Real Estate Agent

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Ahmed Nijim
  • Flipper/Rehabber
  • Philadelphia, PA
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Cancelling the realestate sale agreement

Ahmed Nijim
  • Flipper/Rehabber
  • Philadelphia, PA
Posted Jul 2 2019, 11:55

If a seller want to cancel the sale of his house, for any reason does he have to pay the buyer agent, not the listing agent , the buyer agent that have brought the buyer into the table?

The reason is that he decided he does not want to move out anymore and want to continue to live in the property ?

And that is after home inspection and apprisal.

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Wayne Brooks#3 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#3 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied Jul 2 2019, 12:15

The seller only has a contract with the listing agent....that listing agreement usually details a split with a buyer agent in the event the listing brokerage collects a commission under a seller default.  I doubt a buyer agent brokerage would sue the listing brokerage in such a case.  I don’t remember the mls rules regarding this, that the brokers are bound to.

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Patricia Steiner#3 Investor Psychology Contributor
  • Real Estate Broker
  • Hyde Park Tampa, FL
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Patricia Steiner#3 Investor Psychology Contributor
  • Real Estate Broker
  • Hyde Park Tampa, FL
Replied Jul 2 2019, 12:47

A real estate contract is a legally binding contract.  If the seller backs out, he/she runs the risk of legal ramifications which can include damages and/or a court requiring him to honor the contract.  Once under contract, the seller is liable for commissions and all other damages from those who performed in good faith.