The Release of Listing Agreement is a crucial document in Philippine real estate practice, typically used when both parties mutually agree to terminate their existing listing arrangement before its natural expiration, or when circumstances necessitate an early termination of the broker-client relationship. This document must comply with the Real Estate Service Act (RESA) of the Philippines and related HLURB regulations. It serves to protect both the property owner and the real estate broker by clearly documenting the termination of their professional relationship, addressing any pending matters, and preventing future disputes. The Release of Listing Agreement should specify the effective date of termination, handle any outstanding commissions or pending transactions, and include provisions for the return of any marketing materials or property access items.
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1. Parties: Identification of the property owner(s) and the real estate broker/brokerage firm who are parties to the original listing agreement
2. Background: References to the original listing agreement, including its date, property details, and key terms
3. Definitions: Definition of key terms used in the release agreement, including 'Listing Agreement', 'Property', and 'Effective Date'
4. Release and Termination: Clear statement of the mutual agreement to terminate the listing agreement and release each other from future obligations
5. Effective Date: Specification of when the release takes effect
6. Return of Materials: Provision for the return of any marketing materials, keys, or other property-related items
7. Execution: Signature blocks for all parties and notary requirements
1. Outstanding Commissions: Include when there are any pending commissions or financial matters to be addressed
2. Pending Transactions: Include when there are any ongoing negotiations or potential buyers that need to be addressed
3. Mutual Release of Claims: Include when parties want to explicitly waive any potential claims against each other
4. Survival Clause: Include when certain provisions of the original agreement need to survive the termination
5. Confidentiality: Include when parties wish to maintain confidentiality about the termination or original agreement terms
1. Schedule A - Original Listing Agreement: Copy or key details of the original listing agreement being terminated
2. Schedule B - Property Details: Description and details of the property that was subject to the listing agreement
3. Schedule C - Pending Matters: List of any ongoing negotiations or potential transactions that need to be addressed
4. Schedule D - Outstanding Fees: Detailed breakdown of any outstanding fees or commissions, if applicable
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