If I have a contract with a real estate fiem to sell my house can I withdraw from it?

Asked on May 17, 2009 under Real Estate Law, Pennsylvania

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I would have to see the contract and the termination policy in the agreement.  Generally, these contract are for a term of 3-8 months.  What is the term and how long till its over.  What if any does the terminaton clause say?  I would pick up the phone and talk to the the agent you are working with to se about terminating the contract.  You can say that you are not pleased with their services, which is probably the reason you are trying to terminate the contract.  Firms like this will be reluctanct as they will follow your property to see if you are working with someone else and then claim a part of the commissions on the sale.  You want to avoid this mess. 

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Not without a very good reason.  Like any contract, there are consequences to breaking it.

However, the typical listing agreement has a specific price, and you are not usually under any obligation to sell for anything less than that, even though houses often are sold under the original listing price, especially in a market like this.

But, if the realtor finds a buyer willing and able to pay the listing price, if you refuse to sell, the realtor may be able to collect the commission from you, that would have been earned on the sale.  You should talk to a real estate attorney in your area, before making a mistake in this, because it can be expensive.  One place you can find a lawyer is our website, http://attorneypages.com


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