Buy And Sell Of A House - Are You Allowed To End Your Contract With Your Real Estate Agent?

Buying or selling a house is full of complicated procedure

. And anyone who buys or sells usually contacts a real estate agent for assistance. Once a realtor is contracted, many believe that the initial arrangement between them is already binding. While it is true that it is difficult to get out of any signed contract, the possibility is not nil. Being the seller or buyer may not completely tie you down to the agent. You have rights - to engage the services of even multiple agents. This all depends on the contract you have previously executed.

There is a big difference between the contract with an agent made by buyer and seller. If you are the seller, it is more difficult to get out of your contract. Have you signed an exclusive selling contract? When this is your case, then you can be charged with breach of contract. You have assigned the broker the exclusive right to market and sell your property.

For a buyer, it is more flexible. When you are buyer in search for a house to purchase, you may not be under any obligation to stick to one agent. The truth is - unless you have hired a buyer's agent, contacting multiple agents is rightfully your privilege. You can always discard an agent you are not comfortable with.

If by any chance, you have already entered into a buyer's agreement, or if you are the seller, you have already hired an agent to do the selling, getting out of the agreement may be difficult. But then hiring another agent may be tricky but still possible.

When transaction is underway, there may arise differences between you and the agent. Differences can no longer be patched up; rapport cannot be re-established. This is an untoward incident, but you really do not have any recourse but find another agent. But before you do so, check and review your contract with the agent. If you are the seller, check also if your property is in the listing and you will have this cancelled with the ending of the contract.

In getting out of the contract, try as much as possible to end your agreement on the basis of a mutual agreement. Some agents may readily agree. But in case, you end up with an agent who would not want to, you might be in need of a lawyer. As a precaution, whenever you sign a contract, read policies on cancellation of agreement. Most contracts will have this provision so that even at the onset of your relation, you already know where you stand in case of eventualities.

by: alona Rudnitsky

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