Town Residential Real Estate Brokerage Is Closing For Business

[marjorie_O]

Hello. I am sure you have heard but Town Residential is closed for business as of today, at least their re-sale and leasing business which I think would mean pretty much everything? What can I do if my apartment is listed with them?

My agent has told me not to worry because the exclusive will go with her to wherever she lands up. I am not sure when and where that will be. Is this even allowed. As the owner don't I have a choice on what to do next?

Can I exit the contract and start over with someone else?

[lower_nyc]

Hello. I am sure you have heard but Town Residential is closed for business as of today, at least their re-sale and leasing business which I think would mean pretty much everything? What can I do if my apartment is listed with them?

My agent has told me not to worry because the exclusive will go with her to wherever she lands up. I am not sure when and where that will be. Is this even allowed. As the owner don't I have a choice on what to do next?

Can I exit the contract and start over with someone else?

Given how sizable this announcement is, I'm sure you will have the ability/right to cancel if you want to go in a different direction!

[aslan]

I'm sure you'll be able to exit. If you think about it, your listing agreement was with Town LLC or whatever the company legal name was. If that company ceases to exist, why would you be bound to anyone?

If the counter party doesn't exist anymore, I'm almost certain that you would have no obligations. Check with your lawyer of course.