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Can I get out of my busines broker listing agreement?
I just recently signed a listing agreement for my small business with a business broker. I have now decided that it would be best to close the business all together. Will I be able to get out paying a commission -- Here's one of the points on the listing agreement:
3. Seller agrees that if this listing is cancelled or the property withdrawn from sale during the listing term by Seller, the
commission shall become immediately due by Seller to Broker. If Seller refuses or is unable to comply with the listing
terms for any reason, thereby preventing disposition of the property during the listing term upon the terms set forth above,
the commission shall become immediately due by the Seller to the Broker.
1 Answer
- Expert8675309Lv 71 decade agoFavorite Answer
Take the listing agreement to a real estate attorney, that doesn't sound legal.
Just because you signed something, doesn't mean it's automatically legal.
There is a spirit of the law that states that if a contract is so one sided, it can be voided by the court....and what you have is a 100% win-win for the broker...it states that no matter what happens, the business burning down, you dying, the place getting damaged, ANYTHING....that his commission is still due?
That's pure BS, and I would bet my last dollar that those contracts are not enforceable in your state.
