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What if you list with a company that goes bankrupt?

Today Blanche Evans wrote in Realty Times about the bankruptcy filing of Foxton’s, a "full-service discount brokerage" in New Jersey.

Many sellers do a great deal of research before choosing a company to list with – and most often choose a particular agent rather than the company that the agent works for. Now, after weeks of non-communication, a judge rules that these listings are assets of the listing company and should be auctioned off to the highest bidder.

What about the rights of a seller to choose who will represent them, counsel them, work with them?

In the typical listing agreement here in Florida, the listing belongs to the real estate brokerage firm, not to the agent. If the agent is more important to the seller than the firm, perhaps the seller should insert into the listing agreement that he has the right to withdraw if the agent leaves the company – or in this case, if the company goes bankrupt.

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