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Additional Details
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zippy | I have accepted an offer on my house, will i still get charged selling fees from estate agent if i back out? |
I have just accepted an offer on my house this weekend for the asking price and have decided not to move now,due to a change of personal circumstances.
Will i still get charged the selling fee from the estate agent?
Additional Details
no one has spent any money and this question IS on behalf of a friend who was moving away to be with her fella, who has now decided to move in her house. |
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Oracle
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Yes. But if the buyer pulls the offer then NO. So put as many demands on the buyer as possible so that they pull the offer. In NJ, we have an attorney review. An attorney writes a sales contracts and reviews it. Like the buyer has so many days to do a home inspection and so on. Tell them they need to take it as is, no inspection allowed. Tell them there is no mortgage contingency. (A mortgage contingency means that if the buyer fails to get a mortgage and the deal is off the buyer can get his deposit back) Just say no to everything in the sale contract. |
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bostonianinmo
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Probably. Your contract requires that the agent bring a willing, qualified buyer to the table, either at your asking price or some other agreed price. Once that is done, the commission is earned.
You have a bigger issue to deal with, however. That's the buyer. Since you have accepted the offer you cannot back out now. The buyer can sue for specific performance and force you to complete the sale. I've done that as a buyer twice over the years. On one occasion the sellers just changed their mind. Their lawyer convinced them that they'd lose if it went to court so they completed the sale as agreed. The second one got a much higher offer through a relative. We did sue on that one and wound up taking all of the profit on the other sale. The seller didn't make a dime and had to pay the commission out of his own pocket.
Once you enter into a valid contract you are bound by the terms. Unless your contract provides an escape clause for the specific change of circumstances then you can be forced to follow through on the agreement as written.
Contrary to what the poster below states, you cannot add to the contract once it's signed. Only a fool of a buyer would allow you to do that. Your only hope now is that the buyer pulls out for a valid reason such as failure to secure financing.
Addendum: The reason you stated is not a valid reason for pulling out of the contract. She and her "fella" should probably go looking for a new place of their own because hers is about to be sold. |
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Deliah
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When you say accepted does that mean you signed a contract? If so then please regard the advice given in this post as totally WRONG!
" I would seek advice from your solicitor Estate Agent but I dont think anyone is likely to sue you for this. It is annoying as a buyer, but things happen and as long as you have a good reason (and not just something like you have decided you priced your house too low) then fess up and be honest. You have made a verbal contract and your buyers could take you to court, but that is very unlikely. "
Personal circumstance will not invalidate a legitimate signed contract and the buyers can force you to live up to the terms of the contract you made, if indeed you signed a contract. |
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Expert Realtor
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You may...it is legally possible to sue for a commission, however, it's rarely done because it's bad for business. No Realtor wants a reputation of being sue-happy.
However, you will lose your earnest money, and the sellers may sue you for non-performance.
My advice is work with YOUR agent to find a legal way out of the contract...and the inspection is the best way to do that.
My hope...is that you were smart enough to get your own Realtor. |
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Luke
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Technically, the estate agent only has to find a "ready", "willing" and "able " buyer to claim thier fee but there are grey areas and not all agents are ogres. |
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k
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YES you will get charged the Estate Agents Fees when you pull out. They have STILL got to cover the advertising on your property, their time for showing people around and all the other expenses that they have got to cover every day. |
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rie 83
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In England you do not have to go through with the sale of your house unless the contracts are signed by the seller and buyer, which is usually a week before you actually move from the house. I dont believe the estate agent would charge you the fees, but you are better to ask them for reassurance. |
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David
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It all depends on your contract.
Mostly fees will only be payable on the 'successful completion of a sale'.
Most agents now specify 'no sale, no fee' marketing although some will try to reclaim disbursements (boards, advertising etc).
In my opinion, no sale fee should be payable. |
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Peter A
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If you sign an exclusive contract with the Estate Agent you may well still have to pay them the selling commission. Please ready the contract, if you have one. or if you have an open or no contract then the answer is no. |
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Alterfemego
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Make sure you reason for not selling is a legitamate reason. The buyers may take you to court to perform as per the contract. Could it just be the jitters about moving. And yes, a court of law could make you pay the commission. How would you feel if someone decided to change their minds after you had spent a great deal of money? You wouldn't be happy either. I suggest you move forward to avoid some very unpleasant things. |
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Jon M
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I would seek advice from your solicitor Estate Agent but I dont think anyone is likely to sue you for this. It is annoying as a buyer, but things happen and as long as you have a good reason (and not just something like you have decided you priced your house too low) then fess up and be honest. You have made a verbal contract and your buyers could take you to court, but that is very unlikely. Hope it all works out |
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