Q: My realtor & broker refuses to take our property off the market after we told them to. Is this legal?
We wanted to get out of our contract but they declined that. So we decided to take the house off the market. They then told us the house would remain listed until the contract expired. Can they do yhis
A: First you need to read the listing agreement you signed. Or consult a lawyer to review it and advise you of your obligations.
If you remove the property from the market, you may owe commissions and fees for early termination. And if they produce an offer that EXACTLY matches the terms you listed it for you will owe commissions and fees.
Real Estate agents and brokers can agree to terminate a listing, and I know many that are happy to do it if they and the seller can't get along. But they probably don't have to.
A: You need to read the listing contract and understand its effects. First, have you given an exclusive at a named price? What happens if they produce a willing, able, and ready buyer at that price? Are there exceptions for the discharge of the broker, like, for example, hiring another broker? What are the penalty provisions if you breach?
You should answer none of these questions in an open forum on the Internet. Some answers and some communications to the agent will hurt you. Retain counsel for the review.
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