My friend and I bought a house and each person owns 50% house. A week ago, we signed a Estate Agent Authority for auctioning this house. However, my friend now change his mind. He does not want to sell the house any more thought I still want to sell the house. He told me he will call agent to cancel the action without my agreement.
Can someone tell me what will imply in this circumstance?
1) can he cancel the agent authority within the exclusive authorised period without my agreement? if he can cancel? will we have any6 liability to the estate agent?
2) if I definitely want to sell the house to get back my shares of the house ownership, will he be forced to accept house auction? I ask this question because he told me that he wants to buy my shares at the estimated price but do not want to auction the house.
3) In case we go to court to solve the conflicts, will the court put the house in auction?
Thank for your help.
You don't want to go to court, all that will do is cost you money. I'm not sure whether he can cancel the agreement, you may need to check the agreement and see what it says. Did you both sign it at the time of deciding to sell the house?
Is there anyway your friend can buy out your share?
You don't want to go to court, all that will do is cost you money. I'm not sure whether he can cancel the agreement, you may need to check the agreement and see what it says. Did you both sign it at the time of deciding to sell the house?
Is there anyway your friend can buy out your share?
You don't want to go to court, all that will do is cost you money. I'm not sure whether he can cancel the agreement, you may need to check the agreement and see what it says. Did you both sign it at the time of deciding to sell the house?
Is there anyway your friend can buy out your share?
Thanks for your reply.
I try to avoid going to court. Both of us signed contract with agent but now he changes his mind. He wants to buy my shares but he does not have enough money to afford market price. I told him put his bid on the auction day if he wants to buy the house but he wants to buy at his price before auction day. It's ridiculous!
Thanks for your reply.
I try to avoid going to court. Both of us signed contract with agent but now he changes his mind. He wants to buy my shares but he does not have enough money to afford market price. I told him put his bid on the auction day if he wants to buy the house but he wants to buy at his price before auction day. It's ridiculous!
Thanks for your reply.
I try to avoid going to court. Both of us signed contract with agent but now he changes his mind. He wants to buy my shares but he does not have enough money to afford market price. I told him put his bid on the auction day if he wants to buy the house but he wants to buy at his price before auction day. It's ridiculous!
If the property is genuinely 'Off the Market' and no longer for Sale there shoudn't be a problem cancelling the agency agreement however the agent may wish for you to pay for any advertising costs etc already incurred. As others have said read the agreement
Just be carefull if the other owner changes their mind and wishes to sell the Agent may have cause to take action if you go to another agent within the time period of the initial agreement
It may be best if the other owner doesn't wish to sell is to get an independant sworn valuation and get them to pay you half the value, providing of course you both agree to the amount & the other owner can afford/borrow the amount
If the property is genuinely 'Off the Market' and no longer for Sale there shoudn't be a problem cancelling the agency agreement however the agent may wish for you to pay for any advertising costs etc already incurred. As others have said read the agreement
Just be carefull if the other owner changes their mind and wishes to sell the Agent may have cause to take action if you go to another agent within the time period of the initial agreement
It may be best if the other owner doesn't wish to sell is to get an independant sworn valuation and get them to pay you half the value, providing of course you both agree to the amount & the other owner can afford/borrow the amount
If the property is genuinely 'Off the Market' and no longer for Sale there shoudn't be a problem cancelling the agency agreement however the agent may wish for you to pay for any advertising costs etc already incurred. As others have said read the agreement
Just be carefull if the other owner changes their mind and wishes to sell the Agent may have cause to take action if you go to another agent within the time period of the initial agreement
It may be best if the other owner doesn't wish to sell is to get an independant sworn valuation and get them to pay you half the value, providing of course you both agree to the amount & the other owner can afford/borrow the amount
Just to add to Marjac and others read the agreement! you may be liable for commision to the agent even after the authority expires.
your agent is under no obligation to cancel the authority unless written in the contract.
There may be a clause where any buyer you introduce personally will not attract any fees
Use a Jenman approved agent next time and you would not of had this problem (i'm an ex jenman agent)Just to add to Marjac and others read the agreement! you may be liable for commision to the agent even after the authority expires.
your agent is under no obligation to cancel the authority unless written in the contract.
There may be a clause where any buyer you introduce personally will not attract any fees
Use a Jenman approved agent next time and you would not of had this problem (i'm an ex jenman agent)Just to add to Marjac and others read the agreement! you may be liable for commision to the agent even after the authority expires.
your agent is under no obligation to cancel the authority unless written in the contract.
There may be a clause where any buyer you introduce personally will not attract any fees
Use a Jenman approved agent next time and you would not of had this problem (i'm an ex jenman agent)
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