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 Dear George: I terminated the contract to sell my house with my REALTOR®. He was terrible to me. He responded to my request to terminate our agreement by saying, "I'm sorry you feel that way but consider it done." He sent me a letter absolving me from any fees for marketing the property or penalties due to the early termination of our contract. However, I have recently been informed that there is a form pertaining to my situation called Termination of Listing. Do I need to document my termination with this form?
Answer: From the information you've provided, it appears that the letter you received should be sufficient to release you from any obligations to the REALTOR® and his brokerage.
Dear George: I owned my home before I married my husband. I have very bad credit and am having difficulty getting a home equity loan. My husband has decent credit. Can I sell him the house and continue to live in it? I would be willing to sign a deed of trust stating that I have no rights to the property.
Answer: Even though you may have sold your home to your husband and could continue to live in it, an unexpected event might occur that would disrupt your arrangement: divorce, death of your husband when you have been cut out of the will, etc. Most important, you cannot waive your homestead protection by a pretend sale. The Texas Constitution prohibits it. Perhaps the best alternative for you would be to obtain the advice of a reputable financial advisor who will take into consideration all of your financial circumstances (yours and your husband's) so that you husband can receive the best option for any action given all of the facts.
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| Dear George: I recently had a sale pending on my home and never received the $100 option fee. The buyer wanted me to repair items from his inspection report; I did not agree to the repairs but offered a price reduction instead. He responded two days later, after the option period had expired, and terminated the contract. Now he won't give me the earnest money. What can I do? I have a REALTOR®.
Answer: If you indeed signed a listing agreement and are a client of a REALTOR®, he erred in not causing timely delivery of the option fee (Paragraph 23 of your purchase contract) to you. Paragraph 23 states that time is of the essence meaning, among other things, that the times stated in that paragraph can specifically be enforced. So, if there was an unrestricted right to terminate option, the buyer did not meet the stated requirements of the contract by providing you with the written notice of termination in a timely manner.
Request that your REALTOR® provide you with the $100 option fee. In addition, you should tell them (in writing) that you do not accept the buyer's termination of contract because the buyer did not meet the terms required of Paragraph 23 for timely notification. If the closing date has passed, provide the title company a written notice specifying which option (A or B under Paragraph 15) you are selecting. If the closing date has not passed, your REALTOR® should notify the buyer that you do not accept his termination and that you expect the buyer to complete the requirements of the contract.
Dear George: What happens if we cannot agree on repairs with a seller and the option period expires? We want the repairs made before we purchase the house.
Answer: When the option period expires, your ability to terminate the contract ends. Period. You no longer have the right to terminate the contract for any reason; that includes the fact that you want the seller to make repairs that he is not willing to do. You can either accept the property without the repairs you wanted or default on the contract. The latter choice is not recommended.
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