Texas Form Breach Of Contract With Realtor
Description
How to fill out Texas Form Breach Of Contract With Realtor?
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FAQ
By keeping a listing in-house, even for a short while, instead of placing it with the MLS or refusing to work with a cooperating agent, a broker isn't fulfilling the fiduciary responsibility to the seller. This is the most common breach of a listing agreement.
In Texas, you can fire your listing agent by filling out and signing form TAR 1410, Termination of Listing. This form has the same structure as the TAR 1503 form. In this form, you declare that you have no current negotiations pending or contemplated with anyone for the sale, lease, or exchange of the property.
You are allowed to back out of the contract for any reason during your option period but you will lose your option fee to the seller. Talk to your real estate agent or a lawyer if you cannot meet the financing terms in the contract.
If the house failed inspection or you do not get approved for a loan, then you can back out of the contract without any penalties or fears of legal action. Sellers may also have a way out of a contract by including a clause that allows them to back out of the sale.
Buying a home is a serious commitment and shouldn't be taken lightly. If you do need to back out an accepted offer, be upfront with the seller as soon as you've made your decision. Work closely with your real estate agent, who can help you communicate to the seller (in writing) why you want to back out.