As a homebuyer, you may have signed an exclusive buyer-broker agreement with a real estate agent in order to receive their assistance in finding and closing on a home. However, if you are unhappy with the services provided or simply want to work with a different agent, you may be wondering how to cancel this agreement.
First and foremost, it’s important to review the terms of your agreement to ensure you fully understand what you are locked into. Most exclusive buyer-broker agreements include a set timeframe, typically ranging from 30 to 90 days, during which you are obligated to work exclusively with that agent. If you attempt to purchase a home during this timeframe with a different agent, you may still be required to pay a commission to the original agent.
If you are within the timeframe of the agreement and wish to cancel, the first step is to communicate with your agent. Explain your concerns or reasons for wanting to cancel and see if they are willing to release you from the agreement. It’s important to note that some agents may require a written request for release, so be sure to ask if this is necessary.
If your agent is not willing to release you from the agreement, you may want to consider speaking with their broker or manager. They may have more authority to release you from the agreement or may be able to mediate the situation between you and your agent.
In some cases, it may be necessary to consult with legal counsel to determine if there are any legal grounds for canceling the agreement. This may be the case if you believe the agent has breached the terms of the agreement or acted in a way that is not in your best interests.
Ultimately, canceling an exclusive buyer-broker agreement can be a difficult and potentially costly process. It’s important to carefully review your agreement, communicate with your agent, and seek legal advice if necessary. By doing so, you can ensure you are able to work with an agent who meets your needs and is able to help you successfully navigate the home-buying process.