Home Buying in 02767>Question Details

Erika2382, Home Buyer in 92870

How do we get out of an open ended buyer broker agreement? It has been over a year and it is just not working out!

Asked by Erika2382, 92870 Tue Jan 25, 2011

We signed this broker buyer agreement with our landlord, in exchange for a month to month lease agreement. We have given him over a year and still have had no luck with the purchase of a new home. We are planning on moving out so that we are not obligated to this contract.

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7
Scottsdalescott’s answer
Put it in writing to the agent so they have a chance to respond. If you cannot work out a mutual arrangement for the two parties then let he or she know that you are going to their broker and their broker will either let you exit the agreement or assign a new agent to you. The open ended thing was a mistake for this vary reason. Also, you should have the agreement to part ways in writing so that you protect yourself from any commission disputes later.

Good luck,

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
Web Reference: http://homesales411.com
1 vote Thank Flag Link Tue Jan 25, 2011
I'm writing from Oregon but I think my answer is correct for anywhere. If you have a buyr broker agreement (contract) and it does not explicitly stipulate the term of the contract then I do not believe the contract is enforcable. Let's hear from other brokers and agents on this, but as I recall a contract is only valid if it is executed by competent individuals, establishes compensation, and sets forth an explicit inception and termination date. Shannon Spence, Portland OR
Web Reference: http://www.spencetobey.com
1 vote Thank Flag Link Tue Jan 25, 2011
I may be mistaken but all agreements in order to be valid need to have a start date, obligations spelled out, and an end date.
0 votes Thank Flag Link Fri Mar 22, 2013
Get an attorney to write the landlord/broker a letter to void the contract and take it from there.

The lesson here is never hire someone based on ties to another deal. Never ends well. Find yourself an exclusive buyer broker and start over.

Good luck!
http://territory.com
Web Reference: http://territory.com
0 votes Thank Flag Link Wed Jan 26, 2011
get an attorney to review the contract. Be honest too, that always seems to work for me.
0 votes Thank Flag Link Wed Jan 26, 2011
In MA there are many components to a "legally binding agreement" and one of them is "Performance Deadlines". Without an end date to a contract, I dont believe it is legal and enforcable. I would certainly check with an attorney on this before pulling the plug because if there is something I am missing specific to your situation, you could be responsible for paying a commission on the home you eventually close on to your landlord/agent.
0 votes Thank Flag Link Tue Jan 25, 2011
Without many details regarding your agreement, you really need to discuss all your concerns with your agent/landlord--you may also wish to discuss any issues with your agent's broker owner and or office manager...
0 votes Thank Flag Link Tue Jan 25, 2011
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