At times breaking up with a real estate agent is a necessary evil. We can assure you that a lot of our customers have benefited from doing so. If you are having second thoughts about the real estate agent you are dealing with but don’t know how to do it, we have to go you covered up. Our team of professionals has gathered some standard features of the process of getting out of a real estate contract.
It is no secret that the choice of a realtor is critical to your success so it is quite important to know how to fire one. Be comfortable with your change of plans and have all your ducks in a row. Here is how to get out of a real estate contract with a realtor, with minimum hassle.
Know The Difference Between Seller And Buyer
Understanding the terms buyer and seller is quite easy but when you are thinking of leaving a contract, it is important to dig into the details. In general, quitting as a buyer is far easier as compared to a seller. When you are buying a house all you need to do is to inform the realtor if you have not signed any binding documents. When you are a seller the steps you need to take are a bit different. Here is how to proceed in both cases.
How To Proceed When You Are A Seller
The procedure of how a contract is broken typically depends on the provision of the specific contract but there are a few standard features that apply to most if not all contracts. If you are dealing with large well-reputed companies there will be an opt-out clause for your convenience.
Some contracts allow you to leave the contract without paying any money while others charge a termination fee. Keep in mind paying the termination pay is far better than paying the price of whole unwanted property. If there is no clause then you will have to negotiate over the termination fee.
You can also wait until the contract is void by default. Most of the real estate contracts have a specific time limit. This is one of the most effortless to get out of a contract.
At times when you can’t wait for the contract to go null and the realtor is not ready to let go seek help from another trusted expert to find out the violations.
How To Proceed When You Are Buyer
The most simple way is to notify your contractor immediately. The sooner you inform the better are your chances of negotiating the penalties. Make sure to read the rules of cancellation before signing any real estate contract.
In some cases even after you have provided the agreement and signed at the bid, the contract is not binding until all the parties have signed it. You can cancel the contract at this stage without any consequences. When in doubt, give us a call for expert advice.
