We just signed (8/5/12) a Virginia Association of Realtors Exclusive Right to Represent Buyer Agreement. We made an offer of 170,000 on a 179,000 condominium. They countered at 174,500. We would like to terminate this Agreement. We believe we can, but are not sure. Under what conditions can we do this? Would there be any penalties/fines? Thanks in advance for your advice.
State/Country relating to question: Virginia
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Good evening. You are going to be able to terminate this Agreement. Even if the document doesn't specifically provide for a termination, the realtor will agree to terminate because they don't want to waste their time, effort and money when the buyer isn't going to be cooperative. But, with respect to any properties that the realtor either showed you or for which you made an offer prior to the termination of this agreement, the realtor is going to be entitled to a commission. Otherwise, after termination, you would be entitled to move on to either represent yourself or hire a new broker to represent you without further recourse to the prior realtor.
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