How do you get out of an Exclusive agreement with a real estate agent?
Posted on January 19th, 2010 in Renting & Real Estate | 4 Comments »
Whatever asked:
I am trying to find out if there is any way, that I can get out of an Exclusive contract with a real estate agent, the real estate agency they are thru is remax reunited. And it is setup for 1 and half months. The agent told me while I was signing that at any point if I want to use someone else, that I have to give the agent a letter, saying so....Is this true? If not how would I get out?
Horses for Sale
I am trying to find out if there is any way, that I can get out of an Exclusive contract with a real estate agent, the real estate agency they are thru is remax reunited. And it is setup for 1 and half months. The agent told me while I was signing that at any point if I want to use someone else, that I have to give the agent a letter, saying so....Is this true? If not how would I get out?
Horses for Sale
4 Responses
Rio Linda home and condos
The only way to get out of a contract is by written notice or if the other party has broken any part of the contract, the contract itself becomes null & void
Vancouver WA Real Estate
If you signed a binding agency contract with the firm, you are bound to it until it expires. If you are unhappy with the particular agent involved, you can provide a letter to the managing broker, and the broker will assign another agent from the firm to handle your needs.
Baltimore Maryland Real Estate
I take it you are interested in buying a property? You have signed a buyer’s representation agreement? Please read the agreement, it should state how you can terminate the relationship and if there is a protection period for the properties that you were shown.
If a termination clause is not written in the agreement, I would suggest that you write a letter to the agent and the broker. In the letter cite the verbal information you were given about terminating when you signed the agreement and that you wish to exercise that option. If your reason for terminating is because you no longer wish to purchase a property, cite that reason.
In my area, all business is done in the name of the broker and usually a specific agent is assigned to work with the client to buy or sell a property. So, you may be asked to consider using a different agent at the same brokerage if your reason for terminating is displeasure with your current agent.
If the agent has spent time, energy and resources working with you, and you want to move to another agent for reasons other than inadequate representation, your new agent may be asked to pay a referral fee to the first agent. I think this is a fair compromise and your new agent should agree to this.
I believe that ReMax franchises are members of the National, State and Local Boards of REALTORS and your letter should be enough.
Bozeman Real estate listings
You are not bound to that agent, only to the ReMax office. Totally sucky choice you made there. Anyway, call the broker, request another agent. Your contract is with the BROKER, not the agent. Personally I would demand the broker to serve me though, as their hiring practices are VERY lax.