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Canadian Real Estate/Cancelling 90 day contract with realtor

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Question
My husband and I have had our house on the market for two weeks now and have decided against selling it (we feel stupid but there are a lot of reasons).  We signed a 90 day contract with our realtor saying the house would be on the market for that long.  Is there a penalty for taking our house off the market?  Will we owe the realtor a commission even though our house was not sold?
Thanks in advance for the advice!

Answer
Hi Anne,
Sorry for the delay. I was on vacation. Just call your Agent and or Broker and tell them to Cancel the Listing ASAP. You have changed your mind about selling! There is no penalty! You won't pay any Commission! As long as you don't sell the property privately to someone who came through while it was listed for sale you're good ! Have a nice day! Derek

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Derek Hamilton

Expertise

Any questions relating to Residential Real Estate in the City of Toronto or Southern Ontario. How much is my home worth in todays market? What's involved in Buying Real Estate ? How much do you need for a down payment? What's involved in Buying a Condo? What's involved in Buying a Co-op? What do you need as a deposit? How to choose a good Real Estate Agent for your property? What should you do to prepare your home for the market? How much Commission should you expect to pay? What are the expenses when Buying or selling your property? Should you have your home Staged for the market? Derek Hamilton has made Toronto his home his whole life and knows better than most what the city has to offer! Use his 26 years of Award winning experience to work for you.

Experience

Residential Real Estate Sales Representative in Toronto Ont,Canada for 26 years. Award Winner for 24 straight years with Royal Lepage & Sutton Group. Prior experience was 10 years building new custom homes & Renovations in North Toronto. I have a total of 36 years experience in the Residential Real Estate field.

Organizations
I also subscribe to the Georgian Triangle Real Estate Board in Collingwood & the surrounding areas.

Education/Credentials
George Brown College "Carpentry", Continuing Education with the Toronto Real Estate Board. Member sinse 1985.

Awards and Honors
Platinum Award 2000-2008, Presidents Gold Award 2009-2010-2012, Award Of Excellence 2011 25 Year Club for the Toronto Real Estate Board.

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