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Can a person get out of a listing agreement that they entered into, just because they decide they want to go with a different realtor?
A friend listed the house with a realtor he doesn't know and has changed his mind about staying with that realtor - would rather go with someone he knew from before.
Can he just cancel the agreement and switch to someone else?
His house is in his and a relatives name. Both agreed to sell, but the relative is at several states distant and he signed his relative's name to the listing agreement (no power of atty) for convenience.
How binding are these listing agreements? Is he stuck for the 90 days of the contract? Does he need to have a good reason for cancelling?
He needs to carefully read what he signed. Normally you are bound to the contract for a specific amount of time. If it's only 90 days, he should just stick with that agent. Most likely he/she has already invested a lot of time into it - taking photos of the house, pricing it accurately, etc. and it wouldn't be fair to try to get out of the agreement.
Can a person get out of a listing agreement that they entered into, just because they decide they want to go with a different realtor?
A friend listed the house with a realtor he doesn't know and has changed his mind about staying with that realtor - would rather go with someone he knew from before.
Can he just cancel the agreement and switch to someone else?
His house is in his and a relatives name. Both agreed to sell, but the relative is at several states distant and he signed his relative's name to the listing agreement (no power of atty) for convenience.
How binding are these listing agreements? Is he stuck for the 90 days of the contract? Does he need to have a good reason for cancelling?
very binding. like a lease.
very messy to terminate.
much easier to let them expire.
dont be in a hurry to sign them ever.
short is good.
stephen s
san diego,ca
I would consult an attorney. You cannot terminate a contract unilaterally. The listing agent and his firm have to agree to terminate. Your friend can ask it doesn't hurt.
Sounds to me if both parties were listed in the agreement and one party signed the other parties name then the contract is not valid. I hope the Realtor was not a witness to that. That is a NO NO. It is a legal document.
Again, I would consult an attorney. In summary, both parties need to agree to terminate. Signing someone elses name on a legal document is illegal.
Yeah, well, this guy's young, really nice, very trusting, and impulsive. Not real business smart. They saw him coming. The realtor wanted a 6-month agreement, and he almost agreed to it. He signed up to pay not only his commission upon sale, but the buyer's agent's commission as well (same agent is seller's and buyer's, and there is no buyer yet). Like I said, she saw him coming. I think he's being taken advantage of.
I know I've read in the forum that you can "fire" your agent if you're not happy and switch agents easily. Is that not true, then? I thought either party could "fire" the other at any time.
I would suggest, consult an attorney. A contract is a contract. Every agent is different, every office is different. Many agents do not want to work with someone who does not want to work with them (it makes for a difficult relationship). Me, personally, I do not bind people to contracts if they are unhappy OR if I am unhappy! It goes both ways, sometimes there are clients I just cannot see myself working with, so....................I would suggest he talk to the agent first, and see what she says, then have someone look at the contract for him.
One party that owns the house out of say...two parties and one signs the listing agreement....and the offer to purchase for both....may get away with it until,,,, when you close ............all parties have to be there and show identification for notarization. I would recommend the Realtor to have walked if the seller insisted on doing that. I think your "friend" should consult his relatives and FAX the agreement to them for "convenience".
[quote=southward bound;1422769]He signed up to pay not only his commission upon sale, but the buyer's agent's commission as well (same agent is seller's and buyer's, and there is no buyer yet). Like I said, she saw him coming. I think he's being taken advantage of.
QUOTE]
FYI, the Seller typically pays the commission to the Seller's agent and the Buyer's agent. That's why you should always have a Buyer's agent. As the Buyer you typically don't pay them anything.
The seller doesn't have to pay the buyer's agent unless he/she agrees to do that. The buyer's agent gets paid (by the seller's agent) out of the commission that the seller's agent gets (whatever percentage was agreed upon). Isn't that what co-broking means? Or is my understanding incorrect?
When we were looking for a home, the realtor put some papers in front of me which, had I signed, would have obligated me to pay 2.5% to him. I declined, he shrugged and said OK, no problem and we keep on looking for homes. (I later ended up with a different realtor, who NEVER asked me to sign anything and did a great job for us as a buyers agent).
The seller doesn't have to pay the buyer's agent unless he/she agrees to do that. The buyer's agent gets paid (by the seller's agent) out of the commission that the seller's agent gets (whatever percentage was agreed upon). Isn't that what co-broking means? Or is my understanding incorrect?
When we were looking for a home, the realtor put some papers in front of me which, had I signed, would have obligated me to pay 2.5% to him. I declined, he shrugged and said OK, no problem and we keep on looking for homes. (I later ended up with a different realtor, who NEVER asked me to sign anything and did a great job for us as a buyers agent).
When he put that in front of you it read somehthing to the effect that if he/she finds a house you end up buying and the listing agent or fsbo doesn't pay the commission, then you will pay his part. Protects him from not getting paid after showing a house OR many houses. It is a standard Exclusive Right To Represent Buyer Agreement that is required by law. What is not required by law is putting 2.5% in the blank and making you sign it before making an offer. Some agents will not make you sign it until making an offer and then will put n/a in the commission blank. hope this isn't confusing...
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breaking a listing
