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#26642 - 04/19/05 07:18 AM
Terminating sale agreement with the agent
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Anonymous
Unregistered
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A A Help! I like to sell my house privately or hire another agent, I am currently sing an agreement and it will expired only in two moths and hold over 180 days, I have verbal agreement from my agent (“you can cancel any time”)
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#26643 - 04/19/05 12:17 PM
Re: Terminating sale agreement with the agent
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Major Contributor
Registered: 12/03/04
Posts: 2198
Loc: Austin, TX
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Be open with your agent and tell them why you'd like to cancel. If some other agent is making "too good to be true" promises or pointing out things your agent is not doing, then they may be pretty dishonest and actually acting unethically since we have a duty to not interfere with client relationships of other agents.
Call them or meet them in person to discuss this. A verbal agreement can be held up in court, but it could be a pain if it's not in writing. If you have an email or if there's something on the agent's site that mentions their "you can cancel anytime" agreement, that could suffice.
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#26644 - 04/19/05 02:26 PM
Re: Terminating sale agreement with the agent
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Anonymous
Unregistered
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In Nevada, verbal contracts aren't binding,you should get everything in writing
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#26645 - 04/19/05 04:02 PM
Re: Terminating sale agreement with the agent
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Major Contributor
Registered: 09/19/03
Posts: 2410
Loc: Panama City FL
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Unless Canada is VERY different... an agent can not cancel a listing contract. The Listing Contract belongs to the brokerage and only the broker can agree to terminate it.
You do need to talk with your present agent about your feeling on why you want to change. I am sure the agents broker would be more than willing to assign another agent or would agree to closely supervise the existing agent for the remainder of the listing.
If no agreement can be reached on assigning a new agent from the brokerage, most brokers will agree to terminate the listing but are not required to do so since it is a binding contract.
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#26646 - 04/19/05 04:50 PM
Re: Terminating sale agreement with the agent
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Major Contributor
Registered: 12/03/04
Posts: 2198
Loc: Austin, TX
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If we offer to cancel a contract if the client isn't satisfied, our broker allows it. We run our own businesses and will handle the cancellation within the guidelines of our broker.
I have a guarantee that the listing can be cancelled if the client is not satisfied. Many of the teams and individual agents do. All I have to do is let the broker know if a client wants to cancel. Of course, they may try to save the sale, but they leave it up to us to decide when it's going to be cancelled. Technically, yes, the broker will cancel, but each broker empowers their agents differently.
Talk to the agent and their broker.
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#26647 - 04/19/05 06:56 PM
Re: Terminating sale agreement with the agent
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Anonymous
Unregistered
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If you really just want out then why not go ahead and send a written letter requesting that the contract be terminated. That I know of most brokers will not try to force you into staying with them. It's just not good business practice.
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#26648 - 04/19/05 11:04 PM
Re: Terminating sale agreement with the agent
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Member
Registered: 01/09/05
Posts: 390
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Call up your agent and tell them you want to exercise the 'cancel' option that they provided. They should comply, but may ask for reasonable justification. The broker does have the final word as per the written contract and has the contractual right to assign an agent.
Once an agent/brokerage puts resources into marketing your property, you can understand that they may hold you to the contract.
As mentioned, if another agent is actively swaying you, they are eligable for disciplinary action from their association.
Many brokers allow their agents to cancel their own listings.
As a seller, you are soley responsible for disposition. When entering into a contract for service you must be clear on the implications. But, with that said, here is a route; if you are able to enter into a new listing contract, maintain your sellers rights. You will liekly have to declare the individual(s) that your dealing with, but this gives you some latitude. And, if you have an agent hanging around that is telling you he can do better and so and so isn't performing, tell them to take a hike for everyone's good. If your not happy with the agent, call the broker, if you don't get satisfaction, call the local real estate board.
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#26649 - 04/20/05 10:09 AM
Re: Terminating sale agreement with the agent
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Anonymous
Unregistered
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My point is to sell the house, and I would like to try to sell privately. LET SAY I HAVE MY OWN PERSON READY TO BUY AND HE NEVER WAS INTRODUCED TO THE HOUSE BEFORE, CAN WE DO THE DEAL?
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#26650 - 04/20/05 10:19 AM
Re: Terminating sale agreement with the agent
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Major Contributor
Registered: 12/03/04
Posts: 2198
Loc: Austin, TX
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Get a real estate attorney to make sure the BROKER signs something that lets you out of the agreement. The lawyer can make sure all of your concerns are taken care of.
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#26651 - 04/20/05 02:09 PM
Re: Terminating sale agreement with the agent
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Member
Registered: 01/09/05
Posts: 390
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Yes you can, however the broker/agent may likely pursue commissions as per the exsisting contract. Why not send this prospective buyer to the agent and move toward closing?
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#26652 - 04/20/05 02:45 PM
Re: Terminating sale agreement with the agent
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Anonymous
Unregistered
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If you would like to sell your house privately, then why did you list it with a broker in the first place? What made you changed your mind?
If I'm the listing agent and have spent time and money showing and marketing your house, I will not be thrilled to cancell the contract.
I don't have a problem with cancellation of the listing agreement if, and only if, the reasons are as follows: 1) The Agent is not doing a great job on the listing. 2) The Seller decided not to sell in the near future.
Unless the agent is not doing a great job, I don't think you ought to cancell the agreement- even if you think you can save yourself some money by doing so.
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