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March 2, 2009

Breaking Agreement w/ Agent

HELP! I have a friend who is selling his condo and needs to get out of his agreement with his current agent. The "contract" has no written penalties for early termination before the 6 months period is up - 4 months to go. Does anyone know if infact there are consequences for doing this? It is a MAJOR agency.

Posted by kyudo1 at 10:19 AM | Comments (7)
Categories: Real Estate

Comments

What is this contract for?

Posted by: hannible at February 28, 2009 9:26 PM

It is an contract between the seller and the agent to be the exclusive agent/agency for 6 months. However, there is nothing in the contract addressing termination of the relationship before the 6 month period is over.

Posted by: kyudo1 at February 28, 2009 10:21 PM

Why do they want to break the contract? BTW, that real deal article that invisible linked was INTERESTING.

Posted by: Minmin at March 2, 2009 10:31 AM

What is your friend's objective? To change agents? To totally remove the property from listing? If he/she still desires to sell the property, then they are probably "stuck", i.e., in an exclusive listing the agreed upon commission is due the original agent IRRESPECTIVE of who brokers the deal. Even if you sold to a "relative" they can go after you for the commission based upon FMV.If your friend has simply changed their mind about selling, then they should simply drag their feet for the 6 mos and not consent to any sale.

Posted by: Hank at March 2, 2009 10:38 AM

Your friend is out of luck. The agent has 6 months to bring a buyer, "ready, willing and able" buyer to the seller under the agreed upon terms. If they are not doing a good job, that is a different story.

Posted by: broker at March 2, 2009 12:15 PM

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