Legal Question in Real Estate Law in Illinois
I put my own for sale sign on a building I own, it generated a lead. Later I hired a Realator and signed a
6 month agreement. Ther original lead now wants the building, am I bound by the contract with the
Realator?
What if the Realtor finds a client who will pay my price?
Am I allowed to change my mind and not sell?
Ted
3 Answers from Attorneys
It depends on the wording of the contract, but generally the realtor gets a commission for your lead if the property sells during the duration of the contract. The first person to sign a contract takes the house off the market until the sale closes. You can always refuse to sell.
I would strongly urge that you read the listing contract (agreement) with realtor. You will find the answers to your questions there. Also, these are questions you should have asked before signing the contract.
I suppose you can sell on your own if you are willing to wait until the contract has expired. Still, read the contract. Be aware that most realtors provides services beyond selling the house.
I suggest that you go one step further. Have an attorney read the entire agreement.
And usually the only way you can avoid a commission in a situation like that is if the agreement you made with the realtor specifically excluded the particular lead....