As a real estate buyer, you may enter into a buyer agency agreement with a real estate agent to help you find your dream home. This agreement is a legally binding contract that outlines the terms and expectations of your working relationship. However, there may be situations where you need to terminate the agreement. But what are the legitimate reasons for doing so?
Firstly, if the agent is not fulfilling their obligations as outlined in the agreement, you may have grounds for termination. If they are not showing you properties that meet your criteria or not providing you with timely feedback on properties you have viewed, you may consider terminating the agreement.
Another legitimate reason for terminating a buyer agency agreement is if the agent is behaving unethically or illegally. This may include asking you to lie on a mortgage application or withholding important information about a property’s history or condition.
If you find yourself in a situation where you are no longer comfortable working with the agent, this may also be grounds for termination. Perhaps they are not taking your preferences into account or you are experiencing communication issues. Whatever the reason, if the working relationship is not harmonious, it may be better to terminate the agreement.
Finally, if you find your dream home through alternative means, such as negotiating directly with a seller or finding a property on your own, you may terminate the buyer agency agreement without penalty.
It is important to note that terminating a buyer agency agreement should be done according to the terms outlined in the contract. This may include providing written notice and meeting certain deadlines. Make sure to review the agreement carefully before taking any action.
In summary, legitimate reasons for terminating a buyer agency agreement include the agent not fulfilling their obligations, behaving unethically or illegally, a breakdown in the working relationship, and finding a property through alternative means. If you find yourself in any of these situations, make sure to follow the terms of the contract and terminate the agreement in a timely and professional manner.