Home Buying in 10528>Question Details

Redhed123, Home Buyer in 10528

When does my Exclusive Buyer's Contract really end?

Asked by Redhed123, 10528 Wed May 13, 2009

I am a first-time home buyer, and stupidly signed an exclusive buyer's broker contract, so I'm stuck with an agent that I'm not happy with any more. The contract clearly states an ending date of July 1st. My ultimate question is can I use agent #2 (and avoid compensation to agent#1) if I specify a closing date of no sooner than July 2nd? Or can agent#1 still fight for compensation because I started the process during the contract?

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2
Redhed123,
Good question. You are smart to look for details before just assuming it's okay to move on. Without knowing the laws in your city/state and without reviewing your buyer/broker, it's difficult to accurately answer this question. Also, if someone on this site does answer it, be careful that you verify before moving on. Chances are, if your agreement is like the one my state uses, you should be okay to move on with agent #2 as long as you close after July 2. But, check the fine print. If you purchase a property that you first found and looked at with agent #1, then chances are there is an additional time frame built in to extend the agreement on those properties that agent #1 has "procuring cause." I would advise you to contact agent #1's broker to ask the question. Be assured that it will probably get back to the agent that you are asking these questions. Be prepared to explain to them in a rational matter how you are feeling and why. Maybe they will be willing to let you out of the agreement early if you tell them that there is just no way you will be purchasing a home through them. Be honest, be professional and be dilligent. I hope this helps. Best of luck!
1 vote Thank Flag Link Wed May 13, 2009
Hi, You need to read your agreement carefully. The last thing you want to do is breech the contract and be responsible to pay a comission to agent #1. You should have received a copy upon signing the agreement. Most agents won't even entertain working with you unless there is clarity on the terms of your existing contract.

Sincerely,

Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023
0 votes Thank Flag Link Wed May 13, 2009
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