Legal Question in Real Estate Law in New Jersey
Cancelling a real estate contract with a realtor.
My 77 year old father recently signed a contract with a realtor to sell his home. He has decided that he no longer wants to sell. Are there any financial repercussions if he cancels the contract?
2 Answers from Attorneys
Re: Cancelling a real estate contract with a realtor.
Are we talking about the listing agreement or something else?? If it is just a listing agreement, I can contact the realtor and get this taken care of... if it is something else, I'll need to review the document. Generally, I charge seniors a reduced fee or no fee, depending on the circumstances.
Get in touch if you need my assistance.
Mike Berman
Re: Cancelling a real estate contract with a realtor.
If your father simply listed his property, and did NOT agree to sell it TO the Realtor, the listing agreement probably has terms governing cancellation of the listing as well as any financial responsibility.
If he signed a contract with a buyer to sell the home to the buyer, that contract would have to be examined to determine your father's rights. Normally, such contracts do not permit either party to simply cancel unless there are special conditions permitting cancellation.
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