The Truth About Cancelling Your Listing From Your Realtor – Vancouver Real Estate: Gary Wong

The Truth About Cancelling Your Listing From Your Realtor – Vancouver Real Estate:  Gary Wong

Hey guys, it’s Gary Wong from,
again. People know me as the Christian Realtor. Today, I want to talk about something that
I learned in the industry, not in the beginning, but later on. There’s a difference for—
We’re going to talk about cancellation of listings. If I list a property for a seller and it’s
online. I list it. I have a listing contract. Let’s say 3 months. I’ll list. I’ll get them to sign the document—it’s
listed for 3 months. But one month later, my sellers like,
‘Gary, I changed my mind. I don’t want to sell anymore. I’m going to cancel the listing.’ Great. Okay, cancel. So I give them the cancellation form and it’s
cancelled. So let’s say I have a 3 month listing. Let’s say I listed in January and it expires
at the end of March. And they cancel at the end of January. I give them a cancellation form, they sign
it. It would go as cancel-protected in the MLS
systems. So what does that mean? –means that they are not allowed to list
the property from until the end of the listing contract
which is end of March. It would still be cancelled. It will not show up on the MLS because they
cancelled it. But under normal cancellation agreement, they
are— It’s called cancel-protected, meaning they
are not able to list it to another listing agent until
the end of that listing contract expiry date which is end of March. If another listing agent talks to my seller,
goes, here’s the listing contract, sign this and that. And another listing agent sent it to the MLS
Real Estate Board, the real estate board will not process the listing. It would not go on MLS. So I’m sharing this video because what if
my seller goes ‘Gary I just don’t like you as a realtor,
I want to use another realtor so I want to list it with another realtor after at the
end of January. I want to list it with another realtor in
February.’ But the agreement—the MLS listing contract
is until the end of March. And the listing goes-
The seller goes, ‘Gary, I want to do that, what do I do?’ So then I have to come up with another form. It’s a cancellation form. It’s called unconditional release form. So an unconditional release form– when they
sign it, then there’s no cancel-protected. It’s strictly cancelled. So then the seller can go to another listing
agent – list it, put it on MLS. Here’s the catch, though. When the cancellation from the basic cancellation
form, The listing agent has to agree to it. So seller comes to me,’ Gary, I want to
cancel.’ OK. I can’t be like, ‘No, you can’t cancel.’ The seller can call my broker, she’ll call
the managing broker. I want to cancel. Boom. It’s cancelled. But let’s say the seller goes, ‘Gary,
I want an– Like the seller know about it and knows about
the unconditional release form and the seller goes,
‘Gary I want an unconditional release form.’ The listing agent can say no. Can say, ‘no, I don’t want to sign an
unconditional release form.’ And there’s nothing the seller can do. The seller can call the real estate board,
complain or whatever. But the listing agent has the right to not
offer the unconditional release form. Not sign on that. Just to let you know, so if you have a listing
and— Let’s say you have a 6-month listing and
you’ve listed the property for 3 months and you want to cancel it. And you want to list it to somebody else right
away, you need an unconditional release form if
you want to just cancel it and wait until the end of the listing contract to list it
with somebody else, then a normal cancellation is fine. Here’s there’s a catch. Let’s say I have a listing agreement with
somebody for 6 months. And somebody cancels after 3 months. And there’s still 3 months left. Another listing agent comes to sign and goes,
‘let me list your property with you but exclusive listing.’ So it doesn’t have go on the MLS. Exclusive listing. If the seller signs that, then there’s—the
sellers putting themselves in jeopardy. Why? Because they have to pay 2 commissions. So how does that work? Hear me out. The seller, after 3 months, they cancel the
listing and but it’s not unconditional release. Another guy comes in, gets an exclusive listing
with them and signs it. So if the new realtor has this exclusive listing
and sells that home before my MLS contract expires, then I have to—
The seller needs to pay me a commission. And then the seller has to pay the new realtor
a commission. Because the new realtor has the exclusive
listing agreement with that person. Then there’s going to be, obviously, the
sellers going to be pissed off. Take the realtor to a lawsuit or complain
and there’s big trouble for that new realtor— The other realtor that put that person in
the exclusive. Just to let you know about that. Anyways, that’s it for today. I just wanted to talk about the difference
between cancellation of the listing and the unconditional release form. If you wanted to– in the middle of your contract,
you cancelled it and you want to list it with somebody else right away,
you need an unconditional release form but it’s up to the listing agent to grant that
to you. The listing agent has the right to not grant
it to you. Has the legal right not to grant it to you. That’s it for today. Gary Wong from
Subscribe. Comment below. Until next time. God bless you.

4 thoughts on “The Truth About Cancelling Your Listing From Your Realtor – Vancouver Real Estate: Gary Wong

  1. Quit whoring Jesus, that is disgusting.

  2. Dude cancel protected is to a maximum of 60 days or the end of the listing agreement whichever is sooner. if you are going to share info, do your homework first!!!

  3. Just because you are Christian does not deem one to be ethical… Lots of businesses call themselves as such and their ethics are questionable and terrible to deal with.

  4. This is the problem with the industry.. protectionism… no better than the taxi industry .. protects realtors not consumers… like the disclosure form.. used to protect realtors.

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