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What to Understand Before Signing a Contract with a Realtor
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Whether you are a home buyer or a home seller, when you work with a real estate sales professional you will be asked to sign a contract which outlines the relationship between the agent and the customer. If it is a listing agreement or a buyer's agency agreement, the most important thing a consumer needs to understand is how the contract will end.
In a perfect world, all buyers are happy with their agent's services and all sellers are too. But we all know the world isn't perfect. So, rather than sign a document and hope for the best, consumers need to make sure they know how they can cancel it if they are not happy. They also need to know how and when the agent can dissolve the relationship.
Many contracts offer a "mutual consent" cancellation policy, which means that the agent and the client need to agree to tear up the contract. But consumers should know that they can negotiate with the agent they are hiring about everything, including the contract itself.
Some real estate agents say the best possible contract allows either side to end the relationship with 24 hours notice.
While not all agents agree to this, it certainly is crucial for buyers and sellers to know how things will end with their agent if the relationship turns out not to be a match made in heaven.
Disclaimer: This column should not be taken as legal advice for your personal situation. Please consult an attorney, lender, Realtor or other real estate professional before making decisions.
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