Agency
In Minnesota, a buyer hires an agent to find a commercial property. The agent finds nothing suitable in 6 months. The buyer wants to terminate the representation agreement. The buyer:
AIs locked in until the agreement expires and cannot terminate early
BMay terminate per the termination provisions in the representation agreement✓ Correct
CMust wait for the agent to agree to termination
DOwes the full commission regardless of termination
Explanation
Buyer representation agreements in Minnesota typically include termination provisions. The buyer may terminate per those provisions without necessarily owing a commission (as long as the termination is proper and no purchase transaction has been initiated). Both parties should review and understand the termination clause when signing the agreement.
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