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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.
Optional Information: State/Country relating to question: Virginia
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
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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Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.