If you are looking to buy a home there is no reason you should not be working with a Realtor! A real estate agent will help you understand everything you need to know about the home buying process while saving you time and money. They are there to represent and negotiate for your interests and to help you find the right Columbus, OH home, the right financing, and to ensure you get the best terms possible.
Unfortunately no matter how carefully you look for the right real estate agent, sometimes this relationship just doesn’t work out. But before you can begin working with another Realtor to help you buy a home, you will have to know how to terminate the buyer’s agent agreement—the contract between you and your real estate representative.
If you signed a Buyer’s Agency Agreement, you are bound to it. In other words: Don’t just simply stop communicating with your real estate agent and begin working with another agent; you need to tackle this issue head-on. And, as such, there is a right—and wrong—way to terminate the relationship. Here’s some advice to make sure you handle this appropriately.
The easiest option might be not quitting at all. If there’s a chance you and your real estate agent are just getting your wires crossed, it might be worth trying to explain your concerns before you go through the hassle of terminating the contract.
I suggest you ask to have a meeting with your agent and his or her supervising broker to discuss your issues. That way you can really figure out the best options to address either improving the relationship or terminating the whole agreement.
If you’re simply not willing to work with the agent going forward, start by reading the terms of your buyer’s agreement.
It will disclose under what conditions it can be terminated prior to its expiration.
In most cases, you should be able to terminate the agreement with a letter of cancellation or termination and reasonable grounds for the request. Usually either side can terminate this way.
But because this is a legal contract, don’t just part ways with a handshake.
Instead, get a signed termination from the Realtor’s brokerage just to cover your bases. This ensures your dissolution is legit.
If you can’t work an issue out with your agent directly, consider going up the chain to your agent’s broker. A broker is responsible for the oversight of the other agents within the brokerage. A broker can work on his own, but all agents must work for a broker, who acts as a supervisor of sorts. Brokers’ companies, called brokerages, can be large multi-national firms or local boutiques, giving agents access to the multiple listing service, insurance, and other tools they need to interact with clients.
When you sign a contract to work with an agent, this is in fact a contract between you and the agent’s brokerage. The commission that is made off a homes sale, go to the brokerage, a portion is then allocated to the real estate agent involved.
The long and short of it is, if you’re unhappy with your agent, the brokerage will want to know because it affects the brokerage’s bottom line.
The broker is able to terminate the agreement without your agent’s input. Or, you might not have to cancel your contract at all, as the broker may offer to merely assign you a different agent within the same brokerage. While you are not required to accept this concession, the brokerage is not required to release you from the buyer agency agreement and thus this may be an option worth considering.
If talking to your agent and the broker isn’t getting you anywhere, you might want to reach out to a lawyer. Another option? Just wait it out, Ohio Buyer Agency Agreements must include an expiration date and if the brokerage refuses to release you from the contract and you aren’t in a hurry to buy, this may be the easiest solution. But most of the time, you’ll be able to work something out without having to hire a third party as in most cases, if you’re unhappy, it’s better to move on—for both parties.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!
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