If we’re in escrow but the realtor fees too high, can we back out?
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If we’re in escrow but the realtor fees too high, can we back out?
We have signed a contract and put 10k earnest money into escrow, but found out the realtor fees are differenthigherthan we were told. What are our rights? Can we back out now?
Asked on July 8, 2017 under Real Estate Law, Arizona
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Are the realtor fees in the real estate purchase contract you signed? If so, then you are held to those fees and have to pay them--no more and no less. It does not matter if you were orally told a different amount; when you sign a written conrtact, it supercedes any prior discussions; you are legally presumed to have read, understood, and agreed to it; and you (and the other parties to the contract) are bound to what the contract says. So if the fees are in the contract for the real estate, you have to pay what they are and cannot use a belief that they should have been lower to get out of the contract.
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