my friend wants to cancel his contract with his agent. My friend wants to sell the property with someone else. But the agent said there will be a fee to cancel the contract.
Is there such a fee that a real estate agent can charge to cancel a contract?
2007-09-01 08:20:51 · 7 answers · asked by searstower 2 in Business & Finance ➔ Renting & Real Estate
My friend is not satisfied with his agent. His agent is very laid back. My friend has open houses on the property, but the agent doesn't even show up. So my friend has to do it himself.
2007-09-01 08:38:09 · update #1
There may be a termination fee in the contract. Have your friend check his contract very carefully.
If there is a termination fee, have your friend contact his agent's broker to explain his dissatisfaction - and ask the broker to waive the termination fee, if possible. It's the broker's decision, so your friend better have a good reason to end the contract.
Your friend should be sure that he picks his next agent with more careful thought and consideration, so this does not happen again.
And remember that most agents work very hard, and spend lots of time and advertising $$$, to sell their listings - so I hope he is not arbitrarily making a decision to change, and that he has truly and clearly and honestly set forth his expectations with his agent, and those needs were subsequently not met.
Good luck and best wishes.
2007-09-01 08:31:57 · answer #1 · answered by venicefloridarealtor 4 · 0⤊ 0⤋
Absolutely, your friend signed a contract for the agent to sell his home and now he is breaching the contract. Also, even if he goes with another agent, he may still owe the original agent a commission when he sells the property. Read the fine print.
2007-09-01 08:28:32 · answer #2 · answered by Suzy 5 · 0⤊ 0⤋
Typically yes, there is a penalty for canceling a contract. Read the contract to see what the fee is; it should all be explained in the agreement.
2007-09-01 08:25:00 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Tell your friend to read the contract. The late fees need to be spelled out in the contract or else they are off the hook.
2007-09-01 08:30:20 · answer #4 · answered by Noah M 3 · 0⤊ 0⤋
w/e. tell your friend to tell the agent to back off; either your friend pays the agent a fee, or your friend takes the agent to court for not coming to terms with the contract. for legal questions like this tell your friend to call a lawyer. If he/she doesnt have one tell your friend to sign up with prepaidlegal.com. call the 800# for quicker results. They are like $13 a month. I call them for all questions that have some legal tie- its worth it. Your friend can fight his/her way out of this he/she must play it at the same tone the agent does....passive aggressively or aggressively.
2007-09-01 08:49:57 · answer #5 · answered by LooneyLu 2 · 0⤊ 1⤋
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2016-10-03 11:47:10 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Yes, there is. Up to the full commission on the sae.
2007-09-01 08:25:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋