How many cooling off days do I have?

Category: Houses

 

After I sign up to sell my house how many days of cooling off days do I have if I change my mind and don’t want to sell?

 


 

When you purchase any pre-construction house or condominium through the developer, there is a “Rescission Period” mandated by the government, that lasts ten days.

This is generally referred to as “the cooling off period.”

 

When you sign a “Listing Agreement with a brokerage for your house or condo on the resale market, there is no cooling off period.

You can decide not to put your home on the market.

You can unilaterally “suspend” the listing.

But you cannot unilaterally “terminate” the listing.  That has to be agreed upon by the listing brokerage, with whom you signed.

 

My feeling is – if I signed a Listing Agreement with a seller, and they decided they didn’t want to sell, I wouldn’t hold them hostage by refusing to “terminate.”

But a lot of brokerages would not feel the same way.

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  1. Lucielle says:

    Personally, I’m an indecisive person, which has had unpleasant repercussions on few occasions now. My real estate agent recently gave me a wonderful suggestion I have to share. She put forward that I should list my house – for free – on Prelist.org – for a few weeks (or whatever it takes to feel comfortable about the sale) and then take the listing to her and get it listed on MLS. I’m definitely trying it next time.

TWEETS