Definition of "Breach of contract"

Rosemarie Averhoff real estate agent

Written by

Rosemarie Averhoffelite badge icon

RE/MAX Metro Associates

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.

Comments for Breach Of Contract

JERRY GRAFF JERRY GRAFF said:

How to cancel a contract with an agent that failed to ask my price per agreement of listing?

May 10, 2022  23:35:19

 
Real Estate Agent

Hey 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  17:03:08
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...

(1) Mildly convex arch built into a load bearing beam, girder, or truss to counteract any load bearing stress placed on it. (2) Slight slope designed into a structure such as a drive4way or ...

In land surveying, the point al which two properties intersect constituting a boundary line between the properties. A corner can be determined by either a survey or general agreement ...

(1) Housing arrangement in which the tenants are shareholders in a company that owns and maintains the structure. (2) Agreement between two real estate brokers in which the commission will ...

An enticingly attractive initial rate below the market offered in an adjustable rate mortgage. For example, the teaser rate may be offered at 2% below market. A borrower who cannot qualify ...

A wall or roof which extends beyond a lower wall. ...

The definition of acquisition cost in real estate is the total cost recorded by a company or individual pertinent to the purchasing of a property. This is the entire amount written down in ...

The term accusation refers to a declaration made by an individual about another individual or entity having behaved in an immoral, improper, or wrong manner. The two parts of an accusation ...

When we talk about acceptance in the real estate world, we have to talk about an offer that is accepted. The definition of acceptance implies the existence of an offer that we can accept or ...

Popular Real Estate Questions