If you wish to terminate your exclusive right to buy contract (or for that matter your exclusive right to sell contract) You should first try and talk to your agent and see if they will release you from the contract. Usually they will try to resolve whatever problems you are having and try to keep you in the agreement. If that dosent work, then try contacting the BROKER at the company the agent works at. The broker is the one responsible for all of the broker associates in the office. You could also try faxing or emailing the agent and his or her broker and asking them to release you from the contract. Many agents will not want to hold you hostage and let will you go.
If you still cannot get out of the contract, you may want to try and contact another agent, and see if they can get you released from the first contract. The agent may even offer a referral fee to the first agent to secure the release.
If none of that works, you can try complaining to the REALTOR association that the agent is a member of and see what they can do. You can also complain to the state association of REALTORS and finally, the state real estate commission. Of course you can always contact a real estate attorney for legal advice on how to proceed.
It is important to know that it is not 100% guaranteed that you will be released from the contract. The agent may have valid claims for not wanting to terminate the contract, such as spending lots of time with you, being under contract for a purchase, and spending money marketing your home.
It is also important to know that if you are unable to secure a release from the contract, that you may want to hold off on buying or selling a home until the contract expires. If you were to proceed, it is very possible that you could owe two real estate commissions. One to the first agent, and one to the second agent. This is because there were two agreements…
Finally, if you are successful in getting a release, you should have a written release FAXED to you. A future real estate agent may very well ask you for this, and it is good to have proof in case a commission dispute arises.
Please view this disclaimer about this page.
Additional Matches: How to terminate an exclusive right to sell?
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
MORE CALCULATORS at MORECALCULATORS.COM.