Let contract expire?

No, agreements also always have to be re-negotiated or re-instated once they expire. Read your agreement, but once it expires you are free as a bird, particularly if you are residing it and you own it! I think some agreements may have provisions that if after a certain amount you find a renter other than yourself, you then owe a commission, but if there is no such clause, then enjoy your apartment!

Thanks bmw,

You are right, I do owe commission if I find tenant on my own, which I now don't want. So it sounds like assuming no one wants my place, I just sit tight and enjoy my unit (I own) and wait until mid-Feb when it expires.

So there's no way I can expedite with my broker and say, 'ya know what I changed my mind, I want to stay, let's cancel the contract'? I'm guessing that would be shooting myself in the foot and he'd be pissed obviously.

Rental agent actually owes you 1/2 of one months rent for breach of contract. When you entered the contract, they put decades of experience, market knowledge and expertise on the line in establishing the price your apt would rent for. By there failure to perform, they have left you in a most vulnerable position and under rule 382533-87 of the NYC RE Brokers Ethics Guide Book, you are entitled to 1/2 of one months rent compensation.

well, it depends on the broker, I would say, I mean, you can certainly speak to them and tell them that you have changed your mind and they could potentially annul the contract and then you are free as soon as you want, they should be understanding, and if they want your business in the future, then even more so! You are entitled to live in your apartment, you are allowed to change your mind, talk to them, you also have the right to not accept a tenant that is not suitable for your place, but since this is not the case, it is just that you want to reside in it, you should be fine! talk to them.

patient09, i did not know that, wow, but I think that given the market conditions, some people maybe having some difficulty performing as expected and perhaps hol4 does not want to get into a brawl, what he/she may want is just to live in their apartment and be fine without people giving a hard time or having sore feelings over it. Just work it out, I am sure if you have a conversation, it will be fine.

Thanks,

My broker is nice, but he is after commission of course, that's why he overpriced and no tenants thus far. I just want to make sure I'm not in breach of contract since I signed and dotted, and my contract explicitly states 'in effect until Feb xx, 2009.' I don't want a surprise legal loophole where I owe him for breach.

Patient09, is that real or sarcasm I can't tell. I'll guess the former and do some quick googling.

BMW; Hol4: it was a joke don't waste your time. Sorry! It should be a rule though. If a realtor can't price a product that will bring bids in at least 80% of ask, then they should pay for that lost time on the market. Listing agents have uoside (new prospects) even when they fail miserably with a listing, as MOST are currently doing. IT SUCKS. decipher my rule number on your touch tone phone. Can't believe BMW fell for it.

hahahh, well yes, I fell for it, but the bottom line is that given the context of Hol4's situation, I would say, seriously read the actual contract, see what it says about ending it early, talk to the broker and say that you can't be sitting there losing on rent, or whatever it is that the reason is, and you should be able to have it taken care of in writing. I am a real estate agent, not an attorney, so the advise or thought that I am giving is general, and not legal, as I am not entitled to practice law yet - give me a few more years :) certainly google as well.

Why would you have have trusted the broker's number in the first place. When I listed my rental I determined the price (based on going rates in the area) not the broker. If I'd listened to the broker I'm certain it would have been priced too high.

What I don't get is why you're worried about voiding the contract with less than a month to go. Even if the broker were to bring in a prospective tenant, you can always say no. If I were you I'd just tell the broker you're halting what is clearly an unsuccessful search and that you plan to let the contract expire.