How to Get Out of a Buyer Agency Agreement
A buyer agency agreement is a legally binding document between a buyer and a real estate agent. It outlines the terms and conditions of their working relationship, such as the commission the agent will receive upon the closing of a transaction. However, circumstances may arise that necessitate the termination of the agreement. Here`s what you need to know about getting out of a buyer agency agreement.
Review the Agreement
The first step in terminating a buyer agency agreement is to carefully review the document itself. Focus on the sections that discuss the circumstances under which the agreement can be cancelled. Most agreements will contain a section detailing the termination clause, including how much notice must be given before it takes effect. Make sure you understand the terms of the agreement before moving forward.
Communicate with Your Agent
Once you`ve reviewed the agreement, speak with your agent about why you want to terminate the agreement. Maybe you`ve decided to hold off on purchasing a property or you`ve found another agent with whom you`d prefer to work. Whatever the reason, it`s best to communicate with your agent honestly and directly. Remember that your agent has a legal and ethical obligation to represent your best interests, so they should be willing to work with you to come up with a solution.
Negotiate a Release
If you and your agent agree to terminate the agreement, you`ll need to negotiate a release from the contract. This is where having a clear understanding of the termination clause in the agreement comes in handy. In most cases, you`ll need to provide written notice to your agent, giving them a specific amount of time to find a new buyer. Once that time has elapsed, you`ll be free to work with another agent.
Get Legal Advice
If you`re having difficulty ending your buyer agency agreement or your agent is not cooperating with your request to terminate, it may be time to seek legal advice. A real estate attorney can review your contract, advise you on your legal rights, and help you navigate the process of ending the agreement.
In conclusion, if you find yourself in a buyer agency agreement that you wish to terminate, be sure to review the agreement`s terms and communicate with your agent. Negotiate a release from the contract, and if necessary, seek legal advice to ensure that your rights are protected. With the right approach, you can successfully get out of a buyer agency agreement and find an agent who`s a better fit for your needs.