Seller want to pull out of Option to Purchase due to blundering Real Estate Agent?

Question

We hired a real estate agent(husbands friend) to sell our flat at a profit. We managed to find a buyer and signed the "Option to Purchase" agreement. We thought we made a profit of around 20K from our agreed price. Who knows there's what we call "accrued interest" that must be deducted from the proceeds of the sales and the interest amounted to 40K. This was not brought out by the agent until the property officer pointed it us. We are very frustrated with the whole thing. We wanted to pull out from the deal by discussing with the buyer. But buyer charges us aside from the option to purchase fee(which we agree to pay back) his agent's fee, 6K for delay and if we never show up for the completion of the option he will get a lawyer to sue us. I believe the buyer consulted our agent on steps to do. We are taken aback and delaying the time frame. Also, we informed the property officer to put a hold on the case upon telling her our argument. How can i pull out from this deal?

Answer 1

If you really belive the agent did someting bad you can bring an action for breach of fiduciary duty. But you have to make sure that the agent was ONLY representing you. If they were representing both parites (which is a bad arrangent in the first place but it happens) then it is unlikley you will get anything from them.

YOu have to show up at closing or you will most likley get sued. My suggestion is go to a real estate lawyer NOW and let them know your problem and get their advise. Tehy might be able to pull you from the deal if they have all the information and know the laws of your area.

Good luck!

Answer 2

The accrued interest would be something peculiar to how you were paying for the property and your real estate agent wouldn't have had any reason to know that you were evidently just paying the principle and letting the interest accrue. You should have checked with your mortgage company about the pay off prior to listing the property.

When both parties have signed the "Option to Purchase" you have established a binding and legal contract. Failure to perform or carry out the terms of the contract by one of the parties is considered breach of contract and you can be sued for damages by both the buyer and the real estates agent.

Answer 3

dont show up at closing you may get a suit against you and you may not. I would then turn around and sue the agent. what a jerk. If the house does not sell there is no agent fee, they get a fee off the sale of the house if the buyer chose to hire an agent then he is responsible for his agents fees, you did not tell him to hire an agent. you may only be responsible for cost incured, which means binder, and if he had to pay inspection ect. NOT your problem about his agent fee. he hired them not you . I would respectfully call the buyer and tell them a circumstance came about and the home is no longer for sale. not their business why. and be firm.

Answer 4

in case you probably did no longer sign the furnish or provide up any earnest money, you haven't any longer submitted an entire furnish. do no longer assume it to be submitted. as quickly as an entire furnish us submitted, the seller can do 4 issues: one million. settle for the furnish. 2. Counter the furnish. 3. forget approximately with regard to the furnish and permit it to run out. 4. Ask you to resubmit a extra real looking furnish with out countering yours. With one million, 2 or 4, the agent might desire to provide you a signed reproduction of the attractiveness, counter furnish, or invitation to re-submit. If the seller ignores the furnish then it is going to easily expire in in spite of time-physique grew to become into lined interior the furnish.

Answer 5

You may not be able to pull out of agreement without paying huge fees. Best to hire a professional (attorney) to help you with this one.

Answer 6

you need to consult a lawyer before you do anything on this problem.