It’s been two months with your real estate agent and you’re not happy with their work. You still have one more month to go as the you have signed a three month listing contract. You would like to leave this agent but how do you go about terminating the contract? Cancelling your contract can only be done with the consent of both the seller and the real estate agent and there are two types of cancellations: conditional release and unconditional release.
If you were to sign a conditional release, you would have to wait until the end of the existing contract (so another month), before listing it again with another broker unless you want to run the risk having to pay two commissions. Why is this? The conditional release is structured so that the broker retains the right to be paid a commission up until the existing contract’s expiry date. This is why there’s a possibility of paying two commissions if you relist within this time after signing a conditional release.
On the other side of the spectrum, we have an unconditional release. This is considered the ‘no strings attached’ option which gives the property owner the ability to sell, relist, do anything they want free of the former agent and without a penalty. More often than not, agents will just let you go, but some will charge you a cancellation fee. We believe that any real estate agent who is confident in themselves and their work will always give you and unconditional release if it comes down to parting ways.
At Residencity, you will always get an unconditional release if you decide not to sell your home or are unhappy with our services. We are confident in our team and do not believe in the system of conditional release. Interested in more of what we do at Residencity? Give us a call at 604.288.9166 or email us to see what we’re all about.