Can you fire your Real Estate Agent? It all depends on whether or not you signed a buyer broker agreement or a listing agreement and if your Realtor violated any of the terms laid out in the contract. In this video, I discuss the topic of firing your realtor in more detail to help you understand your options as both a Buyer and a Seller.
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Can you fire a Realtor?
While this may seem like something that should be easy to do, it’s in fact a lot harder than you think because Real Estate requires you to sign contracts in most cases when having a Realtor represent you as a Buyer and or Seller. Whatever the reason, you may find that you want to fire your Realtor. … In most circumstances, you cannot just call your real estate agent and tell them you are choosing to use someone else. It doesn’t work that way if you have signed a legal and binding contract. Most real estate listing contracts are in fact binding.
If you are a buyer and have signed a Buyer Broker Agreement with a Real Estate Agent, then the only real way to get out of the contract assuming the Buyer’s Agent hasn’t done anything to violate the terms laid out in the contract is for the Realtor to let you out of the contract. If the Realtor decides to enforce the contract then unfortunately there is very little that can be done to get out of the agreement. Which means that if you decided to buy a home and use a different real estate agent to represent you then legally you would be obligated to pay that buyer agents commission per the terms laid out in the real estate contact.
The same is true for Sellers who have signed a listing agreement with a Real Estate Broker to sell their home. Unless the Realtor allows you out of the contract or has done something to violate the terms in the listing agreement then unfortunately there is very little you can do to get out of the contract. You do have the option of withdrawing your home from the market or cancelling the contract but unfortunately the Real Estate Agent can hold your home “hostage” to the contract if they wanted to until the listing expires. This doesn’t mean that you would have to sell your home but it does mean that you wouldn’t be able to list it with another real estate agent during that period.
In addition, there are times when a listing agreement has been cancelled but you still may be required to pay the listing agent a commission if you sell your home during a certain period after the cancellation.
What is a buyer broker agreement?
A buyer broker agreement is an agreement between a buyer and the brokerage where the realtor works that they have hired to represent them with the purchase. This agreement is generally exclusive and once signed requires you to use only that Realtor to represent you on the purchase.
What is a listing agreement?
There are several types of listing agreements but the most common is an exclusive listing agreement which is a contract between a brokerage and the seller given them exclusive rights to list the home for sale for a specified period of time.
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Other videos you might find helpful:
#1 TIP to get the MOSt MONEY for your HOME – https://youtu.be/lhvmQ34MOro
How to CHOOSE a REALTOR – https://youtu.be/Mwg2Syb5L1I
When is the BEST time to BUY a House? https://youtu.be/-SahLWsC3ak
1st Step in the Home Buying Process – https://youtu.be/tMQap-MV5_I
Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go
When should you REFINANCE? – https://youtu.be/um7qxW3Yqgs