QUESTION
How do I terminate a contract with a real estate broker about a private house?
Asked on Mar 14th, 2013 on Estate Planning - Michigan
13 ANSWERS
I would be interested in reviewing the contract because most broker contracts have a definite term.
Answered on Apr 01st, 2013 at 3:12 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Are you the buyer or seller? If you are the buyer, there is a chance that terminating the contract would result in loss of your deposit, unless the termination relates to a condition in the contract. If you are the seller, you may not be able to terminate the contract. You should have a lawyer review your contract to advise you on how to proceed.
Answered on Mar 15th, 2013 at 5:45 AM
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If it is a standard CAR listing agreement there will be an expiration date on it. Nonetheless you need to send a letter in writing telling him or her that you are terminating the contract. If the contract isn't yet expired they may try to fight you on that but most will not.
Answered on Mar 15th, 2013 at 5:44 AM
Estate Planning Attorney serving Provo, UT
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Randy M. Lish, Attorney at Law
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What does the contract allow you to do? If the contract does not provide for early termination, you cannot terminate early.
Answered on Mar 14th, 2013 at 8:17 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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A listing contract? Generally terminable upon a set date, and if no date, then give thirty day notice in writing you are terminating the listing contract.
Answered on Mar 14th, 2013 at 1:30 PM
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The contract may be non-revocable for the period of the listing, i.e. 90 days. You need to review the terms. If in doubt have an attorney review the contract and advise you on the same. The response to your inquiry does not create an attorney client privilege. The answer is merely based upon the facts presented and if you are unsure you should seek a consultation with qualified counsel to address your specific issues.
Answered on Mar 14th, 2013 at 1:29 PM
Listing contracts are normally for a period of several months and the time period is part of the contract. Unfortunately, early termination is not usually possible. You should consult a real estate attorney to review the contract.
Answered on Mar 14th, 2013 at 1:29 PM
Generally, where no termination date is listed, the courts will enforce what is standard procedure in that type of contract. Usually that's 30 - 60 days written notice sent to the other party's designated notification address. Check with a local attorney to see if that applies in your particular case.
Answered on Mar 14th, 2013 at 1:29 PM
Thomas Edward Gates
Most real estate broker contract have a clause where, if you sell the house so many months after the discharge, you will owe him a fee.
Answered on Mar 14th, 2013 at 1:28 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Generally it has a specific term, 3 months, 6 months or 1 year. It expires automatically upon the expiration of the term, if it does not have a term it's best if you contact an attorney. However, if its been several months write a letter telling the realtor that he/she has 30 days to sell the house or the contract will be terminated for nonperformance. You do not have to sell at less than its asking price so. Remember if you identify a potential buyer during the term of the contract (regardless if the realtor procured the buyer) and want to sell it to that buyer you are liable for the commissions.
Answered on Mar 14th, 2013 at 1:27 PM
You will need to seek advice from a lawyer in your state who specializes in real estate contracts.
Answered on Mar 14th, 2013 at 1:27 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Contact the broker and tell them you no longer wish to sell the house and that you would like to take it off the market. If yo want to terminate because you have found a buyer, you may owe the broker a commission.
Answered on Mar 14th, 2013 at 1:26 PM
Read the contract again, generally there is termination language and/or the listing agreement is good for a period of time. Otherwise, you should be able to terminate by giving a writing to the agent.
Answered on Mar 14th, 2013 at 1:26 PM