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My agent was incompetent. I didn't want to remove contingency until seller sign a rentback agreement with sooner moveout date. he had me sign both rentback agreement and remove contingency agreement and sent to seller agent. Therefore, of course, seller agent just signed the one they like (remove contingency) and didn't sign my rent back agreement. I was really disappointed about that. And he made mistakes all the time, such as telling me the wrong escrow date even if I questioned a few times. He made a few mistake with rent back agreements, and etc.
Therefore, I decide to cancel my contract. I'd like to know what is my max loss if walking out of a contract. Is it the earnest money desposit only? He told me that not only i will lose my deposit, but also seller broker and his broker company will sue me for breaching contract. Moreover, seller will charge me in addtion to deposit to cover their loss. I really doubt about his statement. It's possible that I will lose all my desposit. How can i lose more than that when contract didn't mention what other is there to lose?
I look forward to your reply. Thanks,
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I would get together with the brokers and sit down with the agent present and get the facts. Get a feel for where they are coming from. I would get some legal advise before making a mistaken decision.ThanksSuzie Marquardt[edited by Zillow moderator to remove E-mail. Please refer to Good Neighbor Policy.for posting guidance]
@Ryan Cook: I agree with the idea of having both parties sign an agreement of expectations or some sort of doc that prevents confusion (to protect the Realtor AND the buyer/seller).
@caroleyang: I am going to be blunt: You signed the contract. No one twisted your arm. Even if the Realtor is as incompetant as you say (and you may have legal recourse against them) it is up to you to ask questions and understand everything before you sign it. Why did you sign a contract which clearly did not have the rent-back agreement?Although I could care less about the Realtor getting their inflated commission here, it is not fair to the seller if you just back out at the last minute. They chose your contract (maybe over other contracts) based upon what you had in the contract. If you had the rent-back in the original offer they may have decided to go with a different offer. Go talk to an attorney on Monday.
All I know is that contract Term 25 (page 7) stated about possibility of losing initial deposit as penalty. I don't see any other penalty for "breach of contract" being documented in the contract.
Realtors are not allowed to interfere with your relationship with your agent. You need to consult an attorney to see if you can do anything here.I think your agent is right, you can be sued for 'breach of contract' .Be very careful about what you do here. You signed that contract agreeing to what was written there.
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