Maryland Terminating Exclusive Buyer's Contract
Hi BP,
Here is the quick back story for context:
I'm looking to buy a house in Baltimore. I've been working with an agent for a few months and she recently tells me about a wholesaler who has a deal for me to look at. We tour it, I like the place. She tells me the wholesaler wants $70k for it. The place needs quite a lot of work and based on ARV, I felt $60k would be more appropriate and tell her to talk to the wholesaler. We do some back and forth and eventually, my agent gets me to agree to $70k plus paying the closing costs (another $1,000 or so). Then, after I agree to all of this, she discloses to me that the wholesaler is her husband.
I feel like this information should have been disclosed to me up front as this looks to me like a conflict of interest and I lost my trust in this agent. I'd like to terminate my exclusive buyer's representation and agency representation ahead of the date in the agreement I originally signed.
I don't necessarily want to get the agent in trouble, I just want to be released from all agreements with her and her brokerage (she is not the broker, just an agent working for a broker). Is there a form I need to provide to my agent and/or her broker to do this? Can I just write up a word document requesting early termination from both agreements and leave space for agent signature, broker signature and my own signature? Is there a third, better option for me to do to terminate these agreements in the state of Maryland?
Thanks all.
Most Popular Reply
Read your agency agreement. It spells out exactly why and how you can terminate the relationship. Under the circumstances I doubt there would be any pushback from agent or broker on a request to sever the relationship early.
- Tom Gimer