personal reasons I had to cancel the listing. I know by law I have the right to cancel a contract within 3 days. We signed a Withdrawal of Listing Agreement, but in it, it says I am liable to pay him a comission if I happen to sell my home prior to the time the contract was for (6 months) even if I sell it on my own. If I have the right to cancel a contract within 3 days of signing it, I am still bound by that clause of paying a comission if I happen to sell the house? Shouldn't I be released completely of all obligation with the Realtor.
Is the Realtor legally in his right to hold me to that clause and to include it in the realease of contract, even when he accepted to cancel the listing with him?
2 Answers from Attorneys
Re: Listing cancellation
You do NOT have the right "by law" to cancel a realtor's contract within 3 days.
The realtor is correct that should you sell the property during the period of time in which the contract would have been "active" you must pay a commisssion.
Re: Listing cancellation
It is entirely possible that, by signing the withdrawal of listing agreement, you entered into a new contract with the Realtor. You were probably under no obligation to do so. You could have crossed out the section giving the Realtor the right to a commission.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns.
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