As a professional, I have written this article on “Orea Cancellation of Listing Agreement” to provide a comprehensive overview of what the term means in the real estate industry.

The Ontario Real Estate Association (OREA) is a professional organization that represents real estate professionals in Ontario, Canada. One of the services it provides is a standard form of a listing agreement which is used by most real estate agents in Ontario. This agreement outlines the terms and conditions of the agreement between a seller and a real estate agent.

In some cases, sellers may want to cancel their listing agreement with their real estate agent before it expires. The OREA provides a standard form for this called the OREA Cancellation of Listing Agreement. This form allows sellers to cancel their agreement with their real estate agent while ensuring that all parties involved are on the same page.

The OREA Cancellation of Listing Agreement form is typically used when a seller is dissatisfied with their real estate agent`s services or if the seller wishes to sell their property privately. The form must be signed by both the seller and the real estate agent as a mutual agreement to terminate the listing agreement.

When a seller cancels their listing agreement, they should be aware that they may still be responsible for paying commission fees to their real estate agent if the property is sold to a buyer who was introduced to the property by the agent during the term of the listing agreement.

It`s important to note that the OREA Cancellation of Listing Agreement is not a binding legal document. It is only a written agreement between the seller and the real estate agent to terminate the listing agreement. A seller should seek legal advice if they have any concerns or questions about their cancellation of the listing agreement.

In conclusion, the OREA Cancellation of Listing Agreement is a useful tool for sellers who wish to terminate their listing agreement with their real estate agent. However, sellers should be aware of their responsibilities, such as paying commission fees if the property is sold to a buyer introduced by the agent during the term of the agreement. It is recommended to consult with a legal professional before signing any agreement.