Posted by River City on October 27, 2003 at 08:26:15:
It seems like that statement should have been in the contract you signed with the realtor when you first listed the property. I thought it was standard in all listing contracts.
If it wasn’t, I wouldn’t think that you are bound to sign the release. The realtor goofed by not having you sign it in the beginning.
You have to decide what is right for you. If you haven’t signed the statement as of yet, you have a chance to negotiate fees, etc. Sounds kind of like you are in the driver’s seat.
We live in Ohio and had our house for sale with a realtor with no expiration date on the contract. The contract states that we can cancel our contract at any time. We stayed with the realtor for eight months but we have now decided to sell on our own. The realtor sent us a paper called “Exclusive right to sell agreement release” to sign. One of the stipulations on this paper says: “if the property is sold within six (6) months after the date of execution of this release to a prospective purchaser to whom the property was shown during the term of the agreement or any extension thereof, then seller agrees to pay to “realtor” the commission stated in the agreement through escrow at the time of title transfer for the property.” The following line was crossed out by the realtor: “a list of prospective purchasers is attached hereto and incorporated herein by reference.” Does anyuone know if we HAVE to sign this release? Without a list how would we know if the person came with a realtor before? Any help anyone can give us would be GREATLY appreciated. Thanks!