Prime Edmonton Real Estate - Hiring a real estate agent to act for you adds experience and negotiating skills to your kitty. Selling and buying real estate is certainly one of the most emotional financial transactions you can enter into. The most important thing that you should keep in mind is to end your relationship with your real estate agent before it reaches a point where you would want to choke each other.
Your entire home-buying or selling experience, which should be a pleasant one, will be negatively affected if you're unhappy with your agent. You can change agents in the middle of a deal, but doing so will cost you money. The bottom line is that you should thoroughly read the contract before signing it. The contract is different for sellers and different for buyers.
Seller's Contract:You've entered into a listing agreement signed by a licensed real estate agent if you're selling your house. Most contracts are formulated to include the word 'brokerage', which means you're agreeing to list your house with a specific real estate brokerage, and the listing agent acts as the brokerage's representative.
If you're a buyer, and you've signed a buyer's agreement with an agent, this means that you are contracting with a brokerage to represent you in a real estate transaction. Here, the named agent will act as the broker's representative.
All real estate agents, and even real estate brokers who act as agents, work under a real estate brokerage. Agents fall under the hierarchy of the brokerage. Real estate brokerage is the entity that regulates the actions and is accountable. If you want to fire your real estate agent amidst a deal, you can first talk to your agent and tell him that it's not working out and you wish to cancel the deal. If he denies, then you can meet the agent's broker and discuss the matter. Ask if you can be assigned a different agent from the same brokerage to lead your transaction process to it's conclusion. Make sure that you don't violate your contract by diving into an agreement with another brokerage.
After discussing your matter with the broker, he will then discuss your concern with the original agent to change agents. Most likely, the scenario will be that the broker will assign a new agent to the deal with an internal agreement determining a fee-split that should be agreed between the two agents.
If you disagree to continue the deal with the new assigned agent and want to change to a new brokerage, you may have to pay a fee to the original broker. The contract that you initially signed gives the brokerage an authority to act on your behalf. Any changes must be agreed to by all parties in the contract, or the matter can be turned over to the court to decide.
You can fire your real estate agent in the middle of a deal by escalating your concern to your agent's broker. You can even change to a new brokerage, but you will have to pay a fee to your original broker while doing so. Hence, before signing any contract with your agent, you should thoroughly read the document and ask as many questions as you could possibly think of.