Contract Law 2, Assignment/ Brokers

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This topic contains 2 replies, has 2 voices, and was last updated by  Kathleen Millar 1 year, 4 months ago.

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  • #7009

    Kathleen Millar
    Participant

    I’m not sure I’m understanding assignment. Brokers can’t assign listing contracts (for compensation if I’m understanding correctly) What would the process be if you were selling a Brokerage, or if the Broker dies? The video mentions that efforts would be termed as “good faith”. I’m not sure I understand what he means by this, would you need to sign new listing contracts with the new Broker? Thanks!

  • #7014

    Brian Swan
    Keymaster

    I’m not really understanding your question. You’ll need to elaborate a bit more.

    From what I can infer, your basic question about transferring listing contracts if the broker dies or the brokerage sells, is essentially that the listing agreement becomes void. In both events, the client would have to sign a new listing agreement with the replacing broker.

  • #7015

    Kathleen Millar
    Participant

    Yup, that was my question. Thanks! Sorry about the convoluted post, I accidentally pressed enter… twice… and couldn’t edit again it in order to clean it up… the rest was just me formulating my understanding of ‘assignment’, which really doesn’t apply here. The video briefly mentions if you were to sell the brokerage than it would be considered “good faith” which I assume is a portion of a different contract that would be used in the case of selling a brokerage. I wasn’t sure if that meant you’d still need to sign new contracts or if they would just transfer to the new broker under this “good faith” clause

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