If a buyer decides to cancel a buyers agency agreement because they find they are not a good fit with the buyer broker they were working with are they obligated to pay that buyer broker a commission if you purchase a home through another broker (you purchased it within the period you stated in "compensation after expiration)? If so, how does that look? What is owed to previous buyer broker? Thanks! Great Video!
Thank you. If the date of the purchase (with the original broker) falls within the terms of the agreement (purchase date and geographic boundaries), then you would be contractually obligated to pay the broker according to the terms of the agreement. How that is paid / enforced is going to vary from case to case. Some realtors may even agree to release you but you should never assume this.
@@therealtashiro Article 2 of the form appears to indicate that it would cover any contract that was entered into before expiration regardless of the closing date.
The buyer is agreeing to pay the listing broker 6% commission to the listing broker. What the broker does with it is up to the broker not the seller. What has happened is bad lawyers. A good lawyer would have fought to prove the seller is paying the listing broker and the broker is using that commission to sell the seller's house. photos, advertising, it's up the listing broker how he uses the agreed to commission monies to sell the seller's home. Giving 3% to the listing agent and offering 3% to the buyer's agent to show and facilitate the sell on the buyer's side is up to the broker who agreed with the seller to pay him to do so. It is seriously that simple.
If a buyer decides to cancel a buyers agency agreement because they find they are not a good fit with the buyer broker they were working with are they obligated to pay that buyer broker a commission if you purchase a home through another broker (you purchased it within the period you stated in "compensation after expiration)? If so, how does that look? What is owed to previous buyer broker? Thanks! Great Video!
Thank you. If the date of the purchase (with the original broker) falls within the terms of the agreement (purchase date and geographic boundaries), then you would be contractually obligated to pay the broker according to the terms of the agreement. How that is paid / enforced is going to vary from case to case. Some realtors may even agree to release you but you should never assume this.
@@MortgageMasteryTheater Purchase date meaning the original P&S offer date, not the closing date?
@@therealtashiro Article 2 of the form appears to indicate that it would cover any contract that was entered into before expiration regardless of the closing date.
The buyer is agreeing to pay the listing broker 6% commission to the listing broker. What the broker does with it is up to the broker not the seller. What has happened is bad lawyers. A good lawyer would have fought to prove the seller is paying the listing broker and the broker is using that commission to sell the seller's house. photos, advertising, it's up the listing broker how he uses the agreed to commission monies to sell the seller's home. Giving 3% to the listing agent and offering 3% to the buyer's agent to show and facilitate the sell on the buyer's side is up to the broker who agreed with the seller to pay him to do so. It is seriously that simple.
Thanks Team Schroeder! Helpful comments.