Legal Question in Real Estate Law in New York
regret after signing a contract to sell
After signing a 6 month contract to sell, I became upset about a few things. The commission rate is too high and the selling price is too low. We were going to let the contract expire or raise the price. I now have major problems with my realtor. If I was to let the contract expire, am I allowed to sell to someone who saw the house while it was listed after the expiration, without paying commission? Is it considered a ''breach'' of contract if I decide not to sell,and let it expire. My realtor keeps using the term breach.
4 Answers from Attorneys
Re: regret after signing a contract to sell
Take your house off the market. A commission will be due generally only if the house is sold to someone the broker introduced you to.
Good Luck
RRG
Re: regret after signing a contract to sell
If the broker brought someone ready, willing and able to buy your home on the terms established in the listing contract, during the term of the agreement, he may well be entitled to a commission, even if you decline to sell.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.
Re: regret after signing a contract to sell
You need to have a qualified attorney review the listing agreement and broker/sales activity as soon as possible. You could conceivably be liable for a commission even without selling the property. Feel free to contact our office to schedule a consultation.
Re: regret after signing a contract to sell
First, read your exclusive contract. There is a paragraph that states you will be liable for X (fill in the blank)amount of months AFTER the expiration if you sell to someone a Broker brought/introduced your home to DURING the exclusive period.
Second, you can withdraw the listing at any time but will NOT be able to list w/ another Broker or sell the home during the time your exclusive would have been in effect w/o paying a commission.
Last, if you allow the home to continue to be shown and get a full price offer (or negotiate an acceptable offer) you will be liable for commission even if you change your mind and do not sell (unless the exclusive contract reads otherwise).
There are some exeptions to the above "rules" so I would be happy to review the exclusive contract at no charge if you would e-mail me [[email protected]]and I will give you my fax #.
Pls refernce LawGuru for my refernce. OK?
Debra Palazzo
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