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I signed a buyer's agreement with a real estate broker ...

Sent to Legal Experts May 05, 2007 11:53 a.m.

I signed a buyer's agreement with a real estate broker and less than a week later, changed my mind and so informed the broker who said let the agreement expire to save paying the six% penalty. The broker said I would have to sell if an offer was received that matched the asking price and he also said he would continue to show the house for the life of the agreement. I am 67 years old and my wife is 75.

Optional Information:
Knoxville, Arkansas

Already Tried:
Verbal notice I did not want to sell

Customer (name blocked for privacy)

Status: Closed Value: $15

Answer
May 05, 2007 11:58 a.m. (4 minutes and 19 seconds later)

ACCEPTED

That is complete nonsense. You may change your mind and take the home off the market. There is no obligation to sell and the broker has no right to show the house again if you object. If the home is sold within the contract period, the broker may be owed a commission.

I would contact the broker and tell them the home is being taken off the market and it will not be shown again.

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Lawmoe -- Lawyer (JD) -- 98% Positive Feedback on 2107 Legal Accepts
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Reply
Sent May 05, 2007 12:08 p.m. (10 minutes and 6 seconds later)

what about the six percent cancellation fee? Do i have to wait the life of the agreement to be free of this agreement? It's not a trick, I do not want to sell and I understand thatif I do sell, I will pay a commission to the first broker.

Customer (name blocked for privacy)

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