Breach Of Contract
Definition of "Breach of contract"
Failure, without sufficient reason, for one or both parties to perform the terms of a real estate contract. Breach requires unequivocal, decisive, and absolute refusal to carry out the agreement. When a breach takes place, the damaged party may recover the resulting losses. It is also possible to sue for performance if recovery is inadequate.
Popular Real Estate Terms
Used primarily by real estate corporations as a means of restructuring and reorganizing existing debts. Creditors must vote on a debt-paying plan and a judge must give approval. It provides ...
See annuity due. ...
The definition of voluntary alienation in real estate is the transfer of the residency rights or deed of a property between two parties without the use of extraneous legal measures. Unlike ...
A written, legally enforceable document used to transfer title to real estate, See also quit claim deed; warranty deed. ...
Limited-time warranty against defects, offered by builders to new home purchasers. Normally effective for a relatively short period of time, such as one or two years. ...
What’s the definition of real estate collateral? Could we say it’s like keeping a hostage? No, that would be relatively insensitive. But the idea is similar. In real estate, ...
Architectural style featuring a long low roof line with a continuous row of windows and a plain exterior. It is very open design with long horizontal lines rather than having small secluded ...
Generation X, also known as Gen X , is the generational extract of Americans that are sandwiched between the Baby Boomer Generation and the Millennial generation (also called ...
System of interconnected pipes, radiators, and/or ducts designed to heat a building utilizing a main heating unit. The system is controlled through a thermostat that regulates the ...
Comments for Breach Of Contract
How to cancel a contract with an agent that failed to ask my price per agreement of listing?
May 10, 2022 23:35:19Hey Jerry! Thank you for reaching out to us. We are sorry to hear that this happened to you. While working with a real estate agent is meant to simplify the home selling process, there are times when the relationship doesn't work between the seller and the agent. When it comes to canceling a contract with an agent, you have to acknowledge that you signed a legal document, and that can be binding in many ways.
Firstly, you need to analyze that contract and understand the clauses used by the agent to protect themselves. The contract terms can determine how difficult getting out of it could be. This is why reading the contract before you sign it is important. For this, we suggest you recruit a lawyer.
Secondly, verify if you are still under the probationary period, which may allow you to terminate without any consequences. If you are not, you may be required to pay some fees, and it can go as far as paying the expenses that the agent incurred during the process.
Thirdly, if you found the agent through a brokerage company, you can raise the issue with the broker and ask for another agent. They will require motives, but many brokers are likely to change the agent assigned to your property. to remain on good terms with the community in which they operate.
Lastly, grounds for termination can be anything from failure to communicate to unethical conduct, and these are specified in the contract. If the agent or the broker doesn't agree with the termination or the agent's change, you can take your complaint to the state department of real estate if necessary, again with the help of a lawyer, as these are just suggestions. Any legal issues should be dealt with with the help of legal representation.
The short version of this is that, to get out of a contract with a real estate agent, you will need a lawyer specializing in real estate law and contracts if neither the agent nor broker wants to work with your demands. We hope this helps you through the process.
May 13, 2022 17:03:08Have a question or comment?
We're here to help.