CANCELLATION OF LISTING AGREEMENT
Principal may NOT terminate this Agreement while the Property is under contract OR negotiating offers.
Principal owes no compensation to broker.
The undersigned Principal agrees and understands that if Principal is accepting an offer or has already accepted an offer on the Property, per the MLS rules and regulations, Principal must change the status of the listing to “PENDING” instead of cancelling the Listing via Principal’s ListedSimply.com account within 24 hours.
Principal understands and agrees that Principal will be liable for damages incurred by Listed Simply as a result of incomplete or inaccurate information when cancelling the Listing. MLS fines are up to $1,000 for incorrect information and Principal agrees to reimburse Listed Simply for any fines or violations within 30 days of issuance. If such fine is issued and Principal does not reimburse Listed Simply within 30 days, Principal authorizes Listed Simply to charge the credit card maintained on Principal’s Listed Simply account in the amount of the fine.
INDEMINITY CLAUSE
If a cooperating agent or/and broker (See MLS Only Listing Agreement (“Listing Agreement”) for further detail) claims are made against Listed Simply based upon the entitlement to a commission from the sale of the Property and a cooperating agent or/and broker pursues and receives an award at either mediation, arbitration, civil litigation or any other legal proceeding, Principal hereby agrees to indemnify and hold Listed Simply harmless for any such award plus all out-of-pocket costs and attorneys’ fees incurred.
Other than as provided herein, Listed Simply and Principal mutually release each other from all obligations under the Listing that is being cancelled by this agreement from all claims, actions and demands that each may have against the other by reason of the Listing. However, Listed Simply and Principal agree that the dispute resolution and attorney fees provisions of the Listing Agreement shall control any dispute arising out of this cancellation of Listing. The terms and conditions of the Listing Agreement are incorporated herein by reference.
The undersigned acknowledges that they have read and understand this Cancellation of Listing and have received a copy.