Terminating a Buyer's Agreement (clause, agent, commission, sale) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

bergmann10 · 02-06-2007, 01:15 PM

I've emailed my agent asking to terminate my agreement. Since I have something in writing (well, email) is that good enough?

CharlotteAgent · 02-06-2007, 02:30 PM

Yes that should be sufficent but they may have you sign a couple of forms to make it a done deal. That being said should you buy anything they should you in the last (typical) 60 days you may owe them some commision still.

bergmann10 · 02-06-2007, 08:12 PM

Thank you very much for your help and quick response!

resident · 02-06-2007, 08:24 PM

I thought the seller paid the buyers agent? I have had a buyers agent and "I" never paid for them..but they get paid through the seller. ?

CharlotteAgent · 02-07-2007, 05:59 AM

Quote:

Originally Posted by resident

I thought the seller paid the buyers agent? I have had a buyers agent and "I" never paid for them..but they get paid through the seller. ?

That's correct if everything goes as planned. The Buyers agency agreement has a clause stating that if in the last X days I have taking you to a home and then you decide to part ways then go and buy that home I am still able to get my commission.

It's in there to protect us from shady buyers/sellers. I could drive you around for 3 months you find a home you like then the seller says to you when I am not around if you drop this guy I can give you a break on the price and you do. Where do I stand?

Personally if you/they are this type of client it was probably better to cut ties anywho!

Also remember your agent can fire you too

blondieblueeyed · 02-28-2016, 06:54 AM

I have had a verbal agreement for the sale of my home. It has been 5 days and no contract, in the meantime I have decided not to sell, Will I be penalized in any way?

jackmichigan · 02-28-2016, 07:00 AM

You should have started your own thread--instead of piggybacking on an unrelated, 9-year old thread! (You may have set a record!)

Nonetheless, a verbal agreement in the sale of real estate is not enforceable.

Electrician4you · 02-28-2016, 08:07 PM

Quote:

Originally Posted by blondieblueeyed

I have had a verbal agreement for the sale of my home. It has been 5 days and no contract, in the meantime I have decided not to sell, Will I be penalized in any way?

With no contract you just decline to sign. Smoky call and tell them you're no longer interested in selling. Gfollow up with a written letter to agent and broker you no longer require their services