Can I cancel my contract with my selling agent if there is no exit clause?
Question Details: We are selling our house. The sale price of my house was suggested by my selling agent. She did not give us an exit clause before getting our signatures on the contract. When we asked her, what happens if we want to delist our home, she said it has never happened. There are rarely any footfalls and showings ever since we listed. We are not even the most expensive home in this neighborhood but she keeps indicating we come down on the price drastically even though the sale price was recommended by her. The contract states that there will be legal consequences if we break it like the legal fees and expenses incurred by the realty for listing and marketing our property. What can we do to end it without hassles?
Unfortunately, you chose to sign a contract without an exit clause: you did not have to do so, and could have refused to sign, but went ahead and signed anyway. That means you are bound to the contract you signed and cannot terminate or break it, unless you can show that the realtor is violating some provisions or obligations spelled out in the contract: if she is violating any "material" (or important) contractual terms, her 'material breach of contract" would entitle you to terminate the contract without penalty.