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How Do We Terminate a Property Listing Agreement?

How Do We Terminate a Property Listing Agreement?


Q & A with Dottie Herman
 
Question: My home was on the market for a few weeks. My husband and I decided that we want to stay in our home. Is there a way we can take it off the market? Will our agent let us end our agreement?
 
Answer: We recommend that you check the provisions of the Exclusive Right to Sell Agreement in connection with early termination. If early termination is not permitted by the terms of the agreement, it is best to have a conversation with the Broker explaining that your plans have changed. If you have further issues with the Broker, then you might need to consult with a real estate attorney.
 
Question: Is landscaping a good investment if I am going to put my home on the market? Currently the front of the house looks ok, but the others on the block look much nicer in the warm weather.
 
Answer: Curb appeal can be very important, particularly in the Spring and summer months where colorful flowers can contribute to the appearance of your property. Since it's late in the planting season, you may want to consider planting pots of flowers on your patio with attractive outdoor furniture.
 
Question: What is a good lead time to begin looking for an apartment? My son is graduating college in December, and will begin a job in January in NYC. We would like to buy a property that will be ready when he needs to move in. When do we need to start looking?
 
Answer: Today's marketplace in metro centers like New York have relatively low inventory for sale. Factors like size, neighborhood, price and condition come into play as well. We recommend beginning your home search as soon as you are able. First, you should probably start on-line to familiarize yourselves with market conditions, and then schedule appointments to see apartments that meet your parameters. It's generally best to work with a real estate professional who knows the market and can save you time.
 
Question: What is a maintenance fee? In my city apartment what does that cover? It keeps being raised and I don't know why.
 
Answer: Maintenance is used to cover the overhead of running your building. It includes such items as: staff salaries, union increases, insurance, paying bills such as for fuel and electricity' managing agent fee and repairs, etc. Historically, these costs do go up every year. All of this information should be provided to you in your building's Annual Statement, which customarily includes a comparison year over year.
 
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