During the life of the contract with the broker, it states I must pay a commission equal to the sale commission if I change my mind about selling and cancel.
2007-06-14 15:59:20 · 6 answers · asked by maj04usa 1 in Business & Finance ➔ Renting & Real Estate
If that is what you signed, then you are obligated to pay the commission. Remember that the real estate firm invests considerable time and money into attempting to procure a buyer for your property. What if you cancel four months into the contract ? Are they simply supposed to eat all that expense because you changed your mind ?
2007-06-14 16:08:13 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
In the State of Texas - Under the Listing Agreement, the Seller would be in Breach of Contract ( notice the word Contract ) and therefore would be obligated to pay the commission as well as any other fees stated in the Listing Agreement. If a Transaction Fee were charged you would also be responsible for that too.
A suggestion is to go to the broker and work out a fee such as a Termination Fee so that the Listing Agent will terminate prior to the Expiration Date.
2007-06-15 01:27:51 · answer #2 · answered by robertjrussell.com 2 · 0⤊ 0⤋
If thats what it says in your contract then yes... but there are ways to get out. You could keep it on the market for the life of the contract. The only way you would be responsible to pay is if you get a full price offer with no contingencies and decide not to sell to the buyers. Every company is different. My company lets out people no matter what. I think though rather than keeping it on and letting your broker spend all the money in advertising to just explain why you want out and see if they let you. Just keep in mind that they did spend a lot of money on your house on their dime.
2007-06-14 17:00:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You should go back and read your listing agreement. Why are you changing your mind? Is it because you found another realtor? If it is than you may have to pay two commissions because the first agent did his due diligence.
If it truly is because you want to keep the house then tell him not to show it for the remainder of the contract. Also tell him the real reason why you don't want to honor the contract.
2007-06-14 16:41:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well a contract is a contract, but they are made to be broken if you feel you where done a miss justice. If you want to fire him because he was not doing right by you, then you can take that up with the real estate commission in your sate. He is trying to protect him self. I know that him listing your home has coast him money. Advertising and marketing a home is not cheap.
2007-06-14 16:14:05 · answer #5 · answered by soldit4them 2 · 0⤊ 1⤋
Damn Straight. All that's needed is to provide you with a firm offer that provides what you asked for. You're liable.
Just why did you want to cheat your broker anyway?
2007-06-14 16:07:19 · answer #6 · answered by paintedbrickwall 1 · 0⤊ 0⤋