Estate agent contract

Alijane_2

Hi, I have a contract with an agent to sell our property, they have found a buyer who is willing, able etc however we now find ourselves in a position where financially we cannot proceed.
The contract States re commission fee entitlement re ready willing and able buyer and if the seller withdraws for any reason after contracts exchanged.
We have not yet exchanged contracts as it has dragged on for ages on both sides so can the agent still claim fees?
The property will not now be sold by any other agent or means but may (if our mortgage lender allows) be let out.
Many thanks for any advice

steve2005

How long is your contract with the EA for?

Annie1960

I'm confused by your statement that fees are payable if the seller withdraws after exchange.

A ready, willing and able buyer does not need to exchange for the seller to be liable for the fees.

Can you give the 'exact' wording of the definition of ready, willing and able from the contract you signed?

Alijane_2

Thanks for your responses.
Steve - 12 weeks from signing in February so I believe expired.

Annie - Under commission fee entitlement clause it states fee will be earned if we introduce directly or indirectly a person who contracts to purchase the property during the period of the contract. The agent has a specific entitlement to a fee if the property is sold to a family member, one owner buys another's sheer, sold to a developer, property is part exchanged, sold at auction or repossessed. The agent finds a ready willing and able buyer and the seller withdraws for any reason after contracts are exchanged.
None of the above I believe are applicable as we will sell to no one else (may rent out) and contracts have not been exchanged?!?
Thanks

eddddy

Alijane wrote: »

The agent finds a ready willing and able buyer and the seller withdraws for any reason after contracts are exchanged.

Are you quoting the contract word-for-word?

It would be a really strange contract if it said the above word for word.

Alijane_2

Eddddy
Yes, that is what the full contract clause States?!

eddddy

OK - so that's good.

To be honest, I'm sure that the EA meant to put 'OR' instead of 'AND' in that sentence.

But since they put 'AND', I'd say you're correct you have a very, very strong case to say you don't have to pay any fee. But I suspect they will put up a fight.

(Is the EA N orthwood MK by any chance?)

Alijane_2

Eddddy
Definitely says and but as you say, knowing him as I do I have a fight on my hands but will have to do it!
No, not EA you state, in Northants!
Thanks for your comments!