Form 214, Cancellation of Listing Agreement

Understanding the Cancellation of Listing Agreement Form

When opting to terminate a listing agreement, managing the process correctly and lawfully is crucial. This ensures that both the property manager or owner and the real estate agent part ways on mutual terms, without any misunderstandings. 

The cancellation of listing agreement is a designated document used for this very purpose. This document typically outlines the conditions under which a listing agreement, initially formed between a property owner and a real estate agent, can be terminated prior to the expiration of the agreement's term.

Importance of form 214

Form 214 is specifically designed to formalize the cancellation of an agreement related to property leases. This form is commonly utilized in the real estate industry to ensure that all legalities are properly managed, and to document that both parties agree to the termination of the contract. Utilizing such a blank protects both the lessor and the lessee from potential legal complications that might arise from premature termination.

How to Fill Out the Cancellation of Listing Agreement OREA

To accurately complete OREA form 214 you can follow these key steps:

1. Start by identifying the property address associated with the listing agreement that you intend to cancel. This address should be detailed and accurate, typically including unit number, street name, city, and other relevant details.
2. Next, complete the information regarding the parties involved in the original listing agreement. This includes the name of the landlord and the brokerage firm. Ensure you have the correct names and that they match those in the original listing agreement to avoid any discrepancies.
3. Include the Multiple Listing Service (MLS) number, and if applicable, the L/BR ID number. These identifiers are crucial as they link directly to the specific listing that you are seeking to cancel.
4. If your listing was shared with other boards, provide the Interboard MLS number and the board's name. This step is essential for ensuring that all relevant parties are informed of the cancellation.
5. Fill in the agreement's expiry date, which can be found on the original listing document. This date indicates when the agreement was scheduled to end before this cancellation.
6. In the terms section, specify the mutual release conditions agreed upon by the landlord and the brokerage. This should clearly state that all liabilities, covenants, obligations, and claims arising from the agreement are mutually released.
7. Address any conditions related to the potential acceptance of an offer to lease that may have been introduced or shown during the validity of the original agreement. Clearly outline the obligations of the landlord in case an offer is accepted during the holdover period.
8. Detail the agreed-upon procedure for notifying the real estate boards of the cancellation. This includes the brokerage's commitment to inform the boards according to the MLS rules and regulations.
9. Complete the template by entering the date and obtaining signatures from all parties involved, including the landlord and the brokerage’s broker of record or manager. Each signature must be witnessed to ensure the form's validity.

Future practices after a cancellation

After the successful cancellation of listing agreement, property owners need to consider their next steps in leasing or selling their property. They might enter into a new agreement with a different agent or decide to manage the leasing process themselves. Whichever path is chosen, using the lessons learned from previous agreements to inform future decisions will prove beneficial in achieving more favorable terms and outcomes in subsequent arrangements.