Sorry to hear that you want out.
The best thing to do, in my opinion, is to discuss the situation with your Agent/Broker.
If you decide to part both ways then hopefully the agent will let you out of the contract.
If not you may have to wait till the agreement date is up.
I usually will let someone out of the contract, because I feel that is good business practice.
That is just the way I do things.
Keep us updated.
If the broker has not lived up to his side of the agreement, then speak to him and explain why you want to terminate. Normally, Realtors do not want to hold clients against their will.
However, it is possible that because he fulfilled his side of the agreement that you owe him payment of commission earned. Terminating the agreement does not relieve you of an amount already earned, and you should be prepared to make good on your side of the agreement by paying that amount. If there is a contract still in execution, you will still be obligated to pay him, even though you will not get any benefit of representation once you terminate the agreement.
Most representation agreements also contain a 'protection clause' which prevents clients from reaching an agreement on a property and then discarding the broker so that they don't have to pay him. If, for example, the representation were to end on January 31, and you went back to a seller that you previously negotiated with and signed a new contract on February 1, the broker would probably still be owed a commission under the protection clause.
Your first order of business is to discuss your issue(s) with the broker and try to resolve them. If you can't resolve them, then tell him in writing you want to terminate the agreement, keeping in mind that if your objective is to avoid paying a commission on a property he introduced you to that you're not acting fairly and legal repercussions may result. After you discuss the matter with the broker, you can still hire an attorney to help you understand your rights and obligations and to help you resolve the matter.
It's an unfortunate situation, however you need to do what makes sense for you and your family in your particular situation. While I agree that speaking with your agent is the best first step, you may need to speak directly with your agent's broker as well. You may be able to come to some sort of agreement regarding how you would like to proceed.
However, if there is no other resolution, there is a form you can complete and sign (along with your agent) which will release both parties from the buyer representation agreement. The form is promulagated by the Texas Real Estate Commission (form TAR-1503). It will outline the termination of your representation as well as any fees you may be obligated to pay to that broker for any services they may have rendered.
In an ideal situation, you would be able to continue to use your agent and locate a different home to purchase. In this case, your agent would be able to assist you throughout the new transaction.
Good luck with everything! I hope everything works out well for you.
Coldwell Banker Jane Henry Realtors
North Texas Top Team
I you did sign it! and still wish to exit the buyer's Rep. Agreement Call Me! for more information!
You would need to contact a lawyer for legal advice. However, I can tell you that a Buyer's Representation Agreement is a legal agreement. If you don't want to buy a house, you don't have to. Hoewever, until May, 2009 from the information you have given, it would seem that if you do, you have agreed to negotiate & acquire the home through your broker. If you are unhappy with his services, you can ask him to cancel the agreement. He might or might not. However it is just one month from now. You could wait it out and let it expire. Another option is to sign a buyer rep for just the properties the agent is showing you or for a shorter term to be sure it is clicking between you two.
Why do you want out? Could they represent you in another deal?
Could you modify it to read just for this transaction or property address.
You've signed a contract so they don't have to let you out, but perhaps if you can give them a good business case to let you out of the deal they might do it. Cash might talk, but that's only one solution. Were you disappointed with their service?
They can represent you in another deal if you want to look at other properties or make offers on other properties.
Are you still planning to purchase another home and would you use that agent are questions you need to decide. If not, You might want to talk with your realtors broker if you want out of your buyer representation agreement if you are not planning to purchase another home. I would never hold someone to a buyers representation agreement if things were not working out between us. Good Luck!