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We live in New York. We just signed a Buyer/Broker contract with a RE broker for one year. We haven't looked at any properties yet. We just signed it the other day, so there hasn't been time to see properties, but we want to cancel before we do. Can we cancel the contract?
Last edited by engert1949; 05-25-2009 at 11:16 AM..
Reason: Forgot something
It depends. You need to have a RE attorney look at your contract.
Can I ask you why you would sign such a contract when it clearly is written for the benefit of the agency, rather than you? And why for such an extended period of time? I'm curious.
We live in New York. We just signed a Buyer/Broker contract with a RE broker for one year. We haven't looked at any properties yet. We just signed it the other day, so there hasn't been time to see properties, but we want to cancel before we do. Can we cancel the contract?
I don't get why people commit themselves to someone for a year without even going out to see a home. I use buyer agency agreements, but can't imagine having someone sign one without seeing a few homes together first.
What you can do depends on what your contracts and/or state laws say you can do. Some states have 72 hour right to cancel type of deals with contracts.
Regardless of what the contract says, if you are uncomfortable just call up the agent and ask to get released.
As said, it all depends on the contract you signed and what it says. Why do you want to get out of it?
A year is a very long time for a buyer's rep agreement, in my opinion. (In some places, not so long for the listing agreement, depending on the market.) The idea is to have representation through closing.
Does it say he/she will locate homes for you in a specific or is this contract generic to area, type of home, etc. Why don't you just call the agent and tell him/her your feel uncomfortable and would rather "work" with them without this contract. Most of us would let you out of it? Frankly, who wants to work with someone who has qualms about working with them? Not me.
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