My wife and I visited North Carolina on a research trip to see if this would be a place we would retire. We met with an agent that had us sign an exclusive buyers contract. We asked how long we were bound to it and the agent did not give us a direct answer, only replying in effect that we would not be bound for life. No duration was listed on the contract. We asked for a copy and we were told that the copier was broken and that we would be sent a copy of the agreement. We spent a total of 6 hours with the agent and decided that's all that we needed to see to get a feel of the area. We received a copy by e-mail a few days later. The contract was for one year. My wife and I felt we had not been treated honestly and asked the agent to release us from the contract. The agent, the broker in charge and the owner of the agency have not responded to any e-mails and phone calls other than one e-mail to say that the owner asked the agent for a copy of the contract. The owner has not responded since then. We even asked for the contract to be reduced to 6 months as a sing of good faith to show that we are not using another real estate firm. We do not live in NC and it is over a 14 hour drive to get there. What can my wife and I do other than wait out the contract?
1 Answer from Attorneys
These contracts are pretty speculative in terms of duration. That is why the broker could not give you a definite time. Just send them written notice that you cancel the agreement and then you can go with another broker. Just make sure you inform the other broker that you recently fired someone.
If you are upset about the term in the contract but otherwise like the broker, you should speak to them about this. They probably added the 1 year term as a way to appease you. Most broker agreements, especially for buyers are pretty much terminable at will by the buyer