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Real estate termination fee?

Should our real estate agent have informed us if we terminated the contract as sellers there was a clause that they would still receive 5% commission ? Our agent never told us if we terminated the contract we would owe him the 5% when we signed the listing agreement. We wanted to switch agents but we didn’t realize this was written in the contract.

Asked by Julie McConnell | Gaithersburg, MD| 02-13-2024| 1,234 views|Selling|Updated 2 years ago

Answers (1)

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Julianne Clark

Charter One Realty · Beaufort, SC

(48 reviews)
There is a lot of information needed to answer this accurately. I imagine going into the listing contract -- neither party expected the end results to be this situation. Something must have changed the relationship. There are many occasions that agents can require for compensation -- especially if they brought a ready willing buyer and have invested time and money marketing your property. I have to agree with Jessie -- make an appointment with the Broker of the company and discuss the situation. Good luck!
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02-22-2024 (2 years ago)··
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