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

Changes made by a lessee to property during the term of the lease. In general, if the changes are permanent such as the addition of a building to lease land, the ownership of the building ...

An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...

Real estate bought and leased to tenants to obtain rental income. ...

Most people seem to be baffled by the fundamental terminology in real estate: brokers vs. agents vs. employing brokers vs. mortgage brokers, etc. Let us provide some clarity! The primary ...

Stiff pipe used to cover electrical wiring for safety purposes. ...

Legal obligation stemming from a civil wrong or injury for which a court remedy is justified. A tort liability arises because of a combination of a direct violation of a person's rights, ...

Among other things. Inter alia is an ancient method of referring to statutes without reciting all of their provisions. ...

In appraisal jargon, property currently being appraised. ...

The definition of the term right of way is an easement or the right of another person to pass over land owned by someone else to reach a particular destination. An individual is typically ...

Popular Real Estate Questions