Do I Still Owe A Commission To The Agent If I No Longer Wish To Sell My Home?
If you have signed a contract with an agent and then change your mind about selling, you may or may not be on the hook for some form of agent compensation.
In most situations, a broker or real estate agent only earns their commission if they provide a Buyer that is ready, willing, and able to close on the house. Also, most agents do not attempt to collect a commission until a contract is signed and the deal closes.
It all comes down to the contract you have signed with that agent or broker and the detailed terms and conditions. Any Agreement validly signed by you and real estate agent is a legally enforceable contract. Therefore, you should review it carefully and consult with an attorney if you have any questions or concerns. This agreement should address how, if, and when the real estate agent will be paid commission.
Realtors want your business, so even if you have pulled the house from the market, most agents are motivated to keep a good relationship, hoping you will call back when you are ready to re-list the property for sale. Nevertheless, it is always a good idea to protect yourself by having a real estate attorney review your listing agreement to make sure that it includes clear and acceptable terms. For example, it may be useful to include a provision in the listing agreement stating that commission is only due if and when the property successfully closes. That way, you can avoid potential misunderstandings and conflicts with your real estate agent.
For more information on Owing Commission To a Real Estate Agent, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (800) 619-3570 today.
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