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Real estate termination fee?
Should our real estate agent have informed us if we terminated the contract as sellers there was a clause that they would still receive 5% commission ? Our agent never told us if we terminated the contract we would owe him the 5% when we signed the listing agreement. We wanted to switch agents but we didn’t realize this was written in the contract.
Asked By Julie Mcconnell | Gaithersburg, MD | 215 views | Selling | 10 months ago
Answer(2)
Julianne Clark / Your Lowcountry Realtor
Charter One Realty
There is a lot of information needed to answer this accurately. I imagine going into the listing contract -- neither party expected the end results to be this situation. Something must have changed the relationship. There are many occasions that agents can require for compensation -- especially if they brought a ready willing buyer and have invested time and money marketing your property. I have to agree with Jessie -- make an appointment with the Broker of the company and discuss the situation. Good luck!
- 9 months ago
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Jessie DeVore
The Goodfellow Agency LLP
Hi Julie,
May be a loaded question since I do not have all the facts so I will stick with what ethically is proposed. I always encourage questions and thoroughly explain anything with in regards with compensation. I always provide a copy of the contract, this should have been provided to you as well. In the digital age I am very aware that some people do not like to read everything and sign away, but knowing this I always try to go through the contract via phone (even briefly) and address everything again so nothing is missed and these sort of incidents do not occur.
So short answer, yes. If you have additional issues maybe speak with the agents broker and see if there can be a resolution.
- 10 months ago
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