How can I get out of my contract if I want to rent out my house and take off market?
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How can I get out of my contract if I want to rent out my house and take off market?
My realtor has only shown my house once since March. It is now august and I
cannot afford to make the mortgage payments anymore. How can I get out of my
contract and rent it out?
Asked on August 18, 2016 under Real Estate Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Do you mean a contract with the realtor? If so, those contracts do not typically obligate or force you to you sell your house--you are allowed to withdraw from marketing/selling the house whenever you like. Obviously, you need to review your specific contract, to see what it says--every contract is governed by its own particular terms; and in particular, you need to review it to see what, if anything, it says about renting--i.e. if you now rent the home, will you have to pay the realtor a commission? (Some contracts do require commission if you switch to renting.)
Subject to the terms of your specific contract, as a general matter, you may withdraw the home from market and rent it.
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