Getting out of Listing Agreement 9 (relocated thread)

[swbtoo]

Originally Posted by Stu Barnes

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...

Thanks, Stu. That's a good explanation.

[motomom121]

Before inucrring the cost of an attorney, simply read your listing agreement. Most provide an "exit" plan for either the seller or the agency. Often, you only need to send a written notification to the listing company noting a valid reason for termination. However, the agreement normally gives the agency rights to a commission should the property sell to a prospect who saw the house while it was listed with that agency.
Also, you might try just being honest with the agent. Most agents, who want to maintain a long and reputable career, are not in the habit of forcing sellers to stay in a contract when the seller is not happy.


moderator note:
This thread has been reviewed and so far is in good condition

[DMenscha]

I rarely get asked to terminate a listing early, but when asked I always let them go. My market is too small to have someone ruin my reputation by continuing a relationship that isn't working.

First step for the OP is to asked to be released from the contract. The broker might just be like me and let him go.

[Eric Young]

Let’s see…you’re friend isn’t business smart, but he was savvy enough to negotiate a 90-day listing - when most listing agreements run 6 months to a year. I’m at a loss to see how the realtor “took advantage” of your friend.

In most cases, cancelling the contract requires evidence that the listing agent has materially breached his obligation to provide the services that are set forth in the contract.

As to the fact that your friend “signed his relative’s name to the listing agreement,” I can only hope that he is not under the impression that his commitment of felony fraud and forgery is a good legal loophole to get him out of his 90-day contract - assuming he would prefer not to wear a leg iron for the next year or so, such a strategy would indeed be unwise (and that’s putting it mildly).

Based on what you’ve written here, Southward, if you want to give your friend good advice, I would suggest you tell him to wait it out.

I can’t help but wonder, however, if your friend is “trusting and impulsive” and “not real business smart,” what makes him (or you) so sure the agent he knows and wants to switch to is any better then the one he already has?