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Updated about 3 years ago,
What to do with Exclusive Buyer/Tenant Brokerage Agreement in MD?
Hello Everyone,
We've been looking for investment properties in Maryland for a couple of months and have talked to several RE agents and brokers. One of them (she's also a broker) showed us a few properties in Baltimore County and at some point asked us to sign an Exclusive Buyer/Tenant Brokerage Agreement with her, which we did. It might have been a mistake, a small one or a big one, but what's done is done, and I need to figure out the best course of action at this point.
The document does not have a termination date on it, as far as I can tell. The agent hand-wrote "Baltimore County" at the top, but does it mean legally that I am stuck with her just for that region, or for the whole of Maryland or something else?
The issue is that a couple of other agents I've contacted found properties that might be good investments. One is in the county, the other is elsewhere in Maryland. These properties might require fast action on my part, so the question is: do I need to terminate the agreement with the other agent before proceeding? If so, what's the right way to do it? And what's a wrong way to do it that should be avoided? (I realize that I can't just take my ball and go home because I don't want to play anymore.)
Just to clarify: it's not that I am terribly unhappy with that agent. It's just I want to have the freedom to deal with whichever agent finds me the best deal.
Thank you