A listing agreement is a contract between you and your estate agent. The purpose is to pay them a commission if they can sell your home within your agreed timeframe. However, is it possible to break up with a real estate agent before the contract ends?
Whether it’s to back your property out of a market listing or want to switch to a different agency, terminating your contract involves a lot of tricky questions to consider. With that in mind, the best action is to tread carefully as the difficulty of the process will largely depend on the terms of your contract. We’ve got you covered with crucial information you need to know:
How to Fire Your Estate Agent
For sellers, the process of showcasing your home to the market can be a stressful experience. After all, letting go of a large part of your life involves wrestling with sentimental feelings, which can make the whole ordeal difficult for anyone.
Given this emotional time, it’s crucial to choose the right agent to list your home and guide you through the process. In the event wherein you want to back out from your listing or change your realtor, it is possible to fire your relationship with your listing agent.
With that in mind, one of the best ways to cancelling a contract is by calling a broker to help fast-track the process. You will need to provide reasonable grounds for the cancellation, though most reputable brokers typically let sellers out of a contract.
In a typical scenario, you won’t have to buy a realtor if no buyer is found and you want to pull your house from the market listing. The only exception is when the contract says others. As mentioned, many realtors have some clause that protects them in the case of sudden termination of the contract. Other times you may have to pay is if you had an initial agreement to cover for your realtor’s marketing costs such as advertising.
You are essentially bound by the terms of your contract, though the good news is that you are free to adjust the terms and conditions before any signing confirms it. For that reason, it’s crucial to read the contract language regarding early cancellations to help you prepare for any necessary actions.
For instance, the contract may include a probationary period wherein both parties can terminate each other’s agreement without paying for costly consequences. On the other hand, other arrangements may require a termination fee if you cancel a contract before its completion.
Keep in mind that when cancelling fees, you are not obliged to pay so long as you have grounds for the termination of the contract. Sufficient grounds include anything from unethical conduct or failure to uphold proper communication.
However, some agreements have a protection clause that requires you to pay the agent their commission even after the cancellation so long as you sell to their buyers. With that in mind, it’s vital to understand the contract word-per-word and know what to expect if you’re planning on jumping ship from your real estate agent.
If you’re looking to learn more about how you can claim compensation, Consumer Reclaim is
your best option. Get in touch with us today to see how we can help you.